News
OSFI to improve quality of risk registers: internal audit report
December 12, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has a comprehensive enterprise risk management (ERM) program in place, but there’s still room for improvement, according to an Internal Audit report. Internal Audit conducted the review to determine whether OSFI’s…
Chesterfield Canada to offer port and terminal insurance
December 12, 2011 by Canadian UnderwriterChesterfield Canada Inc. has announced the release of Lloyd’s capacity for coverage of ports and terminals across Canada. Chesterfield will offer coverage for the assets of ports and terminals, both for ocean marine and brown water operations. While capacity is…
Bermuda P&C companies reducing exposures rather than pursuing market share: AM Best report
December 9, 2011 by Canadian UnderwriterCatastrophe pricing in Bermuda’s insurance and reinsurance market has improved in certain loss-hit regions, but some companies are reducing exposures rather than pursuing greater market share, an A.M. Best Special Report has found.“Similar to what occurred after the Chilean earthquake…
Saskatchewan court finds brokerage did not make clear to policyholder an exclusion for vandalism based on vacancy
December 9, 2011 by Canadian UnderwriterThe Saskatchewan Court of Queen’s Bench recently found that a brokerage had breached its duty of care by not informing a client about a policy coverage exclusion for vandalism that applied immediately upon his rental property being vacated.In Cheecham v.…
SCM purchases independent medical assessment division of Medisys
December 9, 2011 by Canadian UnderwriterSCM Insurance Services has purchased the independent medical assessment division of Medisys, SCM’s second acquisition of an independent medical examiner (IME) in 30 days. Medisys is a national provider of preventive health programs, independent medical assessments, travel health and medical…
Insurance professionals receive 2011 National Leadership awards
December 9, 2011 by Canadian UnderwriterThe CIP Society has honoured four insurance professionals with 2011 National Leadership Awards. Glenn Gibson, executive vice president and global chief strategy office at Crawford & Company, is an award recipient in the Established Leader category. An award recipient in…
Gore Mutual donates additional funds to the United Way
December 9, 2011 by Canadian UnderwriterGore Mutual Insurance Company is donating an additional $50,000 to the United Way of Cambridge and North Dumfries. Gore learned that the United Way was facing a significant shortfall in its 2011 campaign and upped its donation to help fill…
Insurers should use multi-model approach to reduce catastrophe model uncertainty
December 8, 2011 by Canadian UnderwriterInsurers can reduce catastrophe model uncertainty and better estimate risk by adopting a multi-model approach, a Guy Carpenter report says.In Managing Catastrophe Model Uncertainty: Issues and Challenges, Guy Carpenter examines three strategies for using multiple models to narrow the “uncertainty…
Travelers Canada launches cyber-risk coverage
December 8, 2011 by Canadian UnderwriterTravelers Canada has launched a product designed to limit cyber exposures and manage associated risks.‘CyberRisk’ is the newest addition to Travelers Financial and Professional Services line. It’s a standalone product with 10 coverage options that address exposures and the ripple…
New Brunswick’s Appeal Court considers (twice) an insurer’s quest for RCMP documents in a home fire case
December 8, 2011 by Canadian UnderwriterNew Brunswick’s Court of Appeal has now been consulted twice about a case in which State Farm is seeking production of RCMP documents in a home fire case.State Farm says the RCMP notes it is seeking are relevant in determining…
Aviva and Hagerty partner to launch coverage for antique and classic cars
December 8, 2011 by Canadian UnderwriterAviva Canada Inc. and Hagerty Canada LLC have partnered to launch the ‘Hagerty Silver Wheel Plan.’The plan offers Canadian antique and classic car enthusiasts extensive coverage, including agreed value coverage – with no appraisal requirements – and access to Hagerty’s…
Standard & Poor’s still sees terrorism risk as critical in assessment of an insurer’s financial strength
December 8, 2011 by Canadian UnderwriterStandard & Poor’s continues to view terrorism risk as a critical component in its assessment of an insurer’s financial strength, saying a man-made catastrophe would most likely be a capital event rather than an earnings event.Standard & Poor’s made the…