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Hurricane Ike strengthens in Gulf, bears down on Texas

September 10, 2008 by Canadian Underwriter

Hurricane Ike has moved away from Cuba and is picking up steam as it heads through the Central Gulf of Mexico towards Texas.The National Hurricane Center reported on Sept. 10 that Ike, with sustained wind speeds of 155 km-h, is…

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What’s New: In Brief (September 10, 2008)

September 10, 2008 by Canadian Underwriter

WICC (Women in Insurance Cancer Crusade) Ontario Chapter will host its 11th Annual “Breakfast for Breast Cancer” on Nov. 4, 2008 in Toronto.Erin Anderssen, senior writer for the Globe and Mail, will speak at the event. Anderssen spent five months…

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U.S. report recommends increasing driver’s license ages to beyond 16

September 10, 2008 by Canadian Underwriter

Licensing U.S. teenagers to drive at ages older than 16 would substantially reduce crashes involving teen drivers, a new Insurance Institute for Highway Safety report says.The report, which cites Canadian research, has been released at the annual meeting of the…

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Enhancing automobile insurance system in NS

September 10, 2008 by Canadian Underwriter

The duties of the Nova Scotia Insurance Review Board (IRB) will be reassigned to the Utility and Review Board (UARB) effective Oct. 1, 2008. The Nova Scotia Department of Finance says it believes assigning IRB responsibilities to the UARB will…

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Agricultural sector insurers should explore alternative cover options

September 9, 2008 by Canadian Underwriter

Trading in carbon dioxide (CO2) certificates and parametric covers may be alternatives for agricultural risk, given the growing risk trends in this sector, suggests Partner Re.Climate change, bio-fuels, insurance premium subsidies, commodity price inflation and new farming methods are just…

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A.M. Best predicts further softening in Canadian P&C market

September 9, 2008 by Canadian Underwriter

Canada’s property and casualty insurance sector is stable, according to a recent market report by A.M. Best, “but strong capitalization and profitability provide the ingredients for continued softening in the market.” In its special report, “Canadian P/C Insurers See Profits…

News Climate ChangeInsurance

2008 ranks as seventh-worst hurricane season in 38 years

September 9, 2008 by Canadian Underwriter

To date, this year ranks as the seventh-most active hurricane year since 1950, according to a mid-season report by climate forecaster Tropical Storm Risk (TSR).TSR is a consortium of experts on insurance, risk management and seasonal climate forecasting led by…

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MADD Canada calls for mandatory alcohol interlocks

September 9, 2008 by Canadian Underwriter

Canadian provinces and territories all deserve poor grades for failing to establish mandatory alcohol ignition interlock programs for those convicted of impaired driving, according to Mothers Against Drunk Driving (MADD Canada). An ignition interlock device is an in-car alcohol breath-screening…

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Severe rainfall brings flood of homeowner claims to Atlantic Provinces

September 8, 2008 by Canadian Underwriter

Post-tropical storm Hanna soaked the Atlantic provinces on Sept. 7, leaving more than 100 mm of rain in some parts of the area. Counties along the Fundy Coast of New Brunswick and Newfoundland were the hardest hit, as embedded rain…

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IBAC, TIC jointly working to simplify tax process for commercial clients

September 8, 2008 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) and the Toronto Insurance Conference (TIC) have proposed a model ‘Export List’ to make life simpler for brokers’ clients when they apply for an exemption from the excise tax on unlicenced insurance.Clients of…

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Facilities Association asks Ontario regulator to include cost of capital in rate-setting process

September 8, 2008 by Canadian Underwriter

Ontario bumped up rates for its private passenger auto insurance by 2% at last filing, but the rate change did not include a “cost of capital” provision that Facilities Association wants the provincial regulator to include.In a report to the…

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Reinsurers top S&P’s ERM Score Card

September 8, 2008 by Canadian Underwriter

Reinsurers are leading the pack in the implementation of enterprise risk management (ERM), Standard & Poor’s (S&P’s) says in its 2008 Global ERM Score Card.S&P’s assessment designates a (re)insurer’s ERM as excellent, strong, adequate or weak. It considers approximately 80%…