Topic
Insurance
Plans to appeal Nova Scotia cap decision announced
January 16, 2009 by Canadian UnderwriterOne day after the Supreme Court of Nova Scotia upheld the province’s Cdn$2,500 cap for minor auto injuries, the Nova Scotia Coalition Against No-Fault Insurance held a press conference announcing it intends to appeal the decision.The coalition is an advocacy…
MPI reports decreased net income
January 16, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) has reported a net income of Cdn$1.8 million for the nine months ended Nov. 30, 2008. This is down Cdn$15.4 million from the same period in 2007. Also, investment income dropped by Cdn$93.3 million, MPI reports…
Rate of loss of land ice quicker than previously thought
January 15, 2009 by Canadian UnderwriterRising sea levels due to the loss of land ice in Greenland and West Antarctica may be happening faster than previously thought, according to climate change research summarized in PartnerRe’s Hazard & Risk Science Review 2008.PartnerRe’s report notes that the…
Scientists study impact of global warming on Arctic ice cap
January 15, 2009 by Canadian UnderwriterCatlin Group Limited is sponsoring a group of international scientists attempting to obtain the most accurate measurements of the thickness of the Arctic Ocean sea ice. The pioneering survey will begin in February, led by British polar explorer Pen Hadow.…
Alleged ‘Ponzi’ scheme could result in US$3.8 billion in direct insured losses: Aon Benfield
January 15, 2009 by Canadian UnderwriterAon Benfield estimates the range of direct insured losses resulting from the alleged Bernard Madoff ‘Ponzi’ scheme to be between US$760 million and US$3.8 billion, with a best estimate of US$1.8 billion, according to a preliminary forecast.A ‘Ponzi’ scheme is…
What’s New: In Brief (January 15, 2009)
January 15, 2009 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is seeking government intervention to issue new regulations to govern broker compensation. RIMS has called upon the New York State Attorney General’s Office and the New York Insurance Department to take the initiative.It…
What’s New: In Brief (January 14, 2009)
January 14, 2009 by Canadian UnderwriterHarry Belmont, a former Carstar Automotive Canada franchise owner who sparked the company’s Cystic Fibrosis fundraising efforts, has passed away. Belmont was a former Carstar franchise owner who opened a Carstar location in Mississauga in 1995 and ran a successful…
What’s New: In Brief (January 14, 2009)
January 14, 2009 by Canadian UnderwriterSylvie Tremblay, Silvana Facciolo, Steven DelGreco and Anthony Tuson have joined Crawford & Company (Canada) Inc. Tremblay has been named director of operations. She has more than 30 years of experience in the insurance industry and will be concentrating primarily…
A.M. Best solicits industry input on methods for rating insurance groups
January 14, 2009 by Canadian UnderwriterA.M. Best is asking members of the industry to comment on a draft paper outlining how the ratings agency proposes to rate members of insurance groups — including its treatment of local branch operations, which are prevalent in Canada.In its…
Members of insurer board of directors not necessarily disqualified from Crown boards
January 14, 2009 by Canadian UnderwriterA person can be both a director of a federally regulated insurer and a Crown corporation, as long as that person is not considered Crown agent, the Office of the Superintendent of Financial Institutions (OSFI) has ruled.OSFI was asked to…
Nova Scotia court throws out Charter challenge against cap for minor auto injuries
January 13, 2009 by Canadian UnderwriterIn Hartling v. Nova Scotia, the Supreme Court of Nova Scotia has thrown out a Charter challenge to the province’s Cdn$2,500 cap for minor auto injuries, saying the cap does not discriminate on the basis of either sex or disability.In…
Gore Mutual receives top marks from Ontario brokers
January 13, 2009 by Canadian UnderwriterGore Mutual was the only insurer in the standard market to consistently be ranked above average in an annual survey initiated by the Insurance Brokers Association of Ontario (IBAO).The 2008 Rate Your Company Survey included 1,150 responses from brokerages, 48%…