News
Canada needs different Employer Practice Liability (EPL) commercial insurance policies than U.S.: RIMS panel
September 16, 2009 by Canadian UnderwriterThe Canadian commercial marketplace requires standard policy wording for Employer Practice Liability (EPL) policies that are distinct from U.S. policies.The Risk Management Counsel of Canada delivered a seminar, ‘Employer’s Dream: Insurer’s Nightmare! Employer’s Liability: The Need for a Canadian Model,’…
Ontario to change Rules of Civil Procedure to expedite court processes, but jury out on savings to insurers
September 16, 2009 by Canadian UnderwriterUpcoming changes to Ontario’s Rules of Civil Procedure are designed to expedite cases before the courts, but insurers shouldn’t expect huge savings in claims costs as a result of the changes, one counsel cautions.On their face, the changes would appear…
Mitchell International launches new Web-based technology to connect Canadian insurers with contractors
September 16, 2009 by Canadian UnderwriterMitchell International Inc. has introduced new Web-based technology designed to improve communication between Canadian insurers and contractors, thereby streamlining the claims process.Mitchell provides workflow solutions to the collision repair and property and casualty claims industries. It has released a new…
Reinsurers might need to raise rates between 4.3% and 8.9% just to offset low interest rates alone: research
September 15, 2009 by Canadian UnderwriterInternal research by PartnerRe suggests a reinsurer would have to increase its rates by 4.3% (for short-term, property, non-proportional business) and 8.9% (for long-tail, motor, non-proportional business) just to account for lower interest rates and no other factors.PartnerRe presented its…
McGill University risk manager, Janice McGraw, wins RIMS’ Donald M. Stuart Award
September 15, 2009 by Canadian UnderwriterThe Ontario chapter of the Risk and Insurance Management Society (RIMS) named Janice McGraw, manager of risk management and insurance at McGill University in Montreal, as the 2009 recipient of the Donald M. Stuart Award.McGraw received the award at the…
Loss ratios for credit risk insurance break the 100% level
September 15, 2009 by Canadian UnderwriterLoss ratios for credit risk insurance climbed from between 20% and 30% prior to the financial crisis that began in 2008 Q3 to more than 100% currently, driving a hard market in the line, said Daniel Galvao, senior vice president…
Reaching the summit of highly protected corporate risk management levels
September 15, 2009 by Canadian UnderwriterA modern business might fit into any one of three highly protected risk (HPR) management levels, according to David Thompson, vice president and Toronto operations manager of FM Global. “A highly protected risk is a location at which all reasonable…
Despite auto market uncertainty, Facility Association numbers in Ontario and Alberta remain “low and stable”: broker FA reps
September 14, 2009 by Canadian UnderwriterDespite international market turmoil, uncertainty around minor auto injury caps and increasing claims costs related to Ontario’s accident benefits, Facility Association (FA) volumes appear to remain low and stable in most jurisdictions, broker representatives to FA have reported. “Residual markets…
Ontario court finds province’s stunt-driving law to be unconstitutional
September 14, 2009 by Canadian UnderwriterAn Ontario Court Justice has struck down Ontario’s new “stunt driving” legislation as unconstitutional.The legislation, introduced in 2007, outlines several factors defining “stunt driving,” including “driving a motor vehicle at a rate of speed that is 50 km-h or more…
U.S. commercial side resists sharp D&O rate increases: Willis
September 14, 2009 by Canadian UnderwriterThe U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new…
What’s New: In Brief (September 14, 2009)
September 14, 2009 by Canadian UnderwriterArthur J. Gallagher & Co. is donating US$100,000 to fund the creation of the Robert E. Gallagher and John P. Gallagher Scholarship. The initiative will provide funding for students of risk management disciplines. “We are grateful for the tremendous generosity…
Canadian P&C industry may have role to play in discussion of building codes: ICLR
September 11, 2009 by Canadian UnderwriterAn on-the-ground inspection of damage done to homes following several tornadoes that hit Ontario on Aug. 20, 2009 has started a discussion about whether or not the Canadian property and casualty insurance has a role to play in raising awareness…