Topic
Insurance
What’s New: In Brief (July 18, 2008)
July 18, 2008 by Canadian UnderwriterCARSTAR Automotive Canada raised more than Cdn$80,000 for the Canadian Cystic Fibrosis Foundation (CCFF) through its 5th annual ‘Soaps it Up!’ national car wash day.There were more than 55 car wash events across the country this year. CARSTAR volunteers, community…
Swiss Re, Zurich reveal exposure to heavily-indebted U.S. mortgage agencies
July 17, 2008 by Canadian UnderwriterShortly after Swiss Re announced it has an exposure of approximately US$9.6 billion to U.S. mortgage agencies Fannie Mae and Freddie Mac, Zurich Financial Services also announced it held US$8.3 billion in debt securities, reports MarketWatch.Fannie Mae and Freddie Mac…
PricewaterhouseCoopers urges ICBC to develop policies around sale of salvage vehicles
July 17, 2008 by Canadian UnderwriterNinety-four vehicles in the ICBC’s Material Damage, Research and Training (MDR&T) Facility over the past 10 years had incorrect salvage designations (74 had improper payment codes), hiding the true status of the vehicles from the public to maximize the sale…
Private arbitrators settle priority disputes, not FSCO arbitrators
July 16, 2008 by Canadian UnderwriterFinancial Services Commission of Ontario (FSCO) arbitrators decide disputes concerning entitlement to and amount of motor vehicle accident benefits, but private arbitrators resolve priority of payment disputes among insurers, a FSCO arbitrator has found.In doing so, FSCO upheld changes to…
No need for single securities regulator in Canada: AMF
July 16, 2008 by Canadian UnderwriterThe Autorit des marches financiers (AMF) does not support the proposal by the federal minister of finance for a single securities regulator in Canada, citing the sheer size and diversity of Canada as a major hurdle in such an undertaking.…
Ecclesiastical insurer warns of oil thefts at Atlantic Canada churches
July 15, 2008 by Canadian UnderwriterGiven the rise in fuel prices over the past few months to $1.37 and higher, ecclesiastical insurers have a new risk to manage fuel theft. Ecclesiastical Insurance has issued a public statement expressing concern that two churches in Atlantic Canada…
What’s New: In Brief (July 15, 2008)
July 15, 2008 by Canadian UnderwriterKingsway Financial Services Inc. says it intends to repay outstanding debts under its US$175-million, three-year revolving facility before the end of July.The company arranged the credit facility with a syndicate of banks in June 2006. As of June 30, 2008…
Bertha winds down as Hurricane Elida churns in the Pacific
July 14, 2008 by Canadian UnderwriterHurricane Elida is turning its eye towards Mexico’s west coast while Tropical Storm Bertha crawls towards Bermuda, reports the National Hurricane Center (NHC).Bertha was downgraded from hurricane to tropical storm status on July 13, as its winds had diminished to…
Mid-sized insurers riding market cycles better than smaller and larger counterparts
July 14, 2008 by Canadian UnderwriterFew U.S. property and casualty insurers excel at managing through market cycles, but mid-sized insurers (surplus between US$10 million and US$100 million) seem to be better at it than their small and larger-sized counterparts, a special report by A.M. Best…
Insurer has obligation to defend, Ontario Superior Court finds
July 11, 2008 by Canadian UnderwriterLiberty International Underwriters Canada and ACE INA Insurance have been ordered to share the ongoing defence costs incurred by St. Marys Cement Company Inc. on a 50-50 basis, according to an endorsement by the Ontario Superior Court of Justice. St.…
B.C. Court of Appeal finds insurer negligent in duty of care
July 11, 2008 by Canadian UnderwriterB.C.’s Court of Appeal has ruled that ICBC owes a duty of care to advise the legal guardian of a claimant of the claimant’s entitlement to accident benefits and of any limitation on his entitlement.In McIlvenna (litigation guardian of) v.…
Scientists a step closer to the possibility of predicting earthquakes
July 10, 2008 by Canadian UnderwriterScientists have measured changes in the speed of seismic waves that preceded two small earthquakes by 10 and two hours, allowing them to further develop a technique to predict future quakes, reports the Carnegie Institution for Science.“Detecting stress changes before…