Claims
A disconnect continues to grow between the power of global risks to cause major systemic disruption and our ability to mitigate them, according to the Global Risks 2007 report released by the World Economic Forum (WEF).The report, published by the WEF, in cooperation with Citigroup, Marsh & McLennan Companies, Swiss Re and the Wharton School […]
By Canadian Underwriter | January 10, 2007
2 min read
Industry
Manitoba Public Insurance has reported stable financial results as it enters the final quarter of fiscal 2006, which, according to records can include the highest incidence of claims, according to a press release.Manitoba Public Insurance reported net income from operations of $59.1 for the nine months ended on November 30, 2006. This is a decrease […]
1 min read
More and more Canadian insurers are offering identity theft protection as a stand-alone product, reports the Globe and Mail.While policies have been on the market over the past couple of years, typically they have been offered as an add-on to house, apartment and condo insurance for about $30 or $40 a year.Brian Seaton, ING Canada […]
By Canadian Underwriter | January 9, 2007
Risk
Fitch Ratings has published details about its new financial guaranty capital model called Matrix.The key measure in the model is the Core Capital Adequacy Ratio (CCAR), which is derived from the following two basic measures: The total Adjusted Claims-Paying Resources (ACPR), and The total Required Claims-Paying Resources (RCPR). ACPRComponents making up an insurer’s ACPR include […]
Crawford Adjusters Canada has shuffled their staff with three major appointment announcements.Debbie Laxton will assume the role of head office supervisor for the company’s accident benefits division, Lise Papillon will take the reins of Crawford’s Quebec operations, and Troy Quigley will be charged with managing the Montreal branch office. Laxton began her career with Crawford […]
A.M. Best Co. has upgraded the financial strength rating of Arch Reinsurance Ltd. (Arch) (Bermuda) and its reinsured affiliates, including Arch Insurance Company (Canada), the only Canadian-licensed Arch entity, to A from A-.The outlook on the rating is stable.A.M. Best noted the upgrade in the rating of Arch Reinsurance Ltd. (Bermuda), which provides explicit support […]
Changes to Nova Scotia’s graduated driver licensing (GDL) program that would include a strengthening of the blood alcohol content restriction on new drivers and an extension of the learner’s stage of the program has gained applause from the Insurance Bureau of Canada (IBC).Acting Transportation and Public Works minister Jamie Muir announced that “the program will […]
By Canadian Underwriter | January 8, 2007
“Model steward” positions should be created within organizations to better align actuarial and IT departments, according to the Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP.Both actuarial and IT departments are critical in conducting companies’ risk management assessments; as such, there should be a better alignment between the two departments, Ernst […]
This holiday season, more than 1,600 volunteers across New Brunswick participated in Operation Red Nose and ensured more than 1,900 revelers a safe ride home.”Operation Red Nose makes New Brunswick’s road safer during the holiday season,” said Don Forgeron, vice-president, Atlantic, Insurance Bureau of Canada (IBC).”And this excellent service would not be possible without the […]
The ACE Tempest Re Group has expanded into Canadian markets with the establishment of ACE Tempest Re Canada.The Montreal-based, wholly owned managing underwriter will write all lines of property and casualty reinsurance for the Canadian market.Constantin Petalas has been appointed president of the operation and is charged with the responsibility of leading ACE Tempest Re […]
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