News
Internal social networking platforms potentially more valuable to organizations
June 18, 2009 by Canadian UnderwriterWhen implementing initiatives around online social networking, insurers that create internal networking platforms have the potential to extract far more value than those that create external communities for the public at large, a Celent report suggests. The popularity of online…
Waiver of tort troubling for insurers
June 17, 2009 by Canadian UnderwriterWaiver of tort is going to be the bane of insurers’ existence until it’s dealt with in the courts, Robert B. Bell of Borden Ladner Gervais LLP told delegates at an Insurance Institute of Canada seminar on June 17 in…
Expected flood of lawsuits against public companies by secondary market investors isn’t happening
June 17, 2009 by Canadian UnderwriterThe anticipated flood in Canada of class action lawsuits by secondary market investors against public companies has not yet materialized, in part because the representative plaintiffs in such lawsuits must seek leave of the courts to proceed.In the June 2009…
What’s New: In Brief (June 17, 2009)
June 17, 2009 by Canadian UnderwriterAutomobile accident victims are planning to rally and hold a news conference at Nathan Phillips Square in Toronto on June 18, 2009 to protest proposed changes to Ontario’s auto insurance benefits.Speakers at the news conference will include Ontario NDP leader…
U.S. casualty loss reserves at approximately 2.9% redundancy
June 17, 2009 by Canadian UnderwriterThe property-casualty insurance industry reserve position has deteriorated slightly in 2008 when compared with analyses of previous years, reports Conning Research & Consulting Inc.In its report, Property-Casualty Loss Reserves: Once More to the Well, Conning reports that the U.S. property…
IBC calls on lawyers to not appeal cap decision
June 16, 2009 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has removed its call to the Automobile Insurance Rate Board for a 40.2% increase in auto premiums in light of the recent Court of Appeal of Alberta decision upholding the province’s minor injury cap.IBC has…
Ontario court creates “half-a-loaf” solution for additional insureds in slip and fall cases
June 16, 2009 by Canadian UnderwriterThe Ontario Superior Court has created a “half-a-loaf solution” to the question of whether or not a defence is owed under a snow removal contractor’s policy to the owner of the premises that has been named as an additional insured…
A.M. Best upgrades Optimum General Insurance Group
June 16, 2009 by Canadian UnderwriterA.M. Best Co. has upgraded Optimum General Insurance Group (Canada)’s financial strength rating to B+ (good) from B (fair).Optimum General Insurance Group consists of Optimum Insurance Company Inc., its wholly-owned subsidiary, Optimum Farm Insurance Inc. (both of Montreal, Quebec) and…
Guy Carpenter global reinsurance composite reports 2009 Q1 net loss of US$127 million
June 16, 2009 by Canadian UnderwriterThe Guy Carpenter Global Reinsurance Composite showed a net loss of US$127 million in 2009 Q1, marking an 86% improvement over 2008 Q1.The composite’s combined ratio decreased from 96% in 2008 Q1 to 93% in 2009 Q1.Unrealized losses also improved…
A.M. Best downgrades Peace Hills General insurance
June 15, 2009 by Canadian UnderwriterA.M. Best Co. has downgraded Peace Hills General Insurance’s financial strength rating (FSR) to B (fair) from B+ (good).A.M. Best also downgraded the insurer’s credit rating to “bb” from “bbb-”. The outlook for both ratings is negative.“These ratings actions reflect…
What’s New: In Brief (June 15, 2009)
June 15, 2009 by Canadian UnderwriterACE Canada has launched an errors and omissions product designed for the Canadian technology market.ACE DigiTech digital technology and professional liability insurance program offers up to Cdn$20 million in limits and provides comprehensive, technology-based, professional liability coverage and related network…
Canadian companies preparing for new international assurance standard for third party reporting
June 15, 2009 by Canadian UnderwriterCanada is among several countries anticipated to be harmonizing their local assurance standards with a proposed new international assurance standard for third party reporting (the ISAE 3402 standard), according to a report by PricewaterhouseCoopers (PwC). “In recent years, the growing…