Topic
Insurance
Court dismisses appeal on declaratory benefits
April 16, 2008 by Canadian UnderwriterThe Ontario Court of Appeal has dismissed an insurer’s appeal, ruling that a trial judge did not overstep the SABS when granting declaratory benefits.In Monks v. ING Insurance Company of Canada, Suzanne Monks was rendered an incomplete quadriplegic following three…
CGL covers third party property damage to condo’s foundation, court rules
April 15, 2008 by Canadian UnderwriterA Commercial General Liability (CGL) policy does cover third party property damage caused by a condominium contractor’s negligence in trying to repair its own constructed foundation, the Ontario Court of Appeal has ruled.In making the ruling, the court distinguished between…
What’s New: In Brief (April 15, 2008)
April 15, 2008 by Canadian UnderwriterMcLarens Canada has opened a Moncton, NB office. Pierrette LeBlanc has been appointed branch manager. She has more than 20 years of experience working as both an independent and staff bilingual all lines adjuster.McLarens Canada has expanded its national presence…
Subprime “train wreck” could continue to 2010
April 15, 2008 by Canadian UnderwriterThe scale of the subprime crisis so far is having the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A.M. Best reports.For 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis…
Feds take aim at organized auto theft rings, toughen Criminal Code
April 15, 2008 by Canadian UnderwriterPrime Minister Stephen Harper unveiled amendments to the Criminal Code intended to take “dead aim” at organized auto theft rings. The new legislation will make it a crime to alter, destroy or remove a Vehicle Identification Number (VIN). The definition…
What’s New: In Brief (April 14, 2008)
April 14, 2008 by Canadian UnderwriterMichael King has been appointed branch manager of Cunningham Lindsey Canada’s Fredericton, NB office. King brings with him more than 20 years experience, working as both independent and staff adjuster. Vehicle owners who “go green on the road” will be…
Severe summer storms took bite of SGI’s 2007 profits
April 14, 2008 by Canadian UnderwriterSGI CANADA has posted a profit of Cdn$35.1 million in 2007. The drop from 2006’s profit of Cdn$52 million is due to a number of severe summer storms that swept across Saskatchewan causing an increase in claim costs, the company…
What’s New: In Brief (April 14, 2008)
April 14, 2008 by Canadian UnderwriterZurich North America Commercial (NAC) has announced it is reducing its staff by 400 positions “to proactively manage its cost structure.”“NAC will reduce approximately 400 positions or 4% of the staff that support the business division, primarily in non-market-facing roles,”…
Analysts predict more M&A activity, but not without link to organic growth
April 14, 2008 by Canadian UnderwriterInsurance equity analysts expect a significant increase in property and casualty (P&C) mergers and acquisitions this year, according to findings of a global survey by Accenture (NYSE: ACN).Conducted by Institutional Investor Market Research Group as part of Accenture’s High Performance…
U.S. tornado losses approaching those of hurricanes
April 11, 2008 by Canadian UnderwriterLosses of US$1 billion and higher from single tornado events are becoming more frequent, approaching hurricane damage losses, A.M. Best warns in a special report.Already in 2008, insured losses from severe weather systems have surpassed US$1 billion about US$850 million…
What’s New: In Brief (April 11, 2008)
April 11, 2008 by Canadian UnderwriterA kanetix study shows the average cost of the lowest premiums quoted on its Web site increased by 5.5% in 2008 Q1 compared to the same period of 2007.Kanetix attributes the increase to rate increases on the part of insurers,…
Ontario legal regulator to oversee SABS representatives as of May 1, 2008
April 11, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is reminding the public that as of May 1, 2008, it will hand over its responsibility for regulating non-lawyer SABS representatives to the Law Society of Upper Canada, Ontario’s legal regulator.“With the passage…