News
IBC urges Manitoba policyholders to check policies after first 2008 tornado
May 30, 2008 by Canadian UnderwriterCanada’s home, car and business insurers are reminding Manitoba’s homeowners to review their insurance policies after Environment Canada received reports of a tornado touching down in the province earlier this week, and fires are affecting northern Manitoba.Manitoba’s first tornado of…
What’s New: In Brief (May 30, 2008)
May 30, 2008 by Canadian UnderwriterChubb Insurance Company of Canada launched its Executive Elite policy, the latest addition to the company’s suite of directors’ and officers’ and other professional liability products. Executive Elite is classified as an excess Clause 1 or Side A policy, protecting…
Brokers urged to leverage brand power of insurers they represent
May 29, 2008 by Canadian UnderwriterIn addition to aggressively developing and marketing their own brands, brokers should also be leveraging the brands of the insurers they sell instead of hiding them, said Alister Campbell, CEO of Zurich in Canada.Speaking at the Insurance Institute’s “At the…
S&P’s warns of negative outlook in late 2008 if commercial pricing continues to drop
May 29, 2008 by Canadian UnderwriterPricing deterioration will likely be the primary commercial property and casualty ratings driver over the next couple of years, predicts Standard & Poor’s (S&P’s).In its Midyear 2008 U.S. Commercial Lines Outlook, S&P’s notes there are strong indications the deterioration in…
International Accounting Standards Board seeks comment on proposed accounting standards
May 29, 2008 by Canadian UnderwriterThe International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) have published consultative documents seeking public comment on a joint project to improve future accounting standards.Each document is more than 40 pages and is available at www.iasb.org.The…
What’s New: In Brief (May 29, 2008)
May 29, 2008 by Canadian UnderwriterBrokers can now download quotations from ING Insurance Company of Canada’s Web quoting tool directly into Policy Works. With the release of integrated download functionality, ING and Policy Works have announced the launch of what they call the next phase…
Reinsurers would shoulder more of the load in an active 2008 hurricane season: Fitch
May 28, 2008 by Canadian UnderwriterIf the 2008 hurricane season features only small to moderate storms (as experienced in 2004), primary insurers will disproportionately incur catastrophe losses relative to reinsurers. However, the opposite rings true if the season includes one or more large or very…
What’s New: In Brief (May 28, 2008)
May 28, 2008 by Canadian UnderwriterAlberta’s Superintendent of Insurance has raised the maximum fee and disbursements for physical therapy services related to the automobile accident insurance benefits regulation.The new rate for the amount payable for completion of an assessment of an insured is Cdn$109.The amount…
Swiss Re calls for better reserving practices based on market cycles
May 28, 2008 by Canadian UnderwriterImprovements in reserving would be beneficial for the insurance industry, according to Swiss Re’s sigma study, “Non-life claims reserving: improving on a strategic challenge.”Claims reserves (or provisions) are funds set aside for claims that have not yet been paid. Since…
What’s New: In Brief (May 28, 2008)
May 28, 2008 by Canadian UnderwriterGuy Carpenter & Company LLC has appointment Andrew Marcell to lead its Americas broking operations.As CEO of the Americas broking operations, Marcell will assume responsibility for all of Guy Carpenter’s treaty and facultative broking operations in the United States, Canada,…
Injured worker precluded from SABS benefits after opting out of workers’ comp
May 27, 2008 by Canadian UnderwriterFSCO has dismissed the appeal of a ruling that a man opted out of workers compensation benefits to launch an action against an insurer for the sole purpose of seeking accident benefits under the SABS-1996.In the arbitration Patrick Lawrence and…
What’s New: In Brief (May 27, 2008)
May 27, 2008 by Canadian UnderwriterThe newly redesigned 2008 Dodge Grand Caravan has received an overall evaluation of “good” from the Insurance Institute for Highway Safety (IIHS). The vehicle received a “good” rating for its structure/safety cage and restraints during front crash tests, says the…