Topic
Insurance
Insurers must be careful to differentiate duties of counsel from adjuster
February 26, 2009 by Canadian UnderwriterInsurers must avoid turning counsel into loss adjusters, which not only wastes money, but risks turning counsel into a witness. Furthermore, counsel lose objectivity when they are asked to play the role of frontline investigators, Marcus Snowden, partner at Blaney…
RSA Canada reports growth in underwriting profit
February 26, 2009 by Canadian UnderwriterRSA Canada reported an underwriting profit of Cdn$112 million in 2008, a Cdn$5- million increase over the prior year.The Canadian subsidiary achieved a combined operating ratio (COR) of 92.9%, a slight increase from 2007’s COR of 92.4%.In commercial lines, premiums…
Conversion software now available for building replacement cost calculator
February 26, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) and Compu-Quote have announced the availability of conversion software for brokers using the ezITV tool.In late 2008, Compu-Quote announced the change of building replacement cost calculator within its rating services, sparking concerns among…
AIR to sponsor Global Earthquake Model
February 25, 2009 by Canadian UnderwriterAIR Worldwide Corporation has announced it is sponsoring the Global Earthquake Model (GEM). The GEM project is a five-year project led by the Organization for Economic Co-operation and Development (OECD) to produce the world’s first global, open source model for…
Guy Carpenter awarded grant for reinsurance facility
February 25, 2009 by Canadian UnderwriterGuy Carpenter Company is developing a reinsurance facility for micro-insurance and microfinance company operations (MFIs) after being awarded a grant by the Microinsurance Innovation Facility (MIF). The MIF — a partnership between the International Labour Organization and the Bill &…
Creation of a global financial regulator “neither practical nor desirable,” Conference Board says
February 25, 2009 by Canadian UnderwriterDespite calls for a new financial order in the wake of a global economic recession, the creation of a global financial regulator is neither practical nor desirable, the Conference Board of Canada says.The Conference Board makes a number of recommendations…
What’s New: In Brief (February 25, 2009)
February 25, 2009 by Canadian UnderwriterA Quebec firm and two individuals have been found guilty and fined a total of Cdn$5,500 by the Court of Quebec for operating as an adjustment firm without the proper certification.The Autorité des marches financiers (AMF) brought four charges against…
Insurers could do more to exploit scenario analysis, Swiss re study says
February 24, 2009 by Canadian UnderwriterInsurers are increasingly using scenario analysis to evaluate multiple risks, but the industry could do more to fully exploit state-of-the-art approaches, Swiss Re’s new sigma study says.Scenario analysis helps insurers make business decisions by considering a number of potential future…
Insurance industry should lobby MPPs at grassroots level
February 24, 2009 by Canadian UnderwriterIn order to effect change in government policy, members of the insurance industry need to become ‘lobbyists’ at the grassroots level and focus on developing a relationship with their local elected government official.Dennis Prouse, director of federal government relations for…
What’s New: In Brief.
February 24, 2009 by Canadian UnderwriterSteven Stieber will be honoured with the Ontario Bar Association’s 2009 Award for Excellence in Insurance Law on Apr. 28, 2009. Stieber is being recognized for his outstanding achievements in the practice of insurance law and his contributions to the…
Moody’s downgrades Swiss Re from Aa3 to A1
February 24, 2009 by Canadian UnderwriterMoody’s Investors Service has downgraded the insurance financial strength (IFSR) and senior debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies from Aa3 to A1. The ratings have been assigned a negative outlook, according to Moody’s. The downgrade…
Insurance claim for environmental damage may proceed in both Canadian and U.S. courts
February 23, 2009 by Canadian UnderwriterA mining company in British Columbia that is suing its insurers for coverage in an environmental claim may have its case heard in both the U.S. and Canadian courts, opening up the possibility of conflicting rulings in different jurisdictions.In Teck…