Insurance & Risk, Analysis, Events and Careers
Risk
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 […]
By Canadian Underwriter | January 9, 2007
1 min read
“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 […]
By Canadian Underwriter | January 8, 2007
2 min read
The Financial Services Commission of Ontario (FSCO) has released updated filing guidelines for submitting changes to automobile insurance rates and risk classification systems.One change is that insurers will be required to use the major filing guidelines in situations in which a rate change of 10% or more is proposed and the insurer has not submitted […]
By Canadian Underwriter | January 5, 2007
Frank Cowan Company has announced that Canadian-based Temple Insurance Company (Temple) will participate on all of its insurance programs starting Jan. 1, 2007. Temple is a member of the worldwide Munich Re Group.Frank Cowan Company has been providing specialized insurance and risk management solutions since 1927 to municipalities, hospitals, healthcare facilities, educational institutions and other […]
By Canadian Underwriter | January 3, 2007
The stormy seasons of 2004 and 2005 brought grim outlooks for 2006. Insurers held their collective breath and battened down the hatches, bracing for the next set of storms that Mother Nature was going to hurl their way. But calm seas, for the most part, prevailed throughout the year. Other than a few blips – […]
December 31, 2006
11 min read
The New Year sees new challenges to the legal predictability coveted by insurers
6 min read
Finding in favour of Zurich Canada in Walker v. Ritchie, the Supreme Court of Canada has effectively ended the practice of defendant insurers paying "risk premiums" to victorious plaintiffs' lawyers
4 min read
The Ontario Court of Appeal has hinted it might be willing, given the right fact situation, to extend the doctrine of reasonable expectations to cover unambiguous policy language.
Insurers need to stay in touch with regulators to help ensure smooth transition to risk-based regulation.
Sometime ago, Lloyd’s of London Chair Lord Peter Levene said the following about regulation: “We need to move away from a strictly rule-book mentality, avoiding the creation of yet more paperwork and bureaucracy. In its place, we can work with our regulators to develop and require adoption of ethical principles of behaviour.” Levene’s remarks are […]
3 min read
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