Industry
Canada’s property and casualty insurance sector is stable, according to a recent market report by A.M. Best, “but strong capitalization and profitability provide the ingredients for continued softening in the market.” In its special report, “Canadian P/C Insurers See Profits Shrink, Watch Softening Market,” A.M. Best observes that in the Canadian insurance market, pricing is […]
By Canadian Underwriter | September 9, 2008
1 min read
Canadian provinces and territories all deserve poor grades for failing to establish mandatory alcohol ignition interlock programs for those convicted of impaired driving, according to Mothers Against Drunk Driving (MADD Canada). An ignition interlock device is an in-car alcohol breath-screening device that prevents a vehicle from starting if it detects a blood alcohol concentration (BAC) […]
2 min read
Claims
To date, this year ranks as the seventh-most active hurricane year since 1950, according to a mid-season report by climate forecaster Tropical Storm Risk (TSR).TSR is a consortium of experts on insurance, risk management and seasonal climate forecasting led by the Benfield UCL Hazard Research Centre at University College London.”Atlantic basin hurricane activity so far […]
Post-tropical storm Hanna soaked the Atlantic provinces on Sept. 7, leaving more than 100 mm of rain in some parts of the area. Counties along the Fundy Coast of New Brunswick and Newfoundland were the hardest hit, as embedded rain bands brought intense rainfalls of 25 to 30 mm in an hour, Environment Canada reports. […]
By Canadian Underwriter | September 8, 2008
The Insurance Brokers Association of Canada (IBAC) and the Toronto Insurance Conference (TIC) have proposed a model ‘Export List’ to make life simpler for brokers’ clients when they apply for an exemption from the excise tax on unlicenced insurance.Clients of commercial insurance brokers must pay an excise tax when purchasing insurance through foreign, unlicensed markets. […]
Ontario bumped up rates for its private passenger auto insurance by 2% at last filing, but the rate change did not include a “cost of capital” provision that Facilities Association wants the provincial regulator to include.In a report to the Insurance Brokers Association of Canada (IBAC), Facilities Association (FA) maintained its position that a cost […]
Reinsurers are leading the pack in the implementation of enterprise risk management (ERM), Standard & Poor’s (S&P’s) says in its 2008 Global ERM Score Card.S&P’s assessment designates a (re)insurer’s ERM as excellent, strong, adequate or weak. It considers approximately 80% of global (re)insurers to have adequate ERM, with about 15% in the strong or excellent […]
The outlook for the global reinsurance sector remains stable, Moody’s Investor Service says in a new industry outlook.”Following two years of strong profitability and enhanced risk management processes, the industry’s robust capital position places it on solid footing to confront softening underwriting conditions, the challenges posed by continuing capital market turbulence and the threat of […]
By Canadian Underwriter | September 5, 2008
Insured losses from Hurricane Gustav are not expected to significantly affect the ratings of U.S. property and casualty insurers, according to a new report issued by Moody’s Investors Service. “Given the range of preliminary insurance loss estimates of [US]$3 billion to [US]$10 billion associated with Hurricane Gustav, Moody’s does not expect the event to significantly […]
Kanetix.ca has released the top 10 most popular hybrids quoted for 2008, as determined by auto insurance quotes sought on the site. The top 10-quoted hybrids for the first six months of 2008 are: Toyota PriusHonda Civic HybridToyota Camry HybridFord Escape HybridToyota Highlander HybridLexus RX400hHonda Accord HybridNissan Altima HybridChevrolet Malibu HybridSaturn Vue Green Line HybridWith […]
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