News
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…
Companies do not have effective response plans for data breaches: privacy lawyer
November 5, 2010 by Canadian UnderwriterData protection is increasingly seen as a strategic issue, but most companies do not have an effective incident response plan, Adam Kardash, partner at Heenan Blaikie LLP’s Toronto office, told delegates at the Insurance Bureau of Canada (IBC)’s 10th Annual…
Fairfax reports drop in Q3 net income, attributes drop in investment income
November 5, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in net income, from $562.4 million in 2009 Q3 to $219 million in 2010 Q3.The company attributes the year-over-year decrease to lower net investment gains, reporting $68.1 million in…
MSB sold to TPG Capital investment firm
November 5, 2010 by Canadian UnderwriterMarshall & Swift/Boeckh (MSB) has been sold to global investment firm TPG Capital. MacDonald Dettwiler and Associates signed a definitive agreement to sell MSB to TPG Capital for an undisclosed amount. TPG has $47 billion in assets under management and…
McLarens Canada dispatches catastrophe response team to St. Lucia
November 5, 2010 by Canadian UnderwriterMcLarens Canada dispatched its catastrophe adjustment team to St. Lucia to respond to the damage caused by Hurricane Tomas.The Category One hurricane hit the Caribbean Island on the weekend of Oct. 30, killing 14 people and causing widespread destruction that…