News
Effective risk management a combination of prediction and planning
October 21, 2009 by Canadian UnderwriterThere is no such thing as a bullet-proof risk management program, but careful consideration of potential risks go a long way to bettering the speed and quality of a response, said Richard Worzel, futurist, told delegates during an Ontario Risk…
What’s New: In Brief (October 21, 2009)
October 21, 2009 by Canadian UnderwriterCatastroPhone has launched an emergency response telecommunication service platform that enables “nearly instant” restoration of business’ incoming telephone call handling and distribution when systems are damaged, destroyed or rendered inaccessible.The venture is a collaboration between Fibernetics Corp and MMI, both…
Damage to economy may delay hardening of commercial market until at least 2011
October 21, 2009 by Canadian UnderwriterEconomists may be declaring the end of a recession, but the resultant damage to the economy could mean commercial property and casualty rates won’t rise until 2011, according to an Advisen briefing.“The recession may have ended, but recovery has not…
U.S. auto market showing signs of deterioration: Fitch
October 20, 2009 by Canadian UnderwriterAs jurisdictions across Canada continue to grapple with their respective auto insurance products — be it deteriorating results or court challenges to minor injury caps — a recent report indicates auto insurance results south of the border are also heading…
What’s New: In Brief (October 20, 2009)
October 20, 2009 by Canadian UnderwriterOntario’s provincial NDP party is reportedly calling for a public auto insurance scheme, on the back a series of rate increase approvals announced by the provincial regulator.In 2009 Q3, the Financial Services Commission of Ontario (FSCO) approved auto insurance rate…
FSCO approves average auto rate increase in Ontario of 2.13% in 2009 Q3
October 20, 2009 by Canadian UnderwriterFSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.“In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted…
What’s New: In Brief (October 20, 2009)
October 20, 2009 by Canadian UnderwriterTransport Canada is proposing a uniform test for rear-facing and forward-facing car seats and introducing a dynamic test for booster seats.Research found that fewer than half of the booster seats tested provided “good protection” for children when the vehicles were…
What’s New: In Brief (October 19, 2009)
October 19, 2009 by Canadian UnderwriterCraig Brown, a professor at the University of Western Ontario’s Faculty of Law, has joined Toronto’s Thomas Gold Pettingill LLP as counsel in the areas of insurance policy interpretation and tort law.Brown has written four books on insurance law. He…
Arctic could be free of ice during the summers within 10 years
October 19, 2009 by Canadian UnderwriterWithin the decade, the Arctic Ocean could be nearly free of ice during the summer months. New data gathered by the Catlin Arctic Survey earlier this year provides further evidence that the sea ice is thinning faster than previously thought,…
What’s New: In Brief (October 19, 2009)
October 19, 2009 by Canadian UnderwriterKingsway America Inc. (KAI), an indirect, wholly-owned subsidiary of Kingsway Financial Services Inc., has disposed of its entire interest in Walshire General Assurance Company. Walshire is the sole shareholder of Lincoln General Insurance Company, now in run-off. “All of the…
Genmark and Central Underwriters to merge and form GroupOne Underwriters
October 19, 2009 by Canadian UnderwriterGenmark Insurance Services and Central Underwriters will merge as of Jan. 1, 2010.The new entity will be called GroupOne Underwriters. It will be a national underwriting agency specializing in hard-to-place, standard and non-standard property and specialty insurance on behalf of…
Climate change exclusions likely to be written into commercial general and excess liability policies
October 16, 2009 by Canadian UnderwriterRisks related to climate change are so expansive as to be uninsurable, and therefore it is likely climate change exclusions will be written into general commercial and excess liability insurance policies in the near future, predicts Rodney Taylor, managing director…