Desjardins General Insurance (DGI) has launched a financial aid fund for caisse members that cannot afford insurance and DGI policyholders that have inadequate coverage potentially leading to their financial demise.The annual budget is 1% of DGI’s net income, to a…
The United States Federal Treasury has called for federal regulation of the nation’s insurance industry, drawing criticism from the association representing U.S. state insurance regulators.A backgrounder to a speech delivered by Treasury Secretary Henry M. Paulson, Jr. notes insurance regulation…
Future care costs may be on the rise in Ontario, given the Court of Appeal’s decision to uphold a jury decision to award plaintiffs an amount more than Cdn$1-million in excess of the highest amount sought. In the 2006 Superior…
The Office of the Superintendent of Financial Institutions Canada (OSFI) has adjusted its Minimum Capital Test (MCT) Guideline for all federally regulated property and casualty insurance companies. After discussions with the Insurance Bureau of Canada, OSFI and the Canadian Council…
Livestock insurance, the increase in off-shoring of financial services and fiscal imbalance between the levels of government are all issues that still need to be addressed by the federal government in the wake of the Bank Act review, said Normand…
The Ontario Superior Court has allowed the appeal of an arbitration and decided the word “insurer” has the same meaning in Part VI of the Insurance Act as set out in Section 1 of the Act for the purposes of…
Neil Morrison of HKMB in Toronto has been appointed treasurer of the World Broker Networks’ (WBN, Ltd.) board of directors, according to AJC Consultants Ltd. WBN, Ltd, a privately owned international insurance broker network, has sixty member companies in fifty-six…
Three Toronto men have been charged in connection with the alleged fraudulent application for insurance benefits, York Regional Police (YRP) reported. A single motor vehicle collision occurred in the Town of Georgina on July 2, 2007. Subsequent to that, two…
The Reinsurance Association of America (RAA) is urging the U.S. Senate to oppose the proposed expansion of the National Flood Insurance Program (NFIP). The RAA, in conjunction with a coalition representing insurers, environmentalists, consumer advocates and taxpayer groups, is opposing…
Global reinsurance broker Benfield Ltd. has characterized the January 2008 renewal season as one of a “hard market softening,” in which reinsurance premiums declined, but they did so from lofty heights to begin with.“Premiums fell broadly due to client retentions…
Daily temperature extremes have risen by up to 4 C over the last 50 years, climate experts from the British Meteorological Office (Met Office) say in research published this month in the Journal of Geophysical Research.The article explores how extreme…
The Economical Mutual Insurance Company has reported a net profit of Cdn$117.6 million for 2007, a decrease from 2006’s net income of Cdn$130 million.Net claims and adjustment expenses also increased slightly from Cdn$946 million in 2006 to Cdn$983 million in…