Industry
Aviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created out of an amalgamation of numerous insurance companies. The company is in the final stages […]
By Canadian Underwriter | April 8, 2008
2 min read
American International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.”These organizational changes will contribute substantially to an improved operating environment, provide greater results in our Deliver the Firm initiative and a better customer service framework for our property and casualty […]
1 min read
Paul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.”Mr. Taylor’s move to the private sector was his decision and the board is deeply disappointed that he is leaving,” T. Richard Turner, […]
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1, 2008.Under legislative changes in September 2007, DOFIs wishing to continue operating in the Australian market […]
FSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF), FSCO notes in its June 2008 draft Statement of Priorities.”This will help to ensure the […]
By Canadian Underwriter | April 7, 2008
Ontario’s Superior Court recently waived a claim against Pilot Insurance Company in a case that tackled the thorny question of how to prove a vehicle had been “stolen.”In Comer v. Mochulla (Mochulla Auto Service), Baysville, Ontario resident Cary Comer in January 2006 filed a proof of loss with Pilot, claiming that his truck was stolen […]
Claims
The Office of the Superintendent of Financial Institutions (OSFI) says enhanced identification of emerging risks is Priority 1 for the next three years.The regulator intends to improve its ability to identify emerging risks through more inter-sector communication, more focus on market information, and more comparative reviews (e.g. stress testing, liquidity management, securitization and valuation practices), […]
Commercial lines insurance premiums in 2008 Q1 experienced the largest quarterly drop since 2005, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.Undeterred by mounting claims from the meltdown of the subprime mortgage market, the average directors and officers liability (D&O) premium fell 19% in 2008 Q1. It was the largest decrease of […]
Extrapolating 2007 financial trends forward three years presents two grim scenarios, especially one in which a major catastrophe strikes.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, presented two scenarios to people attending Swiss Re’s Canadian Insurance Outlook breakfast, one of which included a major, Cdn$1.5-billion catastrophe. The first scenario assumes a catastrophe-free […]
By Canadian Underwriter | April 4, 2008
Ontario’s auto insurance market is losing money on both the accident benefits and third party liability side, turning marginal profits into deficits moving into 2008.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, spoke at Swiss Re’s 23rd annual Canadian Insurance Outlook breakfast meeting, and warned of the deteriorating condition of Ontario’s auto […]
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