Topic
Insurance
As severe weather-related events increase, primary insurers might look to aggregate reinsurance cover
September 23, 2010 by Canadian UnderwriterThe cumulative effect of damage caused by natural catastrophes such as wildfires, tornadoes, hail storms and ice storms – events that, individually, are not big enough to trigger reinsurance coverage – may cause primary insurers to reconsider how they purchase…
Heightened regulatory requirements could spark Canadian ILS market
September 23, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI)’s new governance and risk management expectations regarding reinsurance arrangements may lead some (re)insurers to consider insurance linked securities solutions (ILS).In the MSA/Baron Outlook Report Q2-2010, Robert McDowell and Koker Christensen examine…
Hurricane Igor leaves Newfoundland a $100 million price tag for damages
September 23, 2010 by Canadian UnderwriterDamage caused by Hurricane Igor will likely cost more than $100 million to repair, cbc.ca reports.It is too early to know insured damage estimates.Tom Hedderson, Newfoundland and Labrador’s acting minister responsible for emergency preparedness, toured damaged areas of the province…
Hamilton sees approximately 40% increase in claims
September 23, 2010 by Canadian UnderwriterHamilton, Ontario saw a 39% increase in claims stemming from property damage or transit-related injuries between 2008 and 2009, reported The Hamilton Spectator.Of the 3,202 claims received in 2009, 1,453 were flood claims, arising largely from the July 26, 2009…
Defective work can be an “accident” covered by a commercial insurance policy: Supreme Court
September 23, 2010 by Canadian UnderwriterDefective workmanship can be interpreted as an “accident” under a Commercial General Liability (CGL) Policy, the Supreme Court of Canada has ruled, and “property damage” under a CGL is not necessarily limited to third-party property damage.In making this ruling in…
Canada’s Bank Act review is officially underway
September 22, 2010 by Canadian UnderwriterFinance Minister Jim Flaherty on Sept. 20 officially sounded the starting gun to the Bank Act review.The federal government is mandated to review statutes that govern federally regulated financial institutions every five years. The last legislative review was completed in…
XN Financial launches XN Special Risks
September 22, 2010 by Canadian UnderwriterXN Financial has launched XN Special Risks, a virtual storefront providing Canadian insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks’ online systems are designed to enable agents and…
Torn ligaments, rotator cuffs are ‘serious’ injuries under tort, even if ‘minor’ under reforms: trial lawyer
September 22, 2010 by Canadian UnderwriterOntario’s auto insurance reforms are barely a month old and already trial lawyers have tipped their hand that they might try to achieve through tort what they will no longer receive from the province’s no-fault benefit scheme.Ontario’s new, interim Minor…
Hurricane Igor damage results in “high volume” of claims: IBC
September 22, 2010 by Canadian UnderwriterHurricane Igor’s eye brushed past southern Newfoundland on Sept. 21, causing at least 30 communities to declare states of emergency due to flooding, reported The Globe and Mail.The storm brought damaging 120 km-h winds, making it a Category 1 storm,…
In preparing for a pandemic, insurers must go beyond having a business continuity plan
September 22, 2010 by Canadian UnderwriterThe insurance industry is not prepared for a pandemic and does not know what to expect, Bob Krywiak, executive general adjuster at Crawford Global Technical Services, told delegates of the National Insurance Conference of Canada (NICC) on Sept. 21 in…
Chesterfield Canada Inc. Sabotage and Terrorism product launch
September 22, 2010 Chesterfield Canada Inc.Chesterfield Canada Inc., a specialist independent Wholesale Broker, part of the Chesterfield Group, a Lloyd’s broker, today announced the launch of its Sabotage and Terrorism product to the Canadian market. The new product is designed to provide a better breadth…
Canadian P&C industry researching the possibility of offering overland flood insurance
September 21, 2010 by Canadian UnderwriterCanada’s property and casualty insurance industry is conducting research into the possibility of offering overland flood insurance, which is not currently available, as part of a homeowner’s policy.Panelists at the National Insurance Conference of Canada [NICC] in Montreal noted there…