An insured arranging to have his vehicle stolen in lieu of keeping up payments on the vehicle is the Number 1 fraud for 2007, according to Manitoba Public Insurance’s (MPI) list of Top 5 frauds for 2007. Number 2 on…
State Farm Insurance is issuing refunds to roughly 23,000 automobile policyholders in Ontario. The average refund is about Cdn$120.The refund is due to an error in the application of the Graduated License Discount (GLD) and Driver Inexperience Factor surcharge (DIF),…
Reinsurance rates continued to soften during 2008 renewals, according to separate reports issued by two leading global reinsurance and insurance brokers.Reinsurance broker Guy Carpenter, in a report entitled ‘Near Misses, Plentiful Reminders: Global Reinsurance Review, January 2008,’ notes “property catastrophe…
Kingsway Financial Services has entered into a 365-day, Cdn$70-million credit facility agreement with a syndicate of banks. The Bank of Nova Scotia acted as administrative agent, lead arranger and bookrunner, while the Royal Bank of Canada acted as documentation agent.In…
Corporate exposure to liability for environmental damages related to greenhouse gasses is expected to increase, according to a report by Willis’ North American Environmental Practice. As a result, D&O exposure is expected to increase as well, as governmental agencies and…
Average hull and liability lead premium for airline insurance has fallen by over 15% during the first nine months of 2007, according to Aon’s Airline Insurance Market Review: Pre-Renewal Season 2007 report.These reductions began in the final quarter of 2006.…
The staff of Canadian Underwriter would like to wish everyone a happy, healthy and safe holiday season, and best wishes in the New Year! This is the last installment of Canadian Underwriter’s Daily News for 2007. We will resume with…
The board of directors at Marsh & McLennan Companies Inc. is on the hunt for a CEO to replace Michael G. Cherkasky. Cherkasky has served as president and CEO of the company since 2004 and will continue to serve as…
What’s New: In Brief York Fire and Casualty Insurance Company has launched a manufacturer connection product aimed at the U.S. market, the latest in a collection of commercial product offerings. “The Manufacturing Connection product is designed to cover a wide…
Pilot Insurance Company has signed on to a Cdn$120,000, three-year financial commitment to OSAID (Ontario Students Against Impaired Driving), an association organized and run by high school students to increase awareness about the perils of impaired driving.As well, Pilot will…
Standard & Poor’s Ratings Services has assigned an ‘A+’ financial strength rating to S&Y Insurance Co., and affirmed its A+ financial strength rating for other Aviva Canada subsidiaries.The rated subsidiaries include Aviva Insurance Co. of Canada, Elite Insurance Co., Pilot…
The Insurance Corporation of British Columbia (ICBC) failed to prove an insured tried to defraud the corporation by faking the theft of his minivan, and B.C.’s provincial court ordered the public insurer to allow the claim. In Brummitt vs. ICBC,…