Topic
Insurance
Many micro- and mini-cars fail IIHS bumper tests
June 11, 2009 by Canadian UnderwriterNone of the bumpers on the seven micro- or mini-car models tested by the Insurance Institute for Highway Safety (IIHS) earned a ‘good’ rating, and only one earned an ‘acceptable’ rating.While consumers look to these smaller models for cost and…
Majority of global insurers plan international expansion
June 10, 2009 by Canadian UnderwriterNearly two-thirds of insurers have plans to grow outside their home market over the next year despite the global economy, according to an Accenture survey of 104 life and property insurance companies around the world. Three-quarters of the respondents believe…
SGI funds thermal imaging camera system
June 10, 2009 by Canadian UnderwriterSGI has provided funding for a thermal imaging camera system to be mounted in the Saskatoon police service air support unit. The camera will allow air support members to see what is occurring on the ground during the day or…
Ontario arbitrator orders insurer to produce reserve information to claimant
June 10, 2009 by Canadian UnderwriterAn Ontario arbitrator has ruled that there is “no protected zone of privacy for adjusting a first-party insurance file,” and thus ordered an insurer to provide reserve information to a claimant pursuing a bad faith claim against it.Analysis of the…
Auto insurance cap reform not a priority for new Nova Scotia government
June 10, 2009 by Canadian UnderwriterNova Scotia’s new government has indicated it does not consider amendments to the province’s auto insurance system to be a key priority, although it will conduct a review of the system in the future, says Bill Adams, Insurance Bureau of…
What’s New: In Brief (June 09, 2009)
June 9, 2009 by Canadian UnderwriterPaul Johnstone has been appointed manager of Chubb Personal Insurance, Canadian zone, Chubb Insurance Company of Canada. He assumed the role effective May 11, 2009.Johnstone brings 15 years of industry experience to his post, having served in underwriting, marketing and…
Minster to respond to FSCO recommendations by end of June
June 9, 2009 by Canadian UnderwriterOntario minister of finance Dwight Duncan stated in a June 4 Ontario Legislature session that he anticipates responding to the recommendations set out in the Ontario insurance regulator’s five-year auto review by the third or fourth week of June. “We…
What’s New: In Brief (June 09, 2009)
June 9, 2009 by Canadian UnderwriterSome U.S. property and casualty insurers could be under-reserving, despite the potential onset of a hard market, according to a panel of actuaries and analysts at a Standard & Poor (S&P)’s Ratings Services insurance conference on June 1-2 in New…
Primary and excess D&O coverage terms may differ in event of bankruptcy or restructuring
June 9, 2009 by Canadian UnderwriterAs companies in the financial sector opt for excess D&O coverage, this could lead to increased wrangling between insurers as to who will have to indemnify in the event of a claim, reports Standard & Poor’s. At its conference ‘Navigating…
Brokers debate whether or not a Web site constitutes a branch
June 8, 2009 by Canadian Underwriter***CORRECTION*** This item has been amended to reflect the fact that IBAO’s efforts were undertaken in conjunction with similar lobby efforts by the Insurance Brokers Association of Canada (IBAC). IBAC raised the Web issue with OSFI and not the IBAO,…
Auto insurance reform should be sequential, brokers told
June 8, 2009 by Canadian UnderwriterOntario’s auto insurance product needs to be fixed sequentially, not in one big swoop of a reform, said Jean Francois Blais, president and CEO of AXA Canada.Blais spoke to delegates of Ontario’s Young Broker Council’s conference in Niagara Falls on…
AIG sells majority of its stock in Transatlantic Holdings for US$1.136 billion
June 8, 2009 by Canadian UnderwriterAmerican International Group (AIG) Inc. is selling a total of 29.9 million shares of its common stock of Transatlantic Holdings Inc. (NYSE: TRH), including a secondary offering of 3.9 million shares, the company announced on June 8.AIG and its subsidiaries…