News
Rate reductions in U.S. commercial lines showing signs of moderating
April 7, 2010 by Canadian UnderwriterAverage rate decreases for the composite U.S. commercial property and casualty markets slowed to 4% in March 2010 from 5% in February 2010, reports MarketScout.Directors and officers’ liability and surety rates were flat.Rates moderated for energy, manufacturing and public entities,…
Cunningham Lindsey Canada announces executive appointments
April 7, 2010 by Canadian UnderwriterMike Morris has been appointed vice president of central operations at Cunningham Lindsey Canada (CLC).Morris joined CLC in 1988 as a trainee and moved through the ranks before being appointed assistant vice president in 2008. He is based at CLC’s…
RCCAQ continues to work with government on sales of auto replacement guarantees
April 6, 2010 by Canadian UnderwriterThe Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) is still working with its provincial government for clarification around the selling of insurance products without representation, says Louise Mathieu, RCCAQ president.The association made important gains on the issue with…
Company directors in Canada face increased threat of liability: ACE
April 6, 2010 by Canadian UnderwriterThe increasing duties of company directors, along with the growing ease of accessing legal redress for breaches of those duties, have created a more threatening liability environment than ever before, reports ACE.In the ACE Progress Report: International Developments in Executive…
ICLR policy director, Gordon McBean, to receive the Order of Canada
April 6, 2010 by Canadian UnderwriterCORRECTION: *** The headline on this item incorrectly named the ICLR policy director as George McBean in an earlier posting. The correct name is Gordon McBean. Canadian Underwriter apologizes for the error. The Institute for Catastrophic Loss Reduction (ICLR)’s…
A.M. Best upgrades Jevco’s financial strength rating to B++
April 6, 2010 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating of Jevco Insurance Company (JIC) (Quebec) to B++ (Good) from B- (Fair).The rating has been removed from the class of ‘under review with negative implications,’ and assigned a ‘stable’ outlook instead.The…
Facility Association receives $24.8-million hit in February based on report of 2009 accident year losses
April 6, 2010 by Canadian UnderwriterFacility Association (FA) took a somewhat unexpected, $24.8-million hit in February 2010, based on a late reporting of accident year 2009 losses.FA anticipated the reporting of the 2009 accident year results in February, but the $24.8-million figure reported was “$19.9…
Federal Court to hear State Farm’s challenge of privacy law
April 5, 2010 by Canadian UnderwriterThe Federal Court of Canada in Halifax is scheduled to hear State Farm Mutual Automobile Insurance Company v. the Privacy Commissioner of Canada on Apr. 13, 2010.The case concerns State Farm’s challenge of the privacy commissioner’s jurisdiction in an insurance…
AIR Worlwide offers solution to help validate insurers’ data
April 5, 2010 by Canadian UnderwriterAIR Worldwide has launched TruExposure to help companies validate, benchmark and augment their exposure data.The software is intended to help companies exposed to catastrophe risk assess and enhance data related to property-specific building characteristics.Global reinsurers and U.S. insurers are using…
Gartner outlines its Top 10 technologies for P&C insurers
April 5, 2010 by Canadian UnderwriterGartner Inc., an information research and technology company, has identified 10 technologies that it says will make the greatest impact on the property and casualty (P&C) insurance industry in the future. “These technologies will challenge existing business processes, support the…
Motorcycle fatalities on upswing despite record lows for car crash fatalities
April 5, 2010 by Canadian UnderwriterMotorcycles with anti-lock brakes are 37% less likely to be in fatal crashes per 10,000 registered vehicle years, according to the Insurance Institute for Highway Safety (IIHS).Bike models with anti-locks also have 22% fewer claims for damage per insured vehicle…
Canada not likely to impose international levy on financial institutions
April 5, 2010 by Canadian UnderwriterBritain, Germany and France, and possibly the United States, are moving towards implementing an international levy on banks to fund potential ‘bail-outs’ of the financial system in the event of another crisis in the future. But Canada is not likely…