Topic
Insurance
What’s New: In Brief (December 14, 2007)
December 14, 2007 by Canadian UnderwriterTemple Insurance Company has affirmed the company’s financial strength rating of A. The outlook for the company’s financial strength rating has been revised to positive. According to A.M. Best Co. the ratings and outlook reflect its “view that Temple maintains…
Court of Appeal remits vicarious liability matter to trial
December 14, 2007 by Canadian UnderwriterTwo men struggling for control of a rented vehicle made it difficult to assess vicarious liability in a case involving the interpretation of an Insurance Act exclusion, and a motions judge erred in deciding the factual issues by means of…
Facultative reinsurers looking to capital markets
December 13, 2007 by Canadian UnderwriterFacultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac…
What’s New: In Brief (December 13, 2007)
December 13, 2007 by Canadian UnderwriterThe Loyalist Insurance Group Limited has sold its retail insurance brokerage asset to Brownstone Holdings Inc.The estimated proceeds to Loyalist will be approximately Cdn$5 million in cash, according to a Loyalist release. This transaction is expected to close in January…
Only small portion of flood loss ceded to UK reinsurers
December 13, 2007 by Canadian UnderwriterOnly a small proportion of the 2007 flood losses in the United Kingdom was ceded to reinsurers, while most of the damage losses were absorbed by the direct insurance industry, a Guy Carpenter report says.According to the report, Wrong Type…
Insurer has duty to defend on ’30-minutes-or-its-free’ corporate policy
December 13, 2007 by Canadian UnderwriterAn Ontario Superior Court judge has ordered an insurer to defend a pizza company on allegations that the company’s “30-minutes-or-it’s-free” delivery policy caused driver negligence leading to a collision.Pizza Pizza Limited faces court allegations of negligence in relation to its…
Kanetix study suggests hardening of soft market
December 12, 2007 by Canadian UnderwriterA kanetix.ca study suggests that the soft market in auto insurance is hardening, and that consumers may soon get hit with higher auto insurance premiums, according to a company release. Rates quoted for auto insurance over the past year have…
Operations of EDC should be streamlined, C.D. Howe reports
December 12, 2007 by Canadian UnderwriterThe federal government should streamline the operations and priorities of Export Development Canada (EDC) by narrowing EDC’s activities to improve competition in the export insurance business, according to a recent report by C.D. Howe Institute.C.D. Howe also advocated the privatization…
Ontario auditor questions crash rates in BDE driver education program
December 12, 2007 by Canadian UnderwriterOntario’s ministry of transportation has not followed up on why novice drivers enrolled in the province’s Beginner Driver Education (BDE) program crash at higher rates than drivers who did not participate in the program, Ontario’s auditor general says.In his 2007…
What’s New: In Brief (December 12, 2007)
December 12, 2007 by Canadian UnderwriterAon Re Global Fac has launched a reinsurance private clients suite model consisting of facultative insurance professionals in 15 different locations around the world.This approach to global cedants is a component of the Aon Re Global’s Integrated Capital Solutions and…
U.S. consumers looking to insurers for identitiy theft solutions
December 11, 2007 by Canadian UnderwriterSlightly more people would search for identity theft solutions from an insurance company than they would from either banks or credit card companies, according to a survey by the National Association of Insurance Commissioners (NAIC).The NAIC’s national survey polled a…
Chief Risk Officers attaining senior level positions
December 11, 2007 by Canadian UnderwriterMore and more banking institutions are appointing chief risk officers (CROs) to the senior level, reports Lloyd’s of London. “The post-Enron era brought heightened focus on the role and responsibility of corporate boards and their members,” a Lloyd’s report says.…