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A.M. Best maintains stable outlooks for personal and reinsurance markets

March 3, 2009 by Canadian Underwriter

A.M. Best Co. is maintaining a stable outlook in 2009 for both the global reinsurance sector and the U.S. personal lines sector.The ratings agency listed factors that support its reinsurance sector outlook, including: •    sound underlying operating earnings generated over…

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IBAO launches new monthly magazine, The Ontario Broker

March 2, 2009 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) will be launching a new monthly publication, The Ontario Broker, in April. The new publication will replace the IBAO News and will be a full-colour, 16-page magazine.The magazine will focus on important issues…

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Vehicle manufacturers urged to give independent repairers access to tools, training and diagnostics (March 02, 2009)

March 2, 2009 by Canadian Underwriter

The Canadian Collision Industry Forum (CCIF) is supporting a private member’s bill before the House of Commons that would oblige vehicle manufacturers to provide independent repairers access to tools, training and diagnostic information.“In Canada, certain vehicle manufacturers are denying [independent…

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Vehicle manufacturers urged to give independent repairers access to tools, training and diagnostics (March 02, 2009)

March 2, 2009 by Canadian Underwriter

The Canadian Collision Industry Forum (CCIF) is supporting a private member’s bill before the House of Commons that would oblige vehicle manufacturers to provide independent repairers access to tools, training and diagnostic information.“In Canada, certain vehicle manufacturers are denying [independent…

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Safety gains related to truck speed limiters come with caveats: Transport Canada study

March 2, 2009 by Canadian Underwriter

The introduction of speed limiters for trucks set at 105 km-h increases safety for all geometric highway configurations, especially straight highways, a report for the federal transportation department says.The basic aim of the study, posted on Transport Canada’s Web site,…

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AIG reports US$99 billion loss in 2008, announces restructuring plan

March 2, 2009 by Canadian Underwriter

American International Group (AIG) Inc. has reported a US$99.3-billion net loss for 2008, compared to a net income of US$6.2 billion in 2007. Its general insurance operations reported net premiums written of US$9.2 billion in 2008 Q4, a 16.3% decline…

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Aon report outlines challenges in providing cyber liability cover for educational institutions

February 27, 2009 by Canadian Underwriter

Developing insurance solutions for cyber liability in educational settings is challenging because the exchange of information in such settings is expected to be accessible and yet secure and private, an Aon Professional Risk Services White Paper notes. “An overriding challenge…

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What’s New: In Brief (February 27, 2009)

February 27, 2009 by Canadian Underwriter

Manitoba Public Insurance (MPI) has acquired the nine-storey building that houses most of its administrative office, as well as surrounding parking lots, for Cdn$81.5 million.Acquiring Cityplace will contribute to stable operating costs and continued low Autopac rates, MPI said in…

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Governments should improve efforts to prepare for large-scale disasters

February 27, 2009 by Canadian Underwriter

Governments need to improve how they prioritize efforts to prepare for large-scale disasters, according to an Organization for Economic Co-operation and Development (OECD) report, Innovation in Country Risk Management.Furthermore, they should work more closely with the private sector to ensure…

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Additional bailout money for ‘thrift’ insurers undermines healthy competition

February 27, 2009 by Canadian Underwriter

Giving additional bailout money to insurance companies that are also savings and loans (thrift) holding companies undermines healthy competitors, said the Property Casualty Insurers Association of America (PCIAA).“Insurers that become bank or thrift holding companies can get cheap federal loans…

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Defence counsel should seek to gain benefit of co-defendants’ contracts that limit professional liability

February 26, 2009 by Canadian Underwriter

Insurance lawyers defending professional liability claims should look into the possibility of limiting liability on the basis of contractual provisions, especially when co-defendents (such as architects) have contracts that limit the scope of liability.Andrew Heal of Blaney McMurtry made the…

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Insurers must be careful to differentiate duties of counsel from adjuster

February 26, 2009 by Canadian Underwriter

Insurers must avoid turning counsel into loss adjusters, which not only wastes money, but risks turning counsel into a witness. Furthermore, counsel lose objectivity when they are asked to play the role of frontline investigators, Marcus Snowden, partner at Blaney…