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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…