News
What’s New: In Brief (March 03, 2008)
March 3, 2008 by Canadian UnderwriterA Vancouver provincial court has sentenced Hiu Qin Zhang of Vancouver to nine months’ conditional house arrest for attempting to bribe an ICBC driver examiner. Zhang attended ICBC’s Point Grey Driver Service Centre on Jan. 15, 2007 to take her…
RIBO supports risk-based approach to regulation (March 03, 2008)
March 3, 2008 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) supports the plan to move forward with a risk-based approach to regulation, as outlined in the Canadian Council of Insurance Regulators’ (CCIR) paper, An Approach to Risk-Based Market Conduct Regulation. The CCIR released…
Insurers should focus on micro-solutions for adjusting to climate change
February 29, 2008 by Canadian UnderwriterIn order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian…
Additional insured endorsement allows transfer of risk
February 29, 2008 by Canadian UnderwriterThe additional insured endorsement is a poorly understood concept among insurance professionals and lawyers, Stephen Cavanagh, senior partner at Cavanagh Williams, told delegates at the Canadian Defence Lawyers 4th annual insurance coverage symposium in Toronto on Feb. 28. Often insurers…
Swiss Re reports second-best results in its history
February 29, 2008 by Canadian UnderwriterSwiss Re has reported a net income of CHF4.2 billion (about Cdn$3.96 billion) for 2007, down 9% from 2006, but nevertheless the second-best result in the company’s history.“Driven by an outstanding performance across our key businesses, we delivered the second-best…
AIG suffers US$5 billion loss in 2007 Q4
February 29, 2008 by Canadian UnderwriterAmerican International Group, Inc. (AIG) reported loss of US$5.3 billion for 2007 Q4, and a net income of US$6.2 billion for the full year 2007, representing a 55.9% decrease over the prior year.In 2006 Q4, AIG reported a profit of…
CGL policies not designed with construction in mind
February 28, 2008 by Canadian UnderwriterCommercial General Liability (CGL) policies were not drafted with construction in mind, Neo Tuytel, senior partner with Clark Wilson LLP, told delegates at the 4th annual Insurance Coverage Symposium in Toronto on Feb. 28. However, questions surrounding coverage and exclusions,…
Insurance Institute for Highway Safety rates 2009 Nissan Murano as ‘Top Safety Pick’
February 28, 2008 by Canadian UnderwriterThe redesigned 2009 Nissan Murano has earned the ‘Top Safety Pick Award’ from the Insurance Institute for Highway Safety (IIHS), being the best overall performer in front, side and rear tests of nine four-door midsize SUV models.The Jeep Liberty, Jeep…
Damage from U.K. quake mainly due to weak building structures
February 28, 2008 by Canadian UnderwriterRisk Management Solutions (RMS) estimates insured losses from the earthquake that shook the United Kingdom this week are up to 30 million (approx. Cdn$58.3 million), a sum reflecting the vulnerability of buildings in the area.The earthquake that struck Market Rasen…
Cat bond issuance gained momentum in 2007
February 28, 2008 by Canadian UnderwriterCat bond risk capital at the end of 2007 reached US$13.8 billion, a 63% increase over the previously record-setting, 2006-year-end total of US$8.5 billion, according to a Guy Carpenter & Company LLC report.Cat bond risk capital now accounts for 8%…
Royal & SunAlliance Canada reports increase in underwriting profit in 2007
February 27, 2008 by Canadian UnderwriterRoyal & SunAlliance Canada has reported its 2007 net income was Cdn$183.6 million.(The company’s net income above was calculated according to Canadian GAAP rules; elsewhere, figures are based on accounting rules in the United Kingdom.).Royal & SunAlliance reported net written…
Incidental selling of insurance consultation paper meant to trigger discussions
February 27, 2008 by Canadian UnderwriterAn unsuitable product might lead consumers to pay for insurance they do not need, pay for coverage for claims for which they are not eligible, or obtain a claims result that they did not expect, according to a consultation document…