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Insurance industry steps into the Canada Pension Plan

March 25, 2014March 22, 2014 H. Cutner

cyber insurance Canada pension plan employment insurance industry

The Investment Board for that country’s largest pension fund manager has now made an important purchase. The recent news has now been announced, stating that the Canada Pension Plan Investment Board has agreed to make a $1.8 billion acquisition of Wilton Re Holdings Ltd. in order to take the largest pension fund manager in the nation into the life insurance industry. This reinsurer is being purchased by investors and represents the first foray of Canada Pension into this sector. Among the investors taking part in this acquisition in the insurance…

Insurance industry in Canada hurting from extreme weather

August 8, 2013August 5, 2013 Julie Campbell

The large number of severe storms have been taking their toll on insurers across the country. A growing number of signs of uncertainty have been popping up in the insurance industry in Canada following the storms that have been striking various areas causing flooding, hail, winds, and other damaging weather events. This was topped off when one of the major banks in the country came out with one of its own early warning signs. Only weeks after the province of Alberta was struck with historic flooding, during which time the…

Insurance industry in N.A. sees Canadian insurer sold to American company

June 12, 2013June 11, 2013 Julie Campbell

Travelers has announced that it will be making the purchase for $1.25 billion in cash. The North American insurance industry has seen another major acquisition as an American insurer, Travelers Companies Inc. has just revealed that it is making a purchase of the Dominion of Canada General Insurance Co. This purchase is being made for a total investment of $1.125 billion to buy the company outright. The acquisition is being made as a part of the attempt Travelers would like to make to expand its presence in the Canadian insurance…

Insurance industry cautions that weather disasters on the rise

May 31, 2013May 30, 2013 Julie Campbell

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

Insurance industry regulator in Canada loses data of thousands of individuals

April 16, 2013April 15, 2013 G. Turner

The information of approximately 52,000 people was lost by the industry body through a portable device. An insurance industry regulator, the Investment Industry Regulation Organization of Canada, has announced that it will be increasing its internal security right away following the loss of the personal data of brokerage firm clients. The regulator issued a warning to the brokers and their clients regarding the loss of the data. What this insurance industry body shared was that one of its personnel had allowed a “portable device” to go missing. That machine contained…

Insurance market in Canada deemed stable for this year

February 1, 2013April 30, 2013

At the same time, a Marsh outlook report predicts possible rate increases in the third or fourth quarter. According to a new outlook report issued by Marsh, the Canadian insurance market should continue to remain stable throughout 2013, though the second half of the year may bring about some modest increases in the rates. Overall, the industry in Canada performed better than other markets last year, said the report. This data was provided in the Marsh document called the Canada Insurance Market Report 2013, which offered a breakdown of the…

Insurance industry changes will likely come in the form of consolidations

January 2, 2013April 30, 2013

Sun Life, a global insurer from Canada, is seeking to find new opportunities for acquisitions. The Canadian large global insurer, Sun Life, is currently on the prowl to make more changes to its position in the insurance industry, as it seeks out new acquisition opportunities within the Philippines marketplace. The insurer has also been spotted looking for some new consolidations within the local environment. The president of Sun Life Financial Philippines, Riza Mantaring, stated that the Insurance Commission’s new and higher minimum capital requirements which will be P1 billion by…