Topic
Insurance
Court allows insurer to reject claim without obligation to void or cancel policy
January 28, 2009 by Canadian UnderwriterThe Ontario Court of Appeal has confirmed that if an insured fails to disclose a material change in a risk to a commercial insurance policy, the insurance company may reject the claim without being obligated to void or cancel the…
Coachman Insurance financial strength rating upgraded from B to B++
January 27, 2009 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating of Coachman Insurance Company (Coachman) from B to B++. The outlook has been revised to stable from positive. A.M. Best has also affirmed the financial strength rating of A- of SGI…
Court can’t rewrite ambiguous language in insurer’s non-compete contract
January 27, 2009 by Canadian UnderwriterThe term “Metropolitan City of Vancouver” is ambiguous in a restrictive covenant, according to the Supreme Court of Canada. In Shafron v. KRG Insurance Brokers (Western), Morley Shafron sold his insurance company to KRG in 1987. The company was renamed…
What’s New: In Brief (January 27, 2009)
January 27, 2009 by Canadian UnderwriterThe Travelers Companies Inc. (Travelers) reported a profit of US$801 million for 2008 Q4, marking a decrease from 2007 Q4 profit of US$1.063 billion.The company reported a combined ratio of 85.9% and a return on equity of 12.8% for the…
Feds to create Cdn$4-billion fund for infrastructure improvements
January 27, 2009 by Canadian UnderwriterThe Canadian government is poised to create a new Cdn$4-billion Infrastructure Stimulus Fund as part of its 2009 federal budget, Transport Minister John Baird has indicated to the Canadian Press.The money is part of Cdn$7-billion in infrastructure spending to be…
ING 2008 Q4 loss reflects prolonged drop in value of Canadian equities
January 26, 2009 by Canadian UnderwriterING Canada has reported a 2008 Q4 net loss of Cdn$64.1 million, compared to a gain of Cdn$95.8 million over the same period last year. The decline in net income reflects the impairment of Cdn$185.8 million of common equities as…
Personal injury/B.I. claims frequencies down slightly, but severity highest in a year
January 26, 2009 by Canadian UnderwriterCanadian 2008 Q3 casualty statistics show a slight decrease in Personal Injury Protection (PIP) claims — i.e. no-fault claims for medical expenses and payments for wage losses — and yet the severity of such claims was the highest recorded in…
KRG Insurance Brokers Inc. merges with Roger R. James Insurance Brokers Ltd. (January 26, 2009)
January 26, 2009 by Canadian UnderwriterRoger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with…
KRG Insurance Brokers Inc. merges with Roger R. James Insurance Brokers Ltd. (January 26, 2009)
January 26, 2009 by Canadian UnderwriterRoger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with…
Financial crisis result of failure to embrace ERM
January 26, 2009 by Canadian UnderwriterThe financial crisis that began in 2008 resulted from a system-wide failure to embrace appropriate enterprise risk management (ERM) behaviours, said Joseph Restoule, Risk and Insurance Management Society (RIMS) president.Restoule introduced a RIMS report, The 2008 Financial Crisis; a Wake-up…
Debate on the impact of Sea Surface Temperature on hurricanes will continue in 2009
January 23, 2009 by Canadian UnderwriterA running debate about whether warmer sea surface temperatures (SST) in the Atlantic Ocean correlate with greater hurricane frequency and intensity will most likely continue into 2009, Aon-Benfield’s Annual Global Climate and Catastrophe Report: 2008 says.As it stands, “as climatologists…
GNAIE endorses fair value accounting recommendations
January 23, 2009 by Canadian UnderwriterThe Group of North American Insurance Enterprises (GNAIE), an organization of major life and property/casualty insurers and reinsurers, has endorsed the Group of Thirty’s recommendations on fair value accounting.The Group of Thirty, established in 1978, is a private, non-profit, international…