Industry
Registered Insurance Brokers of Ontario (RIBO) has issued a warning in its Spring 2006 bulletin about insurers’ use of negative option billing or marketing.Reprinting an excerpt of a similar warning issued in 2000, RIBO noted the “Financial Services Commission of Ontario (FSCO) is concerned about the use of negative option billing (also known as negative […]
By Canadian Underwriter | June 6, 2006
1 min read
Claims
AXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited.The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’ councils. Paris Re Holdings is a newly created company with a capitalization of approximately US$1.5 […]
Risk
Standard & Poor’s Ratings Services recently made some major additions and revisions to its Enterprise Risk Management (ERM) assessment process and has clarified in a report titled “Insurance Criteria: Refining The Focus Of Insurer Enterprise Risk Management Criteria,” what these criteria are meant to be and what they are not. S & P’s incorporated the […]
2 min read
A Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to review sections from time to time to see if they continue to be supported by […]
3 min read
The outlook on the Canadian property and casualty (P&C) insurance industry remains stable, according to a report published today by Standard & Poor’s Ratings Services. The report, entitled “Industry Report Card: Slower Momentum Expected For Canadian Property And Casualty Insurers,” suggests that although operating performance has been quite good and capital has been strengthened in […]
By Canadian Underwriter | June 5, 2006
The insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers must act now to understand and actively manage risks from emerging threats such as greenhouse […]
The outlook for personal lines insurers is stable, according to Standard & Poor’s Ratings Services midyear 2006 outlook report.The report titled “U.S. Personal Lines Midyear 2006 Outlook: Low Volatility Means Few Raings Changes in 2006” indicates the second half of 2005 may have been one of the most challenging on record for U.S. personal lines […]
The10th annual North American Export Committee (NAEC) meeting, hosted by the Insurance Bureau of Canada (IBC), will focus on the theme of the link between auto theft, organized crime and terrorism. The 2006 Auto Theft Export Summit will take place on June 8 – 9 in Ottawa at the Fairmont Chateau Laurier. A wide variety […]
The level of terrorism risk for 2007 will be similar that for 2006, with a slight reduction in the risk of nuclear attack and a trend toward smaller attacks that pack a bigger punch, according to an A.M. best report of a recent Risk Management Solutions Inc. presentation.The catastrophe modeler RMS recently hosted its fifth […]
By Canadian Underwriter | June 2, 2006
Benfield has launched its online Storm Centre, a real-time portal for up-to-the- minute information on current and past tropical cyclone activity.The Storm Centre, which replaces the Hurricane and Typhoon Season CD, is a portal for information on current and past tropical cyclone activity. Incorporating a real-time storm tracker powered by the Benfield-sponsored Tropical Storm Risk, […]
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