Claims
Although 2007 was a profitable year for Canada’s P&C industry, “it is increasingly clear that the soft phase of the insurance cycle is now upon us,” Swiss Re reported in its 2008 Q1 Canada Property & Casualty Quarterly. “Net income declined 15% from 2006 as rising claims eroded underwriting margins and volatile financial markets kept […]
By Canadian Underwriter | May 1, 2008
2 min read
Industry
Solvency II implementation will likely trigger European insurers to invest between EUR600 million and EUR900 million (between Cdn$944 million and Cdn$1.5 billion) in new IT projects, Celent says in a new report, ‘Solvency II: Overview and Impact on IT.’With the emergence of Solvency II, risk management functions will have to be incorporated into an integrated […]
1 min read
Risk
Some time ago, a Canadian reinsurance company executive casually commented on the swirl of controversy around the concept of finite reinsurance. Paraphrased quite a bit, his argument essentially was: Sometimes in the effort to make and move money, the insurance industry has become too sophisticated for its own good. One has to wonder if this […]
April 30, 2008
4 min read
Home
Prime Minister Stephen Harper unveiled amendments to the Criminal Code intended to take “dead aim” at organized auto theft rings. The new legislation will make it a crime to alter, destroy or remove a Vehicle Identification Number (VIN). The definition of trafficking and stolen property will be expanded to include stolen cars and car parts. […]
Newfoundland and Labrador’s department of finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums. Insurers and brokers are no longer required to collect the tax. If a person purchased or renewed a contract of insurance on or after Jan. 1, 2008, that person will receive a refund of the tax […]
The scale of the subprime crisis has thus far had the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A. M. Best reports. As of 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis were up 400% year-on-year, Greg Flood, president of Ironshore Insurance’s professional liability […]
Ontario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the provincial insurance regulator. Rate applications approved for 2008 Q1 averaged +1.05% based on the entire market, FSCO noted in an online bulletin. Rate changes approved in 2004,2005,2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, […]
The Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year. “The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators Foundation, through which it reinvests in Canadian communities,” the company announced in a press release. […]
Canadian insurers are taking advantage of soft market conditions and renewed public confidence to ask politicians and regulators for more flexible means to change auto rates
By David Gambrill | April 30, 2008
15 min read
As Glen Johnson, president of the Ontario Mutual Insurance Association, prepares to retire, he reflects on the highs and lows of the insurance industry and the traditional value system used by the mutuals to tackle modern day issues
By Vanessa Mariga | April 30, 2008
5 min read
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