News
What’s New: In Brief (January 16, 2008)
January 16, 2008 by Canadian Underwriter**CORRECTION** The following story contains corrected information. Gore Mutual contributed to 100 different charitable organizations and not 10, as initially reported. The Toronto Insurance Women’s Association is holding its annual wine and cheese reception on Feb. 14, 2008. The reception…
Fire chief lobbies for mandatory residential sprinkler systems
January 16, 2008 by Canadian UnderwriterOntario should learn from the experience in Vancouver, where installation of residential sprinkler systems contained roughly 90% of fires, and reduced average property damage to a fraction of the average fire loss per unsprinkled incident (Cdn$1,065 from Cdn$13,937), Toronto fire…
Ontario court allows plaintiff lawyers to switch class-action representatives mid-stream
January 15, 2008 by Canadian UnderwriterThe Ontario Superior Court has denied an appeal by a defendant in a class action liability case that essentially allowed a trial lawyer to switch representative plaintiffs in mid-stream.The decision raised the issue of whether defence lawyers were, as a…
IBC wants Newfoundland to remove insurance premium tax
January 15, 2008 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has reiterated its long-standing call to the government of Newfoundland and Labrador to remove taxes on insurance premiums. “The people of Newfoundland and Labrador have the highest insurance tax burden in the G8,” Don Forgeron,…
MPI reports favourable results
January 15, 2008 by Canadian UnderwriterManitoba Public Insurance (MPI) reported a profit of Cdn$80.4 million for the nine months ending Nov. 30, 2007, marking an increase over the Cdn$59.1 million reported during the same period in 2006. MPI later this spring intends to return Cdn$63…
What’s New: In Brief (January 15, 2008)
January 15, 2008 by Canadian UnderwriterRod Hancock has officially assumed his new role as president of the Insurance Brokers Association of Ontario (IBAO). After a career as a psychology professor at the University of Western Ontario, Hancock launched a career in the insurance brokerage business…
2007 cat claims likely US$6.5 billion for P&C insurers
January 14, 2008 by Canadian UnderwriterProperty and casualty insurers in the United States are expected to pay US$6.5 billion to homeowners and business for property losses from 23 catastrophes in 2007, according to preliminary analysis by ISO’s property claim services (PCS) unit. This is the…
What’s New: In Brief (January 14, 2008)
January 14, 2008 by Canadian UnderwriterOntario Students Against Impaired Driving (OSAID) have launched an Ontario-wide contest, ‘Dude, Where’s My License?’ aimed at raising awareness of the dangers of doing drugs and driving. “Most teens don’t even realize that doing drugs and driving is just as…
Contingency fees “not dead,” says Fitch Ratings Agency
January 14, 2008 by Canadian UnderwriterDespite efforts to eliminate contingent commissions, “they are not dead,” according to Fitch Ratings Agency’s recent report ‘Review and Outlook 2007-2008.’Fitch said it believes “the major brokers are finding ways to incrementally increase revenue in the absence of contingent commissions,…
D&O premiums tumbling as soft market continues
January 14, 2008 by Canadian UnderwriterThe average directors and officers liability (D&O) premium fell 11% in the 2007 Q4, far outstripping decreases in other lines of business tracked by Advisen for the Risk and Insurance Management Society’s (RIMS) Benchmark Survey.In addition, the persistent soft market…
TRIA receives seven year extension
January 11, 2008 by Canadian UnderwriterThe seven-year extension of the Terrorism Risk Insurance Act (TRIA) has been met with support by the insurance industry, according to Lloyd’s. The new law, Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), was a “major milestone for the…
CCIR seeks comment on risk-based market conduct regulation
January 11, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) seeks to foster dialogue between regulators and stakeholders on the basic approaches to risk-based market conduct regulation (RbMCR) in Canada. RbMCR means directing regulatory efforts to the most significant issues that either have…