News

The Insurance Corporation of British Columbia (ICBC) has signed contracts with car rental companies to provide rentals at reduced prices to ICBC customers. Savings with Hertz Canada and Ron Ridley Rentals are estimated at between Cdn$5.4 million and Cdn$5.9 million…

The Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the…

The William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management…

Underwriting deterioration lies ahead for the directors and officers (D&O) liability insurance market, beginning with the 2008 year-end results, A.M. Best predicts in a special report.“A.M. Best believes calendar-year combined ratios in the 125[%] to 200[%] range were the norm…

In a case involving a contractor’s attempt to move a mobile home onto a foundation, thus damaging both, Saskatchewan’s Court of Queen’s Bench found an insurer’s policy exclusion applied to damage to the home, but the insurer had a duty…

Given that market uncertainty could potentially continue well into 2010, insurers need to focus on preserving capital in order to remain resilient, according to Swiss Re economists. Reinsurers’ prices are expected to harden, partly because alternative capacity is no longer…

A hard market is nearing, according to an Aon Benfield report.“In sum, the end of the soft market in insurance has arrived,” Evan Greenberg, chairman of ACE, noted in the report, Bermuda Quarterly 9M 2008 Bittersweet. A combination of higher…

Canada’s insurance industry is broadly supporting three principles for managing conflicts of interest proposed by the country’s insurance market conduct regulator in 2006, a survey has found.These principles include ensuring:•    the priority of a client’s interest;•    disclosure of conflicts or…

The U.S. property and casualty composite rate index for Nov. 2008 maintained single-digit premium reductions (9%) generated in October, according to MarketScout’s Market Barometer. Relative to other lines, commercial property and general liability rates were reduced the most in November…

The Supreme Court of Canada decision in Canadian National Railway v. Royal and SunAlliance Insurance Company of Canada may not be as favourable to insureds as initially portrayed, according to an information bulletin from Ogilvy Renault LLP. “While at first…

Women In Insurance Cancer Crusade (WICC) Ontario has announced its goal to field 50 teams in the 2009 Canadian Cancer Society’s ‘Relay for Life.’The Ontario Relay for Life is a 12-hour non-competitive relay on June 19, 2009. It takes place…

Surety lines in the Canadian reinsurance market are showing definite signs of hardening, Andre Fredette, senior vice president, general manager, CCR Canada, told delegates of an Ontario Risk and Insurance Management Society (ORIMS) seminar.The seminar, ‘Insurance Market in Canada Update’…