Topic
Insurance
ICBC discloses that its outside counsel obtained claims histories of jurors
May 21, 2009 by Canadian UnderwriterIn a recent court case in Victoria, outside defence counsel representing ICBC contacted one of the company’s employees and obtained claims histories of members of the jury, ICBC said in a statement.“The disclosure of this information was a mistake, and…
Canadian market will likely see IPOs rather than M&A activity
May 21, 2009 by Canadian UnderwriterThe “big players” of Canada’s insurance market will likely take the IPO (initial public offering) route to expansion rather than the merger and acquisition route, said Jack Lee, vice president of BFL Canada.Lee was asked by a person attending the…
Prepare for more severe version of H1N1: Marsh
May 20, 2009 by Canadian UnderwriterGlobal insurance broker and risk advisor Marsh is warning businesses to be prepared for the possible outbreak of a second, more severe mutation of influenza A (H1N1) later this year.Toby L. Merlin, M.D., deputy director of the influenza coordination unit…
What’s New: In Brief (May 20, 2009)
May 20, 2009 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction has been accepted as an advisory institution into the working group of the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is a global partnership between the United Nations Environment Programme (UNEP)…
Those with ERM in place lost considerable capital: Guy Carpenter
May 20, 2009 by Canadian UnderwriterCompanies using Enterprise Risk Management (ERM) frameworks lost considerable amounts of capital despite the protective measures in which they had invested, according to Nick Frankland, CEO of European operations with Guy Carpenter. In his report, Capital Management Strategies Forced to…
Ontario courts deal with authority of case management masters in insurance case
May 20, 2009 by Canadian UnderwriterThe decisions of Case Management Masters should be treated with the same deference on appeal as the decisions of higher-ranked judges when their decisions are appealed to higher courts, the Ontario Court of Appeal has confirmed in an auto collision…
What’s New: In Brief (May 19, 2009)
May 19, 2009 by Canadian UnderwriterSaskatchewan Financial Services Commission (SFSC) is cautioning against an alleged online lender that requires the remittance of a portion of an insurance policy premium to secure a loan.Bovine Advisors is purporting to offer an online credit application, promising to provide…
What’s New: In Brief (May 19, 2009)
May 19, 2009 by Canadian UnderwriterShelly Gobin, senior vice president and CFO at Kingsway Financial Services, has left the organization. Daniel Brazier will assume the responsibilities on an interim basis. Brazier was previously CFO of the wholesale banking division at Standard Chartered Bank. He has…
Financial services organizations should include board members who have non-financial services expertise: OSFI
May 19, 2009 by Canadian UnderwriterInsurance companies and other financial institutions should think carefully about adding directors with insurance, banking and/or risk management expertise as a way to deepen board discussions during times of financial risk, Canada’s solvency supervisor says.Julie Dickson, superintendent of the Office…
Shortfalls exist in Solvency II standard capital assessment formula
May 19, 2009 by Canadian UnderwriterNon-proportional (re)insurers can improve capital assessment by using a partial internal calculation formula under Solvency II, Swiss Re said.Under Solvency II, in order for insurers to calculate how much capital they need to support the business they write, assets and…
IBC calls campaign an “offensive and inaccurate swipe”
May 15, 2009 by Canadian UnderwriterInsurance Bureau of Canada has called a public campaign petitioning the potential reduction of the limit on basic accident benefits an “offensive and inaccurate swipe” at the insurance industry.The Alliance of Community Medical & Rehabilitation Providers is a coalition of…
EDC to provide reinsurance for private credit insurers
May 15, 2009 by Canadian UnderwriterExport Development Canada (EDC) will provide reinsurance for domestic receivables to Canada’s private credit insurers, allowing them to access up to Cdn$1 billion in capacity.AIG Commercial Insurance Canada, Atradius, Coface, Euler Hermes Canada, Executive Risk Insurance Services and The Guarantee…