Topic
Insurance
B.C. judge cautions defence bar against swearing affidavits on behalf of clients
March 7, 2011 by Canadian UnderwriterA British Columbia judge has cautioned the insurance defence bar that lawyers should not be swearing affidavits on behalf of clients, except in the most limited of circumstances, and doing so might result in the waiver of solicitor-client privilege.British Columbia…
International business law firms seek to enter Canadian space through tie-ins with Canadian insurance and business law firms
March 7, 2011 by Canadian UnderwriterInternational business law firms are aiming to make their way into the Canadian market through tie-ins with local Canadian law firms, including firms working in the insurance area.Most recently, legal media reported United Kingdom insurance specialist Clyde & Co is…
Insurers may want to “try hardest” to settle claims with self-represented litigants: judge
March 4, 2011 by Canadian UnderwriterGiven the additional time, effort and expense required to try cases involving self-represented litigants, insurers might want to give special consideration to settling these cases early, a Nova Scotia judge observed at the Canadian Defence Lawyers 7th Annual Insurance Symposium…
Good faith claims may just ‘distract’ from common law principles that apply to insurance contracts: lawyer
March 4, 2011 by Canadian UnderwriterAn insurer’s duty to act in good faith may not actually mean much beyond the standard common law doctrines that apply to insurance contracts, according to Roderick Winsor of Blaney McMurtry LLP.Winsor is the author of Good Faith in Canadian…
RMS releases major upgrade to its U.S. hurricane model
March 4, 2011 by Canadian UnderwriterRisk Management Solutions (RMS) has released a “major” upgrade to its U.S. hurricane model.The latest version of the model incorporates 10 times more onshore and offshore wind observation data since the last hazard update in 2003. Also, it incorporates the…
Aviva reports “strong general insurance performance” in Canada
March 4, 2011 by Canadian UnderwriterAviva Canada’s general insurance operations reported a 54% increase (to approximately $350 million) in general profit in 2010.The company credits the improvement to better underwriting performance, combined with benign weather in the early part of 2010.Following a decision to exit…
Fairfax appoints new president and COO
March 4, 2011 by Canadian UnderwriterAndrew Barnard has been appointed president and chief operating officer of Fairfax Insurance Group, effective Apr. 1, 2011.Barnard will oversee all of Fairfax’s insurance and reinsurance operations worldwide and work with the presidents of those operations on strategy and coordination.Barnard…
Protecting against the loss of a key business figure
March 3, 2011 by Canadian UnderwriterLloyd’s of London is offering “key-man insurance” as a way to protect a company from economic loss if a key person in the organization dies or leaves as a result of illness.“It is a sad fact that in the workplace,…
OSFI announces enhancements to its supervisory framework
March 3, 2011 by Canadian UnderwriterOSFI has announced enhancements to its supervisory framework, including specific reference to the core principles of the International Association of Insurance Supervisors (IAIS), as well as the inclusion of board responsibility for overseeing risk appetite and compensation.First introduced in 1999,…
State Farm Group reports $3.1-billion underwriting loss in 2010
March 3, 2011 by Canadian UnderwriterState Farm Group’s property and casualty companies reported a $3.1-billion underwriting loss in 2010, a $600-million improvement from 2009.The P&C operations offset its underwriting loss with a $4.1-billion investment gain, State Farm reported in a press release. Overall, State Farm…
Women represent one-quarter of senior officers in insurance/finance sector: Catalyst
March 3, 2011 by Canadian UnderwriterThe finance and insurance industry has the fourth-highest percentage of women in senior officer positions, according to a Catalyst Census of the Financial Post 500.Of the 75 firms in the finance and insurance industry listed on the Financial Post 500,…
CSIO appoints new board chairman, interim president
March 2, 2011 by Canadian UnderwriterThe Centre for the Study of Insurance Operations (CSIO) has appointed David Osmars as chairman of the board.In addition, Keith Eva has been named interim president of CSIO.Osmars is executive vice president and chief information officer of AXA Canada, where…