Industry
New standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot of the gaps in Canadian GAAP and bring Canadian standards for financial instruments in line […]
By Canadian Underwriter | January 27, 2005
1 min read
Claims
CGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a claim is available through a single source brings efficiency and cost savings to the claims […]
A new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the Senate did not pass its legislation, so Smith has decided to reintroduce a new bill.The […]
By Canadian Underwriter | January 26, 2005
Alberta-based broker network and bank Western Financial Group Inc. (TXS: WES) says it has priced an offering of 9 million subscription receipts at $2.15 each for gross proceeds of $19.35 million. The offering, set to close on February 3, also includes an over-allotment option for underwriters to purchase up to 1.35 more subscription receipts at […]
The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of Canada (IBC).Speaking to a monthly meeting of the Property Casualty Underwriters Club (PCUC) in Toronto […]
3 min read
Canadian CEOs are bullish on the future, according to results of the latest PriceWaterhouse Coopers (PwC) Global CEO survey. A full 55% of Canadian CEOs are very confident of future revenue growth, compared to just 38% of U.S. CEOs and 31% in Europe. Almost half of Canadian CEOs expect to see 5-10% growth over the […]
2 min read
Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth Airbus has the potential to push liability limits up to US$3 billion from their current […]
By Canadian Underwriter | January 25, 2005
Risk
Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract in arbitration commenced in April, 2003.In the case of one insurer, Swiss Re’s SR Business […]
The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is part of OIL Mutual Insurance and sEnergy, insurance companies created by the energy industry. The […]
In the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that two lessons can be learned: that steps can be taken to mitigate the impact of […]
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