News
Aftermarket parts need to be reverse-engineered to match auto manufacturers, not re-designed
November 10, 2010 by Canadian UnderwriterAftermarket replacement parts need to be reverse engineered to match the original equipment manufacturer’s specifications, not re-engineered, an Insurance Institute for Highway Safety (IIHS) report says.The Certified Automotive Parts Association (CAPA) recently released a certification standard, CAPA 501, for aftermarket…
Define the “less hurt” rather than the catastrophically impaired: Cooke
November 9, 2010 by Canadian UnderwriterRegulators should abandon trying to define catastrophic impairment and focus instead on defining those who are “less hurt,” said George Cooke, president and CEO of The Dominion of Canada General Insurance Company.Cooke spoke at an Insurance Brokers of the Toronto…
EGI Financial reports decrease in Q3 net income; announces new CEO appointment
November 9, 2010 by Canadian UnderwriterEGI Financial Holdings reported a net income of $779,000 for 2010 Q3, marking a 65.5% decrease over its $2.3-million profit in 2009 Q3.During the quarter, EGI reported an underwriting loss of $2.9 million, a large decline from the underwriting profit…
Kanetix adds AMA Insurance to its quoting engine roster
November 9, 2010 by Canadian UnderwriterAuto insurance quotes from Alberta Motor Association (AMA) Insurance are now available through Kanetix.ca to Alberta drivers.Kanetix.ca is a free online service allowing consumers to compare auto insurance quotes from a variety of insurers.“Kanetix is excited at the opportunity to…
New Brunswick launches review of the province’s $2,500 auto insurance cap
November 9, 2010 by Canadian UnderwriterNew Brunswick is officially pressing ahead with its promised review of the province’s $2,500 cap on minor auto injuries, with a task force expected to engage in public consultation and then issue a report sometime around May 2011.The working group…
Facility Association changes reporting timelines for transferring claims to risk-sharing pools
November 9, 2010 by Canadian UnderwriterFacility Association is changing its rules for transferring claims to the risk-sharing pools (RSP) as of July 1, 2011, effectively reducing reporting time, but also giving insurers a little bit more time to investigate a loss to see if it…
Sid Sankaran of Oliver Wyman’s Toronto office joins AIG as chief risk officer
November 8, 2010 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has announced Sid Sankaran will join AIG as senior vice president and chief risk officer. Sankaran will succeed Robert Lewis, who last month announced he would retire from AIG following a smooth transition period. Sankaran’s…
Negligence finding in liability trial does not preclude criminal finding in insurance coverage trial
November 8, 2010 by Canadian UnderwriterFinding an insured’s act to be “negligent” (but not intentional) in a liability trial does not preclude a finding that the insured’s act might also be “criminal” during a subsequent trial on insurance coverage, the Alberta Court of Appeal has…
iClarify pilot program launched in British Columbia
November 8, 2010 by Canadian UnderwriterSCM Risk Management Services (RMS) in partnership with the Insurance Brokers Association of British Columbia (IBABC) launched the pilot of iClarify services in B.C.More than 50 brokerages across the province have been selected to take part in the test phase,…
Lloyd’s underwriting agency launches insurance for social media companies
November 8, 2010 by Canadian UnderwriterCFC, a specialist lines underwriting agent, has launched an insurance policy designed to provide comprehensive protection for social media companies. Esurance 2.0 includes:• comprehensive media liability, including cover for user-generated content;• defamation including libel and slander;• cyber-liability, privacy liability and…
Financial services expected to rely more heavily on outsourcing over next two years: study
November 8, 2010 by Canadian UnderwriterThe financial services sector is likely to see the greatest increase in outsourcing over the next 12 months, driven primarily by cost-cutting efforts, according to a Kilpatrick Stockton LLP study.The study, Outsourcing Insight, was a joint initiative with mergermarket, and…
OSFI defends as “fair and reasonable” its guideline requiring due diligence on reinsurance contracts
November 5, 2010 by Canadian UnderwriterCanada’s solvency regulator acknowledges its Guideline B-3-Sound Reinsurance Practices and Procedures has “created a lot of stir” within Canada’s reinsurance community because of its insistence that federally regulated insurers perform a sufficient level of due diligence on reinsurance counterparties.But the…