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News Climate ChangeInsurance

Long-range, 2008 forecast predicts 13 storms, three major hurricanes next season

December 10, 2007 by Canadian Underwriter

Colorado State University (CSU)’s Tropical Meteorology Project is calling for somewhat above-average Atlantic basin hurricane activity in 2008.A new report provides the team’s first extended-range forecast for the 2008 hurricane season. It anticipates 13 named storms forming in the Atlantic

News Insurance

Guy Carpenter develops litigation index

December 10, 2007 by Canadian Underwriter

Guy Carpenter has developed a Subprime E&O Litigation Index, which measures the combination of factors influencing the country’s E&O litigation climate in the wake of the market crisis related to U.S. subprime mortgage-backed securities. Factors anticipated to lead to higher

News Insurance

Benfield results affected by weak US dollar

December 10, 2007 by Canadian Underwriter

The U.S. dollar’s weakness and the softening of the reinsurance market significantly affected the financial results of the first half of 2007, Benfield Group Limited says. Benfield said its earlier expectation that reported trading profit for the full year would

News InsuranceMergers and Aqcuisitions

Alberta regulator penalizes ING, Unifund

December 7, 2007 by Canadian Underwriter

Alberta’s Superintendent of Insurance has issued penalties of Cdn$114,000 against ING Insurance Company of Canada and Cdn$94,000 against Unifund Assurance Company for contravening the Insurance Act.“Following an investigation, the superintendent determined that both insurance companies had cancelled and/or refused to

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (December 07, 2007)

December 7, 2007 by Canadian Underwriter

Chubb Insurance Company of Canada has taken steps to improve its handling of each of the 125,000 telephone calls it receives each year, by migrating to an IP telephony platform.Internet telephony is the use of the Internet rather than the

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (December 07, 2007)

December 7, 2007 by Canadian Underwriter

Seven people were arrested this week on charges related to a theft ring in which more than 500 vehicles were stolen, crushed and sold for scrap, according to CanWest News Service. Acting on a tip from the Insurance Bureau of

News Insurance

Government data breaches highlight need for encryption

December 7, 2007 by Canadian Underwriter

A recent discovery of a security flaw in Passport Canada’s Web site, coupled with the loss of computer discs belonging to the United Kingdom’s revenue agency, serve as reminders of the threat of data loss and cyber crime.An Ontario man

News InsuranceMergers and Aqcuisitions

Go-kart on private track is not an “automobile,” Ontario’s top court rules

December 6, 2007 by Canadian Underwriter

A go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (December 06, 2007)

December 6, 2007 by Canadian Underwriter

CNA Canada, a commercial insurer with more than 60 years of experience in writing construction, has announced the launch of its new construction insurance product, CNA Build.CNA Build was developed in consultation with distribution partners and CNA professionals in the

News Climate ChangeInsurance

IBC to provide data to governments on domestic oil spills

December 6, 2007 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) on Jan. 1, 2008 is launching a project that will accurately track domestic oil spills in Atlantic Canada for the first time. The data will be provided to governments as part of an effort

News Insurance

U.S. reinsurers report decrease in net premiums written

December 6, 2007 by Canadian Underwriter

A group of 21 U.S. property and casualty reinsurers wrote US$17.9 billion of net premiums during the nine months ended Sept. 30, 2007, compared to US$19.6 billion in net premium written during the same period in 2006, according to an

News InsuranceMergers and Aqcuisitions

Insurers can examine insureds under oath, even after litigation commenced

December 5, 2007 by Canadian Underwriter

Insurers are entitled to conduct an examination under oath of an insured, pursuant to the Insurance Act, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced, Ontario’s Court of Appeal