News
Guy Carpenter selected as new placing broker for Caribbean Catastrophe Risk Insurance Facility
March 11, 2011 by Canadian UnderwriterGuy Carpenter & Company, a global risk and reinsurance specialist, and a member of Marsh & McLennan Companies (NYSE: MMC), has been selected as the new placing broker for the Caribbean Catastrophe Risk Insurance Facility (CCRIF). CCRIF is a risk…
Common law spouse of husband who dies of injuries sustained in home fire cannot receive full home insurance payout until estranged children of spouse are contacted: judge
March 10, 2011 by Canadian UnderwriterThe widow of a common-law husband, who died without a Will as a result of injuries from a fire that engulfed their insured home, cannot receive the balance of the home insurance payment until her husband’s estranged children can be…
Aon Benfield launches new reinsurance research team
March 10, 2011 by Canadian UnderwriterAon Benfield has launched a new market analysis team within Aon Benfield Analytics. The market analysis team, which evolved from Aon Benfield Research, will provide in-depth reports on reinsurers and insight into reinsurance market trends. Aon Benfield Research will now…
ICBC praises young filmmakers for raising awareness about risk driving habits
March 10, 2011 by Canadian UnderwriterFour filmmakers received awards after winning top spot in the Insurance Corporation of British Columbia’s 180 short-film contest during an awards gala held in Vancouver on Mar. 9. The contest invited youth between 19 and 25 years old to make…
Solvency II may drive mergers and acquisitions activity: Guy Carpenter
March 10, 2011 by Canadian UnderwriterSolvency II capital requirements may put pressure on insurers to diversify their risks, which is likely to generate incentives for mergers and acquisitions activity within the insurance industry, according to a March 2011 report by Guy Carpenter. The report, Succeeding…
Manitoba ombudsman calls on MPI for a timely response to access-to-information applications
March 10, 2011 by Canadian UnderwriterThe Manitoba Ombudsman is calling on Manitoba Public Insurance (MPI) to be quicker in its response to access to information applications.The ombudsman conducted an audit of MPI’s responses to requests made under the province’s Freedom of Information and Protection of…
Willis North America appoints CFO
March 9, 2011 by Canadian UnderwriterSharon Edwards has been appointed chief financial officer for Willis North America. Edwards previously served as chief administrative officer for Willis North America beginning in 2009. She will be responsible for all aspects of Willis North America’s finance functions, including…
Court voids claims waiver based on power imbalance between adjuster and plaintiff
March 9, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has voided a release waiving all claims against a defendant and his insurer in an auto accident claim, based on the fact that the insurance adjuster had used his unequal bargaining power to lowball…
Increase in claims after heavy rainfall hits parts of Ontario and Quebec
March 9, 2011 by Canadian UnderwriterRecord-setting, heavy rainfall in parts of southern and eastern Ontario and Quebec caused a surge in claims volume on Mar. 5-7, according to Crawford & Company (Canada). Some areas saw as much as 18.4 mm of rain on Saturday, beating…
PartnerRe estimates its 2011 New Zealand earthquake losses to be between $180 million and $240 million
March 9, 2011 by Canadian UnderwriterPartnerRe Ltd. (NYSE, Euronext:PRE) estimated its losses following the February 2011 earthquake near Christchurch, New Zealand to be in the range of between $180 million and $240 million. The Magnitude-6.3 earthquake resulted in at least 165 deaths and caused billions…
AXA Pacific launches “hybrid” online, broker-driven auto insurance product
March 9, 2011 by Canadian UnderwriterAXA Pacific Insurance Company, a subsidiary of AXA Canada, has released a new Buy Online car insurance solution for Alberta motorists. Billed as a first of its kind, AXA Pacific says its “hybrid approach” offers consumers a choice between a…
Insured doesn’t know about policy cancellation if registered notification comes back as “unclaimed”: arbitrator
March 8, 2011 by Canadian UnderwriterAn insurance company cannot presume a policyholder knows his or her insurance has been cancelled when a registered letter informing the insured about the cancellation is stamped “unclaimed” by Canada Post, an Ontario arbitrator has found.Marcia Walker was injured in…