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International agribusiness merger would bring Canadian grain volume insurance program to Australia

July 3, 2009 by Canadian Underwriter

Five-year-old risk management measures adopted by Canadian agribusiness Viterra Inc. (TSX:VT)  may soon benefit Australian farmers if a proposed merger between Viterra and ABB Grain (ASX:ABB) is finalized as planned.Subject to completion of the proposed merger between Viterra and Australian…

News Climate ChangeInsurance

New lines to help insurers reduce climate change risk

July 3, 2009 by Canadian Underwriter

The Geneva Association has come up with proposed new insurance lines in four areas that would help insurers reduce risks associated with climate change, according to a research report, The insurance industry and climate change—Contribution to the global debate. The…

News Insurance

What’s New: In Brief (July 03, 2009)

July 3, 2009 by Canadian Underwriter

Andrew Cartmell has been appointed president and CEO of Saskatchewan Government Insurance (SGI). “We are extremely pleased Mr. Cartmell accepted Saskatchewan’s offer to lead SGI’s 1,800 staff forward in the years ahead,” June Draude, SGI minister, said in a release.…

News Insurance

Economy-related issues among Ontario regulator’s 2009-10 priorities

July 2, 2009 by Canadian Underwriter

Dealing with the potential fallout arising out of Ontario’s contracting economy has found its way into the provincial regulator’s planning and priorities for the upcoming year. In its June 2009 Statement of Priorities, the Financial Services Commission of Ontario (FSCO)…

News Insurance

Sufficient capacity in July 1 renewals

July 2, 2009 by Canadian Underwriter

The July 1, 2009 reinsurance renewals saw sufficient capacity in all areas, according to several broker overviews. This was despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, according to Willis Re. Consistent with…

News Insurance

Financial failure number one risk for global supply chains: Aon

July 2, 2009 by Canadian Underwriter

Financial failure is the greatest risk facing global supply chains according to 75% of companies surveyed in Aon and State of Flux’s 2009 Risk in 21st Century Supply Chains survey. Of the respondents reporting actual business interruption, 7% relate to…

News Climate ChangeInsurance

Manitoba beefs up its forest-fighting fleet

July 2, 2009 by Canadian Underwriter

Manitoba will upgrade its forest-fighting fleet with a Cdn$1.4-million investment in advanced avionics.The fleet consists of seven water bombers and will be enhanced with vision systems for pilots to help them battle fires when visibility is low, said Stan Struthers,…

News Insurance

Non-life premiums decline slightly: Swiss Re

June 30, 2009 by Canadian Underwriter

Non-life insurance premiums declined only marginally in 2008, by 0.8%, mainly due to lower demand for cover and softening rates, according to a Swiss Re sigma study.In industrialized countries, non-life premiums fell 1.9%. Growth in the emerging markets remained strong…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (June 30, 2009)

June 30, 2009 by Canadian Underwriter

Immunization for the H1N1 virus is expected to begin late October, according to Canada’s chief public health officer, as quoted by Reuters. Dr. David Butler-Jones, chief public health officer at the Public Health Agency of Canada, was quoted by the…

News InsuranceMergers and Aqcuisitions

First insurer must pay AB claim, even if only connection with claimant is fraudulent insurance slip

June 30, 2009 by Canadian Underwriter

A first insurer in Ontario has a legal obligation to start paying accident benefits to an auto injury claimant, even though the only “sufficient nexus” between the claimant and the insurance company is information contained in an apparently fraudulent pink…

News InsuranceMergers and Aqcuisitions

OSFI rules a bank’s Web site is not a branch

June 30, 2009 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) has ruled that a bank’s Web site is not a branch, and it can therefore promote and sell insurance products or services on its Web site. The Insurance Brokers Association of…

News InsuranceMergers and Aqcuisitions

Tough economic times inspire loyalty in U.S. auto insurance consumers

June 29, 2009 by Canadian Underwriter

Ninety per cent of auto insurance shoppers are retained by their current provider, according to J.D. Power and Associates’ 2009 Insurance Shopping Study.The survey examined the purchase behaviours and overall satisfaction of U.S. buyers shopping for a new auto insurance…