Topic
Insurance
New medical devices may introduce new risk exposures: Lloyd’s report
December 4, 2008 by Canadian UnderwriterThe trend in outsourcing the manufacturing of non-invasive medical devices could introduce new risk exposures, a Lloyd’s report warns.The long-tail risk exposures for invasive medical devices could also increase due to expanding knowledge of technologies that were implemented years ago,…
What’s New: In Brief (December 04, 2008)
December 4, 2008 by Canadian UnderwriterFifty-seven per cent of fatalities in New Brunswick involving 16- to 19-year-olds, and 41% of fatalities involving 20- to 25-year-olds, are caused by alcohol-related vehicle collisions, according to data from the Traffic Injury Research Foundation. Aiming to reduce the number…
What’s New: In Brief (December 04, 2008)
December 4, 2008 by Canadian UnderwriterAgriculture Financial Services Corporation (AFSC) is offering a first-of-a-kind livestock insurance program to Alberta beef producers to help protect their operations from fluctuating market prices.The Cattle Price Insurance Program (CPIP) is an Alberta-made livestock insurance product developed through a partnership…
Kingsway schedules shareholders’ meeting for Feb. 10, 2008 to discuss board membership
December 3, 2008 by Canadian UnderwriterKingsway Financial Services Inc. has called a special shareholders’ meeting to be held on Feb. 10, 2009 that will address the status of two Kingsway board members that a minority shareholder wants replaced.The Stilwell Group owns more than 5% of…
Indexation percentage for Ontario SABS benefits bumped up to 3.4%
December 3, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released the indexation percentage for the Operational Index Benefit under section 29 of the Statutory Accident Benefits Schedule, raising the percentage from 2.5% to 3.4% in 2009.Benefit amounts and monetary limits are…
Global economic turmoil may create acquisition opportunities for Canadian insurers
December 3, 2008 by Canadian UnderwriterGiven that the Canadian property and casualty insurance industry is owned to a large extent by foreign entities that have been adversely affected by global financial turmoil, there may be opportunities for financially sound Canadian insurers to acquire assets or…
What’s New: In Brief (December 03, 2008)
December 3, 2008 by Canadian UnderwriterManitoba Public Insurance (MPI) has reduced its auto insurance rates by 1% overall, the second rate decrease in three years. The decrease was spurred by the success of Manitoba’s immobilizer program and record declines in theft numbers. The Public Utilities…
Canada’s federally regulated insurers see 2008 nine-month profits sink by Cdn$700 million
December 2, 2008 by Canadian UnderwriterCanadian federally regulated insurers during the first nine months of 2008 saw their collective net income drop about Cdn$700 million compared to the same period last year.Insurers reporting to the Office of the Superintendent of Financial Institutions (OSFI) posted a…
IBAO recognizes outstanding members through inaugural awards
December 2, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) held its inaugural Awards of Excellence Gala, giving recognition to six outstanding brokers during its 88th Annual Convention in Toronto in October.The winners of the 2008 IBAO Awards of Excellence, listed below, were…
The Sovereign General plans to appeal Cdn$560,000 fine
December 2, 2008 by Canadian UnderwriterThe Sovereign General Insurance Company says it is “perplexed” by — and plans to appeal — a Cdn$560,000 fine it has been ordered to pay by the Court of Quebec’s Penal Division on Nov. 10. Court of Quebec Justice Serge…
B.C. insurance fraud suspect fails to destroy record of his confession
December 2, 2008 by Canadian UnderwriterAfter admitting to lying to the Insurance Corporation of British Columbia (ICBC) on tape about an insurance claim, an Abbotsford man grabbed the tape recorder with the recorded confession and ran. ICBC Special Investigation Unit officers followed the man and…
Canada’s P&C industry sees 2008 nine-month net income, underwriting income decline
December 1, 2008 by Canadian UnderwriterCanada’s property and casualty industry (excluding most AMF-regulated companies) has seen its 2008 nine-month underwriting net income fall 32.7% over the same period last year.MSA Research Inc. issued nine-month results for the industry, including results from both federally regulated and…