Canadian Underwriter

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Economic slowdown is Number 1 global risk, Aon survey finds

April 24, 2009 by Canadian Underwriter

The economic slowdown is the Number 1 most pressing risk facing business leaders, according to Aon’s 2009 Global Risk Management Survey. “The 2009 Aon survey indicates that virtually no company, industry or country is immune to today’s unprecedented period of

News Insurance

Ontario’s harmonization of sales tax with GST predicted to drive up insurers’ claims costs

April 23, 2009 by Canadian Underwriter

Ontario’s harmonization of the provincial sales tax with the GST will definitely drive up claims costs for property and casualty insurers, an audience attending the 2009 IBC Financial Affairs Symposium in Toronto heard.“There is going to be a definite impact

News InsuranceMergers and Aqcuisitions

OSFI says “there are no assurances” that Ontario auto insurance reforms will help reduce frequency, claims costs

April 23, 2009 by Canadian Underwriter

The financial woes of Canada’s private auto insurance system are squarely on the radar of Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI).“On the auto side, many of you know that Ontario auto has been

News Insurance

AIG accelerates bid to make its P&C operations an independent entity

April 23, 2009 by Canadian Underwriter

American International Group, Inc. (AIG) is accelerating steps to position AIU Holdings as an independent entity in preparation for the sale of a minority stake in the business.Under the plan announced on Mar. 2, AIU Holdings — a holding company

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (April 23, 2009)

April 23, 2009 by Canadian Underwriter

Ontario drivers will be prohibited from using hand-held cell phones and other hand-held electronic entertainment and communications devices while driving.The Countering Distracted Driving and Promoting Green Transportation Act, 2009 prohibits the use of hand-held devices to talk, text or email

News Climate ChangeInsurance

Risk managers should monitor bloggers to help assess reputation risk

April 22, 2009 by Canadian Underwriter

Risk managers need to familiarize themselves with “high-authority bloggers” tracking their industries if they are to better guard themselves against reputation risk in the Internet age, delegates of the Risk and Insurance Management Society’s 2009 Conference heard.Richard Levick, president and

News InsuranceMergers and Aqcuisitions

Ontario court upholds record Cdn$13.9-million future care costs award in auto brain injury case

April 22, 2009 by Canadian Underwriter

The Court of Appeal for Ontario has upheld a jury award in an automobile brain injury case of roughly Cdn$17 million — including a record Cdn$13.9 million for future cost of care.In Marcoccia v. Ford Credit Canada Ltd., Ford Credit

News Insurance

Don Forgeron becomes president, CEO of Insurance Bureau of Canada

April 22, 2009 by Canadian Underwriter

Don Forgeron is taking over the helm as IBC’s new president and CEO.  The announcement comes at the conclusion of a seven-month search. “I speak for the entire board of directors when I say I am delighted with today’s announcement,” IBC

News Climate ChangeInsurance

A funny thing happend on the way to the hard market: Willis report

April 22, 2009 by Canadian Underwriter

A funny thing has happened on the way to the much-anticipated hard insurance market in the United States — ongoing rate competition, says the Spring 2009 edition of Willis Marketplace Realities. “If the financial crisis of 2008 was a Category

News Insurance

Risk managers observe lack of dedicated intellectual property (IP) coverage

April 21, 2009 by Canadian Underwriter

Risk managers must increasingly grapple with finding coverage for their organizations’ intellectual property (IP) in the absence of a clear-cut insurance product specifically for IP infringement.‘Pricing Intangibles — Insuring Intellectual Property’ served as the topic of discussion at the Risk

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What’s New: In Brief (April 21, 2009)

April 21, 2009 by Canadian Underwriter

Marley Drainville, a risk manager at Enerplus Resources Fund, received the Ron Judd “Heart of RIMS” Award at the RIMS 2009 Annual Conference and Exhibition in Orlando, Florida.   The award pays tribute to the legacy of Ron Judd, who served

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OSFI warns of a “plain language gap” in financial reporting

April 21, 2009 by Canadian Underwriter

A “plain language gap” is becoming evident in the financial services industry and it is a growing cause of concern, Canada’s Superintendent of Financial institutions Julie Dickson told the American Bar Association in a speech made in Vancouver, B.C.“Indeed, these