News
Court upholds future cost of care award that exceeded the highest amount sought by plaintiffs
March 31, 2008 by Canadian UnderwriterFuture 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…
What’s New: In Brief (March 31, 2008)
March 31, 2008 by Canadian UnderwriterThe 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…
Federal issues still persist in wake of Bank Act review
March 28, 2008 by Canadian UnderwriterLivestock 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…
Insurer not licensed in Ontario still subject to accident benefits loss transfers, rules Court
March 28, 2008 by Canadian UnderwriterThe 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…
What’s New: In Brief (March 28, 2008)
March 28, 2008 by Canadian UnderwriterNeil 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…
What’s New: In Brief (March 28, 2008)
March 28, 2008 by Canadian UnderwriterThree 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…
What’s New: In Brief (March 27, 2008)
March 27, 2008 by Canadian UnderwriterThe 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…
Benfield describes 2007 reinsurance renewal season as “hard market softening”
March 27, 2008 by Canadian UnderwriterGlobal 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…
Climate research: Canadian winters warmer now than 50 years ago
March 27, 2008 by Canadian UnderwriterDaily 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 sees slight decrease in 2007 net income
March 27, 2008 by Canadian UnderwriterThe 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…
Majority of North American (re)insurers have “adequate” ERM programs
March 26, 2008 by Canadian UnderwriterEighty-three per cent out of the 274 global insurance and reinsurance groups evaluated in Standard & Poor’s 2007 scorecard had “adequate” ERM programs.Further, S&P’s noted in its 2007 scorecard, only 11 of the organizations had improved over their 2006 Standard…
Fitch predicts U.S. insurers’ profits will decline in 2008
March 26, 2008 by Canadian UnderwriterAlthough increasing competition for business is likely to promote further deterioration of U.S. property and casualty rates in 2008, Fitch Ratings “expects insurers to post a more modest underwriting profit in 2008 [compared to 2007].”Even so, Fitch also “anticipatesinsurers’ overall…