Topic
Insurance
‘Liability’ crisis may be looming, expected to raise D&O premiums
May 13, 2008 by Canadian UnderwriterIf businesses do not start preparing now for expanding litigation exposures, they could face a future liability crisis, Lloyd’s warns. Dealing with liability risk consumes roughly 13% of a board’s time, and this is expected to increase further over the…
First American launches flood catastrophe model in U.S., explores Canadian opportunities
May 13, 2008 by Canadian UnderwriterFirst American Corporation (NYSE: FAF), in partnership with Swiss Re, has launched a flood catastrophe model for the U.S. market that is designed to allow insurers to measure flood exposures at the portfolio, policy and property level.First American Corporation confirmed…
PACICC seeks changes to Canada’s Winding Up and Restructuring Act
May 13, 2008 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) is making it a priority in 2008 to seek changes to Canada’s Winding Up and Restructuring Act (WURA).The organization said in its 2007 annual report it would be preparing to lobby the…
Controversial Guaranteed Replacement Cost (GRC) coverage to be extended to commercial lines
May 12, 2008 by Canadian UnderwriterAt a time when some B.C. insurers believe eliminating guaranteed replacement cost (GRC) coverage would eradicate under-valuation of personal lines homeowners policies, ING Insurance Company of Canada announced it is piloting a project to introduce GRC coverage for commercial lines…
B.C. regulator cautions companies about using the word “insurance” in their names
May 12, 2008 by Canadian UnderwriterA company looking to register its name in British Columbia should avoid choosing a name that might create the impression it is engaging in the insurance business unless it is licensed or authorized to do so, according to a bulletin…
B.C. Insurance Act rewrite may not see light of day until 2010
May 12, 2008 by Canadian UnderwriterB.C.’s revised Insurance Act might not be passed until 2010 about seven years after the Supreme Court of Canada found that B.C.’s Insurance Act was antiquated and needed a re-write, B.C. political affairs columnist Vaughn Palmer told a convention of…
Saskatchewan Court of Appeal allows appeal that is “cannibalization” of original proceedings
May 12, 2008 by Canadian UnderwriterSaskatchewan’s Court of Appeal has allowed an appeal to make changes to a statement of claim after the expiry of the applicable limitation period.The proposed amendments involve a complete “cannibalization of the original proceedings” in The Insurance Company of the…
What’s New: In Brief (May 09, 2008)
May 9, 2008 by Canadian UnderwriterScott Wollney has been appointed president and CEO of Lincoln General Insurance Company following the retirement of John Clark. Lisa Gelsomino has been appointed president of Avalon Risk Management, Inc., succeeding Scott Wollney.Wollney was a co-founder of Avalon over 10…
AIG’s Q1 income hit by weak US housing market and credit market
May 9, 2008 by Canadian UnderwriterAmerican International Group Inc. (AIG) incurred a net loss of US$7.81 billion for 2008 Q1, a dramatic decrease from 2007 Q1’s net income of US$4.13 billion. The company attributes the loss to the continuation of the weak U.S. housing market,…
Injury constitutes an accident, Office of the Director of Arbitrations rules
May 9, 2008 by Canadian UnderwriterOntario’s Office of the Director of Arbitrations has dismissed an appeal of an arbitrator’s decision that an injury incurred when stepping off of a public transit bus did constitute an “accident” as defined in s. 2(1) of the SABS-1996.In TTC…
What’s New: In Brief (May 09, 2008)
May 9, 2008 by Canadian UnderwriterWestern Financial Group (TSX: WES) reported a 12.1% decrease in its Q1 operating income, from Cdn$4.38 million in 2007 to Cdn$3.85 million in 2008.In a consolidated statement of income, it reported an increased in premium income from Cdn$6.25 million in…
MMC’s Q1 profit takes US$478 million hit
May 9, 2008 by Canadian Underwriter***CORRECTION: This news item contains a correction of a news item posted on May 8, 2008. Marsh & McLennan Companies Inc. (MMC) has reported a US$210 million loss in Q1, a dramatic drop from 2007 Q1’s profit of US$268 million.“In…