Topic
Insurance
What’s New: In Brief (June 03, 2008)
June 3, 2008 by Canadian UnderwriterFM Global, a commercial and industrial property insurer, has decided to release thousands of pages of previously exclusive property loss prevention engineering guidelines at no cost.FM Global has decided to issue these data sheets at no extra cost because doing…
FSCO calls for submissions for review of Insurance Act
June 3, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has requested submissions from stakeholders to assist with its review of part VI of the Insurance Act dealing with automobile insurance. The deadline for submissions is July 14, 2008.The review is being conducted…
What’s New: In Brief (June 03, 2008)
June 3, 2008 by Canadian UnderwriterAviva plc has opened its North American Region office in Chicago, Ill., one of four regional centres for the company’s global operations.The new office will serve as headquarters for its North American executive team functions, a release says. These functions…
TSR moderates its 2008 hurricane season forecast
June 2, 2008 by Canadian UnderwriterWith the 2008 hurricane season officially underway, forecaster Tropical Storm Risk (TSR) is predicting Atlantic basin and U.S. land-falling hurricane activity in 2008 will be slightly (20%) above the long-term (1950-2007) norm. This updates the 35% above-norm prediction TSR issued…
What’s New: In Brief (June 02, 2008)
June 2, 2008 by Canadian UnderwriterCooper Gay has purchased Heath Lambert’s aviation, FSJ (UK wholesale) and reinsurance divisions as of May 31. Commercial discussions are ongoing with regards to the sale of Heath Lambert’s international wholesale division, Global Business Solutions (GBS), according to a Heath…
U.S. reinsurers wrote more premium in 2008 Q1, but combined ratios also up
June 2, 2008 by Canadian UnderwriterU.S. reinsurers are writing more premiums and increasing policyholders’ surplus in 2008 Q1, but their loss ratios are also rising, as are there combined ratios.The Reinsurance Association of America (RAA) posted the quarterly results of about 20 property and casualty…
CSA and SEC working towards mutual recognition arrangement
June 2, 2008 by Canadian UnderwriterThe Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) announced a schedule for the completion of a process agreement that would open the way for discussions of a U.S.-Canada mutual recognition agreement.Mutual recognition could provide Canadian…
Despite US$100 million of insured losses in 2008, reinsurance prices fall 15-22%
May 30, 2008 by Canadian UnderwriterInsurers have absorbed losses of more than US$100 million due to 15 events this year, Robert F. Howe, global leader of property operations for Marsh Inc., noted during a panel discussion in New York on May 30. Total aggregate losses…
Alberta court denies request for a split trial in builders risk policy case
May 30, 2008 by Canadian UnderwriterAlberta’s Court of Queen’s Bench has upheld that exceptional circumstances are required to split a trial under Rule 221 of the Civil Rules of Procedure. In Inland Concrete Limited v. Commonwealth Insurance Company, 2008, Inland wanted a split trial in…
IBC urges Manitoba policyholders to check policies after first 2008 tornado
May 30, 2008 by Canadian UnderwriterCanada’s home, car and business insurers are reminding Manitoba’s homeowners to review their insurance policies after Environment Canada received reports of a tornado touching down in the province earlier this week, and fires are affecting northern Manitoba.Manitoba’s first tornado of…
What’s New: In Brief (May 30, 2008)
May 30, 2008 by Canadian UnderwriterChubb Insurance Company of Canada launched its Executive Elite policy, the latest addition to the company’s suite of directors’ and officers’ and other professional liability products. Executive Elite is classified as an excess Clause 1 or Side A policy, protecting…
Brokers urged to leverage brand power of insurers they represent
May 29, 2008 by Canadian UnderwriterIn addition to aggressively developing and marketing their own brands, brokers should also be leveraging the brands of the insurers they sell instead of hiding them, said Alister Campbell, CEO of Zurich in Canada.Speaking at the Insurance Institute’s “At the…