News
Ontario court re-asserts limits on how much plaintiff’s counsel can help client during discovery
April 21, 2010 by Canadian UnderwriterThe Ontario Superior Court recently re-asserted the limits of how much a plaintiff’s counsel can help his or her client during an examination for discovery in an action concerning a motor vehicle accident.In Michael Madonis v. Julian G. Dezotti and…
Tax and regulatory burden costs insurance industry more than 11% of revenue
April 21, 2010 by Canadian UnderwriterSlightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax…
U.S. property and casualty rates likely to harden in 2011: Conning Research & Consulting
April 21, 2010 by Canadian UnderwriterUnderwriting losses in 2010 in the U.S. property and casualty industry will likely spur rate firming in 2011, according to Conning Research & Consulting.Conning’s Property-Casualty Industry Forecast is based on Conning’s proprietary industry model and analysis of industry drivers, as…
Business interruption insurance not likely to cover airline disruptions due to volcano
April 21, 2010 by Canadian UnderwriterIt is unlikely that business interruption insurance policies will respond to the disruption to airspace as a result of the volcanic ash, according to Aon Global Risk Consulting. Flight bans were put in place in Europe on April 14 when…
FM Global offers $420 million of “membership credits” during upcoming renewals
April 20, 2010 by Canadian UnderwriterFM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients…
McLarens announces appointments to Ontario and Atlantic offices
April 20, 2010 by Canadian UnderwriterMcLarens Canada, has announced two new appointments to the claims management and the sales and marketing departments. Laurie Walker joins McClarens as director of Ontario auto accident benefits. She has more than 23 years of insurance adjusting experience, with extensive…
Sedgwick CMS acquired by Stone Point Capital and Hellman & Friedman
April 20, 2010 by Canadian UnderwriterPrivate equity firms Stone Point Capital LLC and Hellman & Friedman LLC have acquired Sedgwick Claims Management Services Inc. for approximately $1.1 billion.“We are excited to be partnering with Stone Point and Hellman & Friedman for the next stage of…
Vehicle owners who cannot drive for medical reasons still qualify for a discount: SGI
April 20, 2010 by Canadian UnderwriterVehicle owners who are unable to drive due to medical reasons should apply for a non-driver medical discount, SGI urges. The corporation provides a 20% discount to those who are of driving age and own vehicles, but do not meet…
AIG’s Canadian mortgage insurance company re-branded as Canada Guarantee
April 20, 2010 by Canadian UnderwriterAIG United Guaranty Mortgage Insurance Company Canada has been renamed Canada Guaranty Mortgage Insurance Company. An investor group, led by the Ontario Teachers’ Pension Plan and including National Mortgage Guaranty Holdings, Inc., completed the acquisition of AIG United Guaranty Mortgage…
Partner Re warns of “no-growth environment” in 2010
April 20, 2010 by Canadian UnderwriterPartner Re is warning of a “no-growth environment” for the reinsurance market in the coming year.In its 2009 annual report, securing the future, Partner Re observed that during Jan. 1, 2010 renewals, “the company observed a competitive business environment with…
Captive insurance use likely to become more prevalent among national oil companies: Marsh
April 19, 2010 by Canadian UnderwriterNational oil companies (NOCs) are expected to find captive insurance use more compelling in light of legislation that is now making it easier for NOCs to establish a captive within their own — or a local — jurisdiction, according to…
2009 the most expensive year in airline insurance markets: Aon
April 19, 2010 by Canadian Underwriter2009 was the most expensive claims year in recent history, according to Aon’s Airline insurance market outlook 2010: equilibrium?The aviation industry reported $2.3-billion worth of claims in 2009, including an estimate for minor losses, Aon found. This is above the…