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Insurer not licensed in Ontario still subject to accident benefits loss transfers, rules Court

March 28, 2008 by Canadian Underwriter

The Ontario Superior Court has allowed the appeal of an arbitration and decided the word “insurer” has the same meaning in Part VI of the Insurance Act as set out in Section 1 of the Act for the purposes of

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What’s New: In Brief (March 28, 2008)

March 28, 2008 by Canadian Underwriter

Neil Morrison of HKMB in Toronto has been appointed treasurer of the World Broker Networks’ (WBN, Ltd.) board of directors, according to AJC Consultants Ltd. WBN, Ltd, a privately owned international insurance broker network, has sixty member companies in fifty-six

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (March 28, 2008)

March 28, 2008 by Canadian Underwriter

Three Toronto men have been charged in connection with the alleged fraudulent application for insurance benefits, York Regional Police (YRP) reported. A single motor vehicle collision occurred in the Town of Georgina on July 2, 2007. Subsequent to that, two

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Benfield describes 2007 reinsurance renewal season as “hard market softening”

March 27, 2008 by Canadian Underwriter

Global reinsurance broker Benfield Ltd. has characterized the January 2008 renewal season as one of a “hard market softening,” in which reinsurance premiums declined, but they did so from lofty heights to begin with.“Premiums fell broadly due to client retentions

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s New: In Brief (March 27, 2008)

March 27, 2008 by Canadian Underwriter

The Reinsurance Association of America (RAA) is urging the U.S. Senate to oppose the proposed expansion of the National Flood Insurance Program (NFIP). The RAA, in conjunction with a coalition representing insurers, environmentalists, consumer advocates and taxpayer groups, is opposing

News Climate ChangeInsurance

Climate research: Canadian winters warmer now than 50 years ago

March 27, 2008 by Canadian Underwriter

Daily temperature extremes have risen by up to 4 C over the last 50 years, climate experts from the British Meteorological Office (Met Office) say in research published this month in the Journal of Geophysical Research.The article explores how extreme

News InsuranceMergers and Aqcuisitions

The Economical sees slight decrease in 2007 net income

March 27, 2008 by Canadian Underwriter

The Economical Mutual Insurance Company has reported a net profit of Cdn$117.6 million for 2007, a decrease from 2006’s net income of Cdn$130 million.Net claims and adjustment expenses also increased slightly from Cdn$946 million in 2006 to Cdn$983 million in

News Insurance

Majority of North American (re)insurers have “adequate” ERM programs

March 26, 2008 by Canadian Underwriter

Eighty-three per cent out of the 274 global insurance and reinsurance groups evaluated in Standard & Poor’s 2007 scorecard had “adequate” ERM programs.Further, S&P’s noted in its 2007 scorecard, only 11 of the organizations had improved over their 2006 Standard

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Fitch predicts U.S. insurers’ profits will decline in 2008

March 26, 2008 by Canadian Underwriter

Although increasing competition for business is likely to promote further deterioration of U.S. property and casualty rates in 2008, Fitch Ratings “expects insurers to post a more modest underwriting profit in 2008 [compared to 2007].”Even so, Fitch also “anticipatesinsurers’ overall

News Climate ChangeInsurance

Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)

March 26, 2008 by Canadian Underwriter

In a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste

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Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)

March 26, 2008 by Canadian Underwriter

In a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste

News Climate ChangeInsurance

London companies not prepared for terrorist incident

March 26, 2008 by Canadian Underwriter

Many companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did