Industry
Establishing a global fair value method for valuing insurance contracts will help to determine how fair value should be defined for insurance reserves, according to a special report by Fitch Ratings on global accounting and financial reporting. Fitch notes the International Accounting Standards Board (IASB) has published a discussion paper about insurance contracts, and the […]
By Canadian Underwriter | January 23, 2008
1 min read
The Canadian Council of Insurance Regulators (CCIR) is consulting the insurance industry on the incidental selling of insurance (ISI).”As a result of potential licensing and consumer issues stemming from the sale of insurance incidental to some other core business activity, the [CCIR] created the ISI working group,” the CCIR says in a letter sent to […]
The extreme sports market is evolving, with an increasing number of people participating in extreme sports and an expanding number of sports being added to the category, according Lloyd’s. “The demand for our products has been growing a clear indication that more people are taking part in extreme sports,” said Julian Hicks, director, Sportscover Direct, […]
Keal Technology and ING Insurance Company of Canada announced a “commercial integration relationship,” in which Keal’s commercial management system (CMS), comXP, will exchange data with the ING Insurance broker application SaversCL.Using CSIO XML standards, data can be exchanged between broker and insurer using CMS applications like Keal’s comXP, a Keal release says.The integration will allow […]
Claims
Insurance Bureau of Canada (IBC) is calling on Canadian governments to review critical infrastructure to ensure the country is better able to deal with severe weather events in the future.IBC president and CEO Mark Yakabuski has called on all governments to work together to:reinforce/improve infrastructure;strengthen building codes and build in climatic design values;consider sweeping land […]
By Canadian Underwriter | January 22, 2008
A United States retreat into political isolationism, tensions in the Middle East and the growing threat of another terrorist attack are the major risks threatening the global financial market in 2008, according to the results of a study posted on the Lloyd’s of London Web site.Ian Bremmer, the president of the U.S. research and consulting […]
2 min read
Kingsway Financial Services Inc. has appointed Shelly Gobin as vice president and CFO.Gobin has been with Kingsway for more than 10 years; during that time, she has held increasingly progressive executive roles at Kingsway. In addition, she has been significantly involved in all financial reporting and capital raising initiatives over this time, according to a […]
British Columbia is launching the initial phase of its enhanced driver’s licences (EDLs), a proposed alternative to the passport that will be required to enter the United States at its land and water borders no earlier than June 2009.The EDL program is in response to the U.S. Western Hemisphere Travel Initiative (WHTI), which is now […]
In a short, four-paragraph endorsement, the Ontario Court of Appeal recently dismissed an appeal in a seemingly run-of-the-mill fire insurance claim. Or was it a run-of-the-mill claim?The full text of the Ontario Superior Court’s original decision in Silva v. CGU Insurance Company of Canada was not available as of press time. But the Court of […]
By Canadian Underwriter | January 21, 2008
A storm that hit Ontario at the beginning of January is estimated to have resulted in roughly Cdn$50 million in insured damage, according to the Insurance Bureau of Canada (IBC). The majority of the damage is due to sewer backup, in addition to a lot of personal property claims, IBC reported. Also, there was a […]
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