News
IIHS launches roof strength rating system
March 25, 2009 by Canadian UnderwriterThe Insurance Institute for Highway Safety (IIHS) is launching a new roof strength rating system to determine the level of protection offered by a vehicle’s roof in rollover crashes.The new rating system is based on IIHS research showing that occupants…
Risk managers feel they lack clout; UK survey finds
March 25, 2009 by Canadian UnderwriterOnly half of risk managers at FTSE 100 companies consider themselves influential within their organization, a survey by UK-based Whitehead Mann Partnership found.Whitehead Mann surveyed 50 senior risk management professionals at FTSE 100 companies, including internal auditors, compliance officers, general…
What’s New: In Brief (March 25, 2009)
March 25, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott. The 25-year-old Kingsville, Ontario native went professional in2006 after winning three Canadian Men’s Amateur Golf Championships and becoming only the…
New organization representing independent brokers is established in Quebec
March 24, 2009 by Canadian UnderwriterA new broker organization in Quebec dedicated to advancing the particular concerns of independent brokers, La Fédération des Courtiers d’Assurance indépendants du Québec (FCAIQ), is sounding the call to recruit potential members.“In view of the fact that the status of…
What’s New: In Brief (March 24, 2009)
March 24, 2009 by Canadian UnderwriterThe Saskatchewan government is discontinuing the enhanced driver’s license (EDL) program due to concerns over cost, public interest and changing card requirements. Under the Western Hemisphere Travel Initiative, Canadians travelling to the United States will require a passport or other…
S&P’s assigns ACE Canada a positive outlook
March 24, 2009 by Canadian UnderwriterStandard & Poor’s Rating Services revised its outlook on ACE INA Insurance (ACE Canada) to positive from stable.At the same time S&P’s affirmed the long-term ‘A’ financial strength and counterparty credit ratings on the company.“The outlook revision reflects our assessment…
Belfor Restoration acquires Restoration Masters
March 23, 2009 by Canadian UnderwriterBelfor Restoration Services has acquired Restoration Masters, a full-service restoration company with six locations in Ontario. Belfor now operations 11 offices throughout Ontario and 24 full service offices across Canada. Further expansion is expected in the near future, according to…
Tort action against driver may proceed even though claim against insurer is dismissed
March 23, 2009 by Canadian UnderwriterThe Ontario Superior Court has summarily dismissed an action against an insurer because the plaintiff did not have valid insurance on the vehicle involved in an accident. At the same time, the court commented that whether or not the same…
Breach of policy waived if insurer takes too long to claim no coverage: court
March 23, 2009 by Canadian UnderwriterAn insurance company that takes three years to assert no coverage in a claim effectively waives the breach of a client’s policy that otherwise would have voided the insurer’s obligation to pay the full policy limit of its third party…
Fitch questions U.S. P&C industry’s ability to rebound immediately from 2008 losses
March 23, 2009 by Canadian UnderwriterThe U.S. property and casualty market’s ability to rebound in 2009 remains questionable, as a broad market pricing turn is not materializing from the losses of 2008, Fitch Ratings says in its Year-End 2008 Review.The report is a compilation of…
What’s New: In Brief (March 20, 2009)
March 20, 2009 by Canadian UnderwriterWarren Jestin, senior vice president and chief economist with Scotiabank Canada, and Glenn Gibson, global chief strategy officer with Crawford & Company, will be the keynote speakers at the CIP Society’s 2009 Symposium on Apr. 29.The event, ‘A Bridge Over…
U.S. P&C loss reserves depleted by nearly US$14 billion in 2008: Moody’s
March 20, 2009 by Canadian UnderwriterLoss reserves for the U.S. property and casualty insurance industry may have depleted by up to US$14 billion in 2008, according to a new report by Moody’s Investors Service.In its report, U.S. P&C Insurers’ Reserve Adequacy Shrinks, Moody’s estimates the…