News
CIP Society bestows leadership awards on six recipients
September 14, 2010 by Canadian UnderwriterThe CIP Society has announced its 2010 National Leadership Award Recipients.The ‘Established Leader’ category of awards recognizes CIP Society members who have achieved sustained success through their demonstrated leadership qualities and the significant impact they have made on their organization,…
Consider opting for trial by jury instead of a judge in occupier’s liability cases: defence counsel
September 14, 2010 by Canadian UnderwriterInsurance defence counsel should opt for a trial before a jury instead of a judge in occupier’s liability cases, according to a Dutton Brock lawyer commenting on an Ontario court decision in Lawson v. Costco Wholesale Canada Ltd.The case “can…
U.S. insurers poised to assess driving location risk using GPS data
September 13, 2010 by Canadian UnderwriterISO has launched a device that allows insurers to analyze driving location risk using GPS data from navigation systems in automobiles. The ‘GeoMetric’ vehicle decision tool will allow insurers to assess the risk of an insured based on actual driving…
Canadian and provincial governments put up $20 million to help launch Global Risk Institute in 2011
September 13, 2010 by Canadian UnderwriterCanada’s federal and provincial governments are providing a total of $20 million towards the planned 2011 launch of the Global Risk Institute in Financial Services (GRi) in Toronto. The institute has links with four Canadian universities — Queen’s University, University…
Saskatchewan brokers, agents, adjusters to provide proof of new minimum E&O limits in November 2010
September 13, 2010 by Canadian UnderwriterSaskatchewan insurance agents, brokers and adjusters will be required as of Nov. 1, 2010 to provide their provincial regulator with a copy of new minimum errors and omissions (E&O) limits when filing their annual reporting forms.Effective August 2010, the Insurance…
2010 Q2 an active period for catastrophe bond transactions
September 13, 2010 by Canadian UnderwriterEight catastrophe bond transactions were completed in the 2010 Q2, bringing $2.05 billion in risk capital into the market, making 2010 Q2 the second-most active second quarter on record, reported Guy Carpenter.Of the $2.05 billion, $1.7 billion (and all but…
Insurance Council of B.C. to get tough on tardy disclosure of address/phone number changes
September 13, 2010 by Canadian UnderwriterThe Insurance Council of B.C. is ready to crack down on licensees who fail to report changes to their address, email addresses or phone numbers.Since 2006, the council’s licensing model has placed a greater responsibility on brokers and agents in…
A.M. Best upgrades SCOR’s financial strength rating to ‘A’
September 10, 2010 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent) of SCOR S.E. (SCOR) (La Defense, France).In addition, A.M. Best increased the issuer credit rating to ‘a’ from ‘a-‘ for SCOR’s life and non-life North…
Brokers want clarity around “real-time” technology interface with carriers
September 10, 2010 by Canadian UnderwriterWhen it comes to broker-carrier interface technology, brokers want a clearer definition of what constitutes “real-time.”Brokers are expected to discuss and perhaps vote on a definition of “real time” while attending the Insurance Brokers Association of Canada (IBAC)’s annual general…
Dismantling a truck flatbed for parts is not an ordinary use of a vehicle: arbitrator
September 10, 2010 by Canadian UnderwriterThe family of a man who was crushed to death while dismantling a truck flatbed for parts is not entitled to benefits because he was not fatally injured in an “ordinary and well-known activity to which automobiles are put,” an…
Little known about how insurers are underwriting for environmental sustainability: report
September 10, 2010 by Canadian UnderwriterInsurers could do more when it comes to reporting their approaches for underwriting environmental sustainability or sustainable claims management, a report commissioned by The Co-Operators found. The Co-Operators commissioned an international scan of sustainability practices of 17 companies, including 13…
Reinsurers turning eye away from Bermuda, to Europe for domiciles
September 10, 2010 by Canadian UnderwriterGlobal reinsurers are shifting their domiciles from Bermuda back to Europe, particularly to Ireland and Switzerland, reports Standard & Poor’s (S&P’s).From the mid-1990s through 2007, Bermuda was the location of choice for reinsurers to establish new business. But the number…