News
MPI reports increase in Q1 net income, despite rising claims costs
July 13, 2009 by Canadian UnderwriterManitoba Public Insurance reported a net income of $17.3 million for 2009 Q1, marking a $10.2-million increase over the same period of 2008.MPI attributes the increase in net income to stable claims costs — assisted in part by a 21.9%…
Supreme Court of Canada denies farmers’ leave to appeal for class action status against crop insurer
July 10, 2009 by Canadian UnderwriterThe Supreme Court of Canada has denied leave to appeal, with costs, a Saskatchewan Court of Appeal decision that struck down a class action certification against the Saskatchewan Crop Insurance Corporation.In Saskatchewan Crop Insurance v. Hicks, Saskatchewan Crop Insurance Corporation…
Bad faith claim can’t be grounded solely on insurer’s request for a legal opinion, request for medical info
July 10, 2009 by Canadian UnderwriterThe Supreme Court of Canada has effectively ended a B.C. case in which a plaintiff claimed negligence and bad faith against an insurer, based on the insurer’s request for a legal opinion and for the plaintiff to provide a recorded…
U.S. property and casualty sector shows deterioration in 2009 Q1
July 9, 2009 by Canadian UnderwriterThe U.S. property and casualty’s net income plunged approximately 87% to US$1.2 billion in 2009 Q1, reflecting challenging investment and underwriting markets, A.M. Best says in a special report to be released July 13.The industry’s net premiums written decreased 3.8% …
What’s New: In Brief (July 08, 2009)
July 8, 2009 by Canadian UnderwriterCrawford & Company (Canada) Inc. has made a number of organizational changes, including the promotion of Bill Johnstone from his current role as vice president of Greater Toronto Area and Global Technical Services to the position of senior vice president…
Number of impaired driving cases going to court increasing, convictions decreasing
July 8, 2009 by Canadian UnderwriterThe Traffic Injury Research Foundation has identified a growing number of cases in which people are charged with criminal drinking and driving offences, plead not guilty and then take their chances at trial. More than 40% of Canadian drunk driving…
Manulife moves to raise $1 billion of capital
July 7, 2009 by Canadian UnderwriterManulife Financial has announced that Manulife Financial Capital Trust II will be issuing $1 billion of its Series 1 notes.Manulife Financial Capital Trust II is a trust wholly owned by The Manufacturers Life Insurance Company, a release says.The transaction is…
Job loss insurance protection flourishes during period of unstable auto sales
July 7, 2009 by Canadian UnderwriterAs the recession entrenches, job loss insurance protection programs are flourishing, providing protection to people who may wish to buy a car but are spooked by the prospect of losing their jobs during the lease.Most recently, the job loss protection…
PartnerRe to acquire Paris Re
July 6, 2009 by Canadian UnderwriterPartnerRe Ltd. has inked a US$2-billion,‘multi-step transaction’ that will see it acquire Paris Re Holdings Limited.In the first step of the transaction, expected to close in 2009 Q4, PartnerRe will acquire the shares held by several significant shareholders — including…
MySpace immune from strict product liability in connection with assault cases
July 3, 2009 by Canadian UnderwriterMySpace Inc. is immune from strict product liability if an adult sexually assaults a minor in a meeting arranged through the Internet social networking site, a California appellate court has ruled.The court ruled Section 230 of the U.S. Communications Decency…
International agribusiness merger would bring Canadian grain volume insurance program to Australia
July 3, 2009 by Canadian UnderwriterFive-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…
New lines to help insurers reduce climate change risk
July 3, 2009 by Canadian UnderwriterThe 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…