Industry
Hundreds of industry professionals descended on Spirale Banquet and Convention Centre in Toronto for ‘Friendship Night’ on on May 8. Presented by the Insurance Brokers of Toronto Region (IBTR), the fun-filled evening allowed industry peers to meet and greet each other to the Caribbean-inspired music of Keith Buddle and his band and enjoy a true […]
June 30, 2008
2 min read
The Competition Policy Review Panel is calling on the federal minister of finance to “remove the de facto prohibition on bank, insurance and cross-pillar mergers of large financial institutions, subject to regulatory safeguards, enforced and administered by the Office of theSuperintendent of Financial Institutions [OSFI] and the Competition Bureau.”Canada’s ministers of industry and finance announced […]
By Canadian Underwriter | June 27, 2008
An insurer cannot be exempted from paying supplemental medical benefits for long-term care under s.75.13 of the Statutory Accident Benefits Schedule (SABS) if those same benefits are “reasonably available” through an application for social assistance under Regulation 832 of the Nursing Homes Act.In Allstate Insurance Company of Canada v. Da Rosa, the Ontario Divisional Court […]
Fitch Ratings is looking for improved “fair value” disclosure for assets whose measurement is relatively subjective so-called ‘Level 2’ assets the ratings agency said recently in a special report.”The need for better fair value disclosures is an important part of the ongoing fair value debate,” Fitch notes in its special report, ‘Fair Value Disclosures: A […]
Gore Mutual Insurance Company’s foundation has donated Cdn$500,000 to the Cambridge Memorial Hospital, one of the largest donations the hospital’s foundation has ever received.Gore Mutual requested its donation be used to improve treatment at Cambridge Memorial Hospital’s endoscopy unit.The donation would allow 300 more screening cases each year and reduce wait times significantly.”One of Gore […]
Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked agencies and companies held 37% of the auto insurance market share in 2002 a figure […]
By Canadian Underwriter | June 26, 2008
The Windsor-Essex Regional Chamber of Commerce has named Windsor CARSTAR Collision the 2008 Service Company of the Year. The Chamber’s annual business excellence awards honour those who go above and beyond establishing successful businesses; they also recognize people who contribute to the community and development of the regional economy.Dennis Carlini, president and CEO of Windsor […]
1 min read
The U.S. property and casualty industry’s net income fell 49.3% in 2008 Q1, from US$16.2 billion in 2007 Q1 to US$8.2 billion this year. Reflecting the declines in net income, the P&C industry’s annualized rate of return on average policyholders’ surplus dropped to 6.4 % in 2008 Q1 (it was 13.2 % in the same […]
Lack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007 results were generally good, a number of factors will play a part in dragging down […]
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