Industry
Standard & Poor’s (S&P’s) president Deven Sharma wants European policymakers to base their proposed system of supervising credit rating agencies on internationally accepted principles and standards to ensure ratings opinions remain comparable worldwide. Speaking at the September 2008 Eurofi conference in Nice, France, Sharma said an enhanced oversight regime in Europe for ratings agencies could […]
By Canadian Underwriter | September 12, 2008
2 min read
The Autorit des marchs financiers (AMF) has issued Cdn$2,500 penalties against Gravel, David, Rouleau & associs inc. and R.W. Mills inc.Gravel, David, Rouleau & associs failed to ensure that one of its representatives had their claims adjuster certification properly reinstated, the AMF says. This is in violation of s. 85 of the act respecting the […]
1 min read
Claims
Facing a potential liquidity crisis as the 2008 hurricane season ramps up to the midway point, insurers may be running the risk of relying too heavily on state-sponsored entities and low-rated or unrated reinsurers, Standard & Poor’s (S&P’s) observes in a recent report.The report, published Sept. 11, is entitled: “Will Catastrophe Events Create Liquidity Strain […]
By Canadian Underwriter | September 11, 2008
Peter Garvey, president of Integro Insurance Brokers, has assumed the additional role of CEO following the resignation of Roger Egan for undisclosed reasons.”As president of Integro since its inception, Pete has had responsibility for our professional staff and client service,” said Bob Clements, chairman of Integro. “I have the utmost confidence in him. Roger Egan […]
Insurers continue to struggle with capturing and evaluating the strategic impact of IT investments and setting IT project priorities, reports Celent.In its report, Celent examines various IT investment evaluation methodologies (both traditional and alternative methodologies) and the rationales behind them. “IT investment appraisal is more complex than traditional investment appraisal,” the report says. “IT initiatives […]
Hurricane Ike has moved away from Cuba and is picking up steam as it heads through the Central Gulf of Mexico towards Texas.The National Hurricane Center reported on Sept. 10 that Ike, with sustained wind speeds of 155 km-h, is now a Category 2 hurricane. Ike is expected to become a “major” (Category 3-5) storm […]
By Canadian Underwriter | September 10, 2008
WICC (Women in Insurance Cancer Crusade) Ontario Chapter will host its 11th Annual “Breakfast for Breast Cancer” on Nov. 4, 2008 in Toronto.Erin Anderssen, senior writer for the Globe and Mail, will speak at the event. Anderssen spent five months interviewing Canadians for her special 2006 series, ‘Cancer: A Day in the Life.’ The series […]
Licensing U.S. teenagers to drive at ages older than 16 would substantially reduce crashes involving teen drivers, a new Insurance Institute for Highway Safety report says.The report, which cites Canadian research, has been released at the annual meeting of the Governors Highway Safety Association.The report notes recent U.S. legislative proposals to increase driver’s license ages […]
The duties of the Nova Scotia Insurance Review Board (IRB) will be reassigned to the Utility and Review Board (UARB) effective Oct. 1, 2008. The Nova Scotia Department of Finance says it believes assigning IRB responsibilities to the UARB will result in the most effective means of delivering this important regulatory function to the benefit […]
Trading in carbon dioxide (CO2) certificates and parametric covers may be alternatives for agricultural risk, given the growing risk trends in this sector, suggests Partner Re.Climate change, bio-fuels, insurance premium subsidies, commodity price inflation and new farming methods are just some of the many factors influencing agricultural production and causing risk managers and insurers to […]
By Canadian Underwriter | September 9, 2008
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