Risk
Insurers and brokers have always emphasized the close working relationship that has afforded both segments of the property and casualty insurance industry to not only survive, but presumably to prosper. Just over two years ago – the year 2000 BHM (before the hard market) – insurers were falling over themselves to sign brokers on through […]
By Sean van Zyl, Editor | March 31, 2003
11 min read
In the late 1990s, CU published several articles on brownfields work being done by the National Round Table on the “Environment and the Economy” (NRTEE), which led to their “State of the Debate” report in 1998. Since then, a further government request came in the December 2001 federal budget for the NRTEE to produce a […]
March 31, 2003
5 min read
The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system. Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident benefits changes, underwriting rules and changes to the Facility Association (FA). Some of the […]
2 min read
Insurance and reinsurance companies are trying to get on the same page when it comes to exclusions, particularly for fire following nuclear incidents. According to sources, it’s a work in progress. Primary insurers are caught between a classic rock and a hard place when it comes to reinsurance treaty wordings, exclusions and provincial legislative requirements. […]
By Craig Harris | March 31, 2003
6 min read
In 1999, the Office of the Superintendent of Financial Institutions (OSFI) – Canada’s federal regulator of financial institutions – released its “Supervisory Framework” outlining an innovative approach to supervision. The framework is risk-based and enhances OSFI’s ability to intervene on a timely basis where it considers an institution’s practices to be imprudent or unsafe. The […]
With property and casualty insurers having begun solvency reporting to the Office of the Superintendent of Financial Services (OSFI) under the new minimum capital test (MCT) since the beginning of this year, the federal regulator used the recently held Insurance Bureau of Canada’s (IBC) annual Financial Affairs Symposium to outline the new rules and the […]
A jump in profits last year was not enough to spare Munich Re from rating agency Standard & Poor’s, which downgraded the world’s number one reinsurer.The downgrade follows release of Munich Re’s 2002 results, which saw the group bring in profits of EUR1.1 billion (Cdn$1.7 billion), nearly four-times that of 2001, when September 11 losses […]
By Canadian Underwriter | March 27, 2003
Rating agency Moody’s has upgraded the senior bank credit facility of Willis North America Inc., the world’s third largest brokerage, to Ba1 from Ba2. At the same time, the broker’s senior subordinated debt rating has been upped to Ba2 from Ba3, with the outlook positive on both ratings.Moody’s cites the “significantly improved financial fundamentals” of […]
By Canadian Underwriter | March 26, 2003
A new study by the Council of Insurance Agents and Brokers (CIAB) is confirming anecdotal reports that many companies are not buying terrorism insurance although its has become more available following the passage of the Terrorism Risk Insurance Act (TRIA).Almost 60% of brokers say that fewer than 10% of small commercial property accounts and less […]
By Canadian Underwriter | March 24, 2003
The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system.Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident benefits changes, underwriting rules and changes to the Facility Association (FA).Some of the changes mirror […]
By Canadian Underwriter | March 21, 2003
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