Topic
Insurance
New rules for certifying annual filings to take effect on Dec. 15
December 11, 2008 by Canadian UnderwriterCompany chief executives and chief financial executives will not only have to certify their own company’s financial statements as of Dec. 15, 2008, but they will have to vouch for their internal and disclosure controls over reporting as well.New rules…
XL Capital responds to market rumours it is putting itself on auction block
December 11, 2008 by Canadian UnderwriterXL Capital Ltd. (NYSE: XL) has responded to — but did not confirm or deny — rumours that the insurer is exploring the option of putting itself up for sale amid reports of large Q4 investment losses.“The company remains focused…
Challenging times may delay sale of AIG’s assets
December 11, 2008 by Canadian UnderwriterAIG may have to delay selling off some of its assets due to the tough markets, AIG chairman and CEO Edward Liddy suggested on Dec. 11 in a speech to The American Chamber of Commerce & Hong Kong General Chamber…
Many retailers and manufacturers lacking recall strategy
December 11, 2008 by Canadian UnderwriterApproximately two-thirds of manufacturers and retailers have no crisis or recall strategy in place, according to a survey conducted at a Marsh product risk seminar.Most of the other one-third had not tested or reviewed their procedures in more than six…
Ontario Superior Court considers Indirect use of an auto, post-Herbison
December 10, 2008 by Canadian UnderwriterThe Supreme Court of Canada’s 2007 decision in Lumbermens Mutual Casualty v. Herbison isn’t among the authorities cited in the Dec. 3, 2008 Ontario Superior Court of Justice case Lafond v. Roksa, but its influence was certainly manifest.Lafond once again…
What’s New: In Brief (December 10, 2008)
December 10, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has signed contracts with car rental companies to provide rentals at reduced prices to ICBC customers. Savings with Hertz Canada and Ron Ridley Rentals are estimated at between Cdn$5.4 million and Cdn$5.9 million…
OSFI issues draft revisions of guideline for outsourcing business functions
December 10, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the…
What’s New: In Brief (December 10, 2008)
December 10, 2008 by Canadian UnderwriterThe William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management…
Saskatchewan court upholds insurer’s duty to defend
December 9, 2008 by Canadian UnderwriterIn a case involving a contractor’s attempt to move a mobile home onto a foundation, thus damaging both, Saskatchewan’s Court of Queen’s Bench found an insurer’s policy exclusion applied to damage to the home, but the insurer had a duty…
A.M. Best sees future deterioration of D&O market in 2009-10
December 9, 2008 by Canadian UnderwriterUnderwriting deterioration lies ahead for the directors and officers (D&O) liability insurance market, beginning with the 2008 year-end results, A.M. Best predicts in a special report.“A.M. Best believes calendar-year combined ratios in the 125[%] to 200[%] range were the norm…
What’s New: In Brief (December 09, 2008)
December 9, 2008 by Canadian UnderwriterGiven that market uncertainty could potentially continue well into 2010, insurers need to focus on preserving capital in order to remain resilient, according to Swiss Re economists. Reinsurers’ prices are expected to harden, partly because alternative capacity is no longer…
Hard market coming: Aon Benfield
December 9, 2008 by Canadian UnderwriterA hard market is nearing, according to an Aon Benfield report.“In sum, the end of the soft market in insurance has arrived,” Evan Greenberg, chairman of ACE, noted in the report, Bermuda Quarterly 9M 2008 Bittersweet. A combination of higher…