Industry
Market volatility, a consequence of the U.S. subprime issue, may be suppressing mergers and acquisitions (M&A) activity in the Canadian insurance market, Pierre Ozendo, the chairman and CEO of Swiss Re America Corporation says.”To the extent that market volatility from [the subprime crisis] has increased the cost of equity-raising, it makes raising capital more expensive,” […]
By Canadian Underwriter | April 4, 2008
2 min read
Claims
The European Commission’s Solvency II Directive is expected to increase substantially regulatory capital requirements for most European insurers, although no extra capital is likely to be required for the market as a whole.A.M. Best’s review of Solvency II’s implications found that under the new regime, slated to take effect in 2012, insurers will have a […]
By Canadian Underwriter | April 3, 2008
Lloyd’s has reported a profit of 3.8 billion (approx. Cdn$7.6 billion) in 2007, an increase over 2006’s profit of 3.6 billion (approx. $7.2 billion). The market reported a combined ratio of 84.0%, a slight increase over 2006’s 83.1%. This compares favourably, a Lloyd’s release notes, with the average of 93.8% for U.S. property and casualty […]
1 min read
Ontario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), has fined Johnson Inc. Cdn$5,000 because Johnson’s out-of-province call centre employees were not licensed by RIBO to deal directly with members of the public in Ontario.Johnson pleaded guilty during misconduct hearings that focused on the information an Ontario client received about auto insurance from Johnson’s out-of-province […]
Independent Financial Brokers of Canada (IFB) is providing corporate errors and omissions coverage for life insurance agencies. The coverage, underwritten by Echelon General Insurance Company, is being offered as a solution for those caught in the gap between regulatory requirement and fiscal reality, the IFB reports in a release. “As was noted in a Notice […]
Reinsurers appear to be experiencing an increasingly competitive market in 2008, with the greatest rate reductions evident in smaller markets, according to Willis Re’s April renewals review.The reduction in the smaller markets is driven by an increase in both the number and capacity of regional reinsurers, as well as by a continuing appetite for diversification […]
By Canadian Underwriter | April 2, 2008
Insurance Bureau of Canada (IBC) has issued warnings to Ontario and Atlantic policyholders of overland flooding due to spring thaw. IBC stresses preventative actions, because overland flooding is not covered by home insurance policies. Sewer back-up coverage is usually available as an add-on to policies, an IBC release says. Damages due to a roof collapse […]
The Chubb Group of Insurance Companies has placed a US$200-million catastrophe bond providing multi-year reinsurance protection against hurricanes, earthquakes, thunderstorms, winter storms, wildfires and other perils in both the United States and Canada.The risk period on the bonds ends Mar. 31, 2011. Known as East Lane II Ltd., the bond provides Chubb companies, including the […]
ING Insurance has announced an average reduction in automobile rates of 4.6% for consumers in Nova Scotia. The reduction in premiums is intended to benefit young drivers with clean driving records, as well as experienced drivers, the company says. Those who insure both their homes and their cars with ING’s home and auto combined policy […]
Chief information officers (CIOs) for US insurers are more concerned about the impact of a soft market than their European counterparts, according to a Celent report.In Insurance CIO/CTO Pressures, Priorities Projects, and Plans 2008: The View Across the Atlantic, Celent surveyed insurance executives on both sides of the Atlantic.Survey responses show that CIOs in the […]
By Canadian Underwriter | April 1, 2008
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