Topic
Insurance
Canadian Underwriter wins two Gold Awards at 55th annual Kenneth R. Wilson Memorial Awards
June 2, 2009 by Canadian UnderwriterCanadian Underwriter received two Gold Awards at the Canadian Business Press’s Kenneth R. Wilson Memorial Awards held in Toronto on June 2. Canadian Underwriter received a Gold Award for its December 2008 cover, ‘Shifting Ground.’Designed by Pylon.ca, the cover featured…
Be aware of regulatory timelines when arranging mergers: Lang Michener LLP
June 2, 2009 by Canadian UnderwriterWhen planning the acquisition of a Canadian insurance company or its assets, “care must be taken to ensure that transaction timelines permit various regulatory reviews to be completed in a timely manner,” Lang Michener says in a paper prepared for…
Aon releases 2009 Terrorism Threat Map
June 2, 2009 by Canadian UnderwriterSomalia, Yemen, Iraq, Indian, Pakistan, Afghanistan are all classified under the most extreme category of ‘severe threats’ on Aon’s 2009 Terrorism Threat Map.Aon released the map during a conference call on June 1. Created in coordination with Janusian, a security…
Energy sector could be impacted by an active hurricane season
June 2, 2009 by Canadian UnderwriterAn active hurricane season could pose significant challenges with respect to the energy sector, according to Bertil Olsson, energy leader for Marsh’s US energy, mining and power practice. “Last year, many oil companies operating in the Gulf of Mexico had…
Rate increase of 40.2% needed if Alberta MIR not reinstated
June 2, 2009 by Canadian UnderwriterIf the eventual Supreme Court decision confirms the strike down of Alberta’s minor injury regulation (MIR) Insurance Bureau of Canada (IBC) has recommended a 40.2% rate increase for basic personal auto coverage.IBC retained a consulting actuary, Ron Miller, to prepare…
10-15% increase in catastrophe renewal
June 1, 2009 by Canadian UnderwriterCatastrophe renewal pricing covering risks in Florida increased by between 10% and 15% as of June 1, according to Aon Benfield’s Reinsurance Market Update and Outlook Report. This is at the middle-to-lower end of the ranges estimated in the Apr.1…
Risk managers need more authority within their oragnizations: report
June 1, 2009 by Canadian UnderwriterEvents of the past year have “uncovered significant deficiencies in the way financial institutions manage risk,” according to a report by the Economist Intelligence Unit and sponsored by ACE, KPMG, SAP and Towers Perrin.The report, Managing risk in perilous times:…
Ontario Court of Appeal reviews three types of housekeeping losses
June 1, 2009 by Canadian UnderwriterWhen it comes to evaluating pecuniary (which can be counted) and non-pecuniary (which can’t be counted) housekeeping losses in a personal injury action, Canadian courts have “developed an unnecessarily complex approach” since Fobel v. Dean in 1991, the Ontario Court…
Threat of Northeast hurricanes often overlooked, but remains large
June 1, 2009 by Canadian UnderwriterThe threat of Northeast hurricanes could be the most overlooked of all the risks, BestWeek’s U.S. Canada edition reports.BestWeek points to modeller AIR Worldwide’s suggestion that if a Category 3 or 4 storm hits the metropolitan area along the U.S.’s…
What’s New: In Brief (May 29, 2009)
May 29, 2009 by Canadian UnderwriterCathy S. Ramsundar was appointed president of the Toronto Insurance Women’s Association (TIWA). TIWA is the Toronto chapter of the Canadian Association of Insurance Women (CAIW).She received the appointment at the association’s annual general meeting on May 19.Ramsundar is an…
Growth of class action litigation presents challenges and opportunities
May 29, 2009 by Canadian UnderwriterAs collective redress (i.e. class action) suits increasingly become part of the global legal landscape, the insurance industry needs to assess which economic sectors will likely be exposed to more litigation and explore opportunities to provide products and services to…
OSFI issues revised advisory, further clarifies “insurance in Canada of risks”
May 29, 2009 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has revised its Advisory 2007-01—Insurance in Canada of Risks in an effort to further clarify what is meant by “the insurance in Canada of risks.”The phrase is a key component of…