Topic
Insurance
Lawyer warns of dangers of liquor liability
February 6, 2007 by Canadian UnderwriterLawyer Carmen Place, of Lindsay Kenney warned today’s joint CICMA and CIAA conference about the dangers of ‘the general rule’ regarding liquor liability and the social host.Place reviewed the Childs v. Desormeaux case and said that even though the judge…
Identity theft declines in United States
February 5, 2007 by Canadian UnderwriterIdentity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.“Identity fraud is dropping in the United States…
Change to “fair value” accounting may affect insurers’ financial reporting
February 5, 2007 by Canadian UnderwriterStung by the proliferating number of financial restatements over the past few years, the accounting industry is changing towards the use of “fair value” accounting measurements, which may have a future impact on insurance contracts.Fitch Ratings notes the above phenomenon…
RIMS survey finds drop in D&O premium rates
February 5, 2007 by Canadian UnderwriterDirectors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic…
What’s new: In brief (February 05, 2007)
February 5, 2007 by Canadian UnderwriterSedgwick Claims Management Services, Inc. (Sedgwick CMS) recently announces the appointment of Patrick L. Funck as executive vice president, chief information officer of the North American claims and productivity management services organization. As an executive vice president, Funck has also…
Swiss Re calls for action following release of IPCC report
February 2, 2007 by Canadian UnderwriterThe Intergovernmental Panel on Climate Change (IPCC)’s fourth assessment report on climate change have debunked myths and confirmed Swiss Re’s view that human activity is a major contributor to climate change.Ivo Menzinger, Swiss Re’s head of sustainability, held a conference…
In Memoriam: Pauline Ferguson
February 2, 2007 by Canadian UnderwriterThe Toronto Insurance Women’s Association (TIWA) is mourning the passing of Pauline Ferguson, its historian, on Feb. 1, 2007.“She will be missed,” TIWA said of Ferguson in a public statement. “We extend our sympathies to Ted, her husband.”Visitation will occur…
AXA Group’s global P&C revenues up 4%
February 2, 2007 by Canadian UnderwriterThe AXA Group reported its global property and casualty revenues were up 4% in 2006.“Property and casualty revenues increased by 4% to EUR19.793 billion [about Cdn$30.4 billion],” AXA reported in a press release. “Personal lines were up 5% resulting from…
Allstate to reduce Nova Scotia auto rates by 12%
February 2, 2007 by Canadian UnderwriterAllstate Insurance Company of Canada intends to reduce auto insurance rates in Nova Scotia on average by 12% in 2007.“Every Allstate policyholder in Nova Scotia with full coverage will see his or her premiums go down in 2007,” Allstate vice…
Good news for Saskatchewan drivers
February 2, 2007 by Canadian UnderwriterSGI is returning $100 million to its customers through a rebate on their 2006 auto insurance premiums. In addition, SGI has applied to the Saskatchewan Rate Review Panel for a general rate reduction of five per cent with rate rebalancing,…
Hub International acquires Bart Proud Insurance
February 1, 2007 by Canadian UnderwriterHub International Limited (NYSE: HBG) (TSX: HBG) has continued its penetration of the transportation insurance market, acquiring New Jersey-based Bart Proud Insurance (Proud). Proud, with US$3 million in revenue, has entered into a definitive purchase agreement with Hub International Pennsylvania…
FSA warns that “relatively stability” of global economy likely to end
February 1, 2007 by Canadian UnderwriterThe U.K.’s Financial Services Authority (FSA) noted in its Financial Risk Outlook (FRO) that mounting risks will likely upset the relatively stable global economy, prompting firms to perform stress tests now, rather than waiting for disaster to strike.While the FSA’s…