What’s New: In Brief (February 19, 2008)

The Insurance Brokers Association of Canada (IBAC) announced that York Fire and Casualty Insurance Company is continuing its investment as a full partner of the Broker Identity Program for 2008.
“York Fire and Casualty is proud to continue as a full partner of the Broker Identity Program,” said Colin Simpson, York Fire and Casualty president and CEO. “We fully support and encourage brokers to boldly communicate the valuable advice, choice and coverage that they provide Canadians each and every day.”
IBAC CEO Dan Danyluk added: “We are pleased that every year, more and more insurers realize the advisory role brokers play in dealing with consumers. York Fire is not only a valuable partner to brokers, but by investing in the program they further provide Canadian consumers with the ability to be informed about the real value insurance brokers provide.”

The instability of global financial markets is the single largest emerging threat that will impact the insurance industry during 2008, according to a Lloyd’s of London survey of underwriters.
“Over the next 12 months, we are going to see the subprime web unravelling, as the layers of collaterized debt obligations collapse from the pools of investors worldwide,” said David Jones, divisional managing director of professional liability at Markel International.
“There is an inevitability that increased property repossession will once again lead to litigation against mortgage brokers, solicitors and surveyors as the lending institutions seek to recover their losses without necessarily questioning their lending criteria.”