News
Ontario Superior Court slashes injury claim from Cdn$4 million to Cdn$518,132
January 11, 2008 by Canadian UnderwriterAn Ontario Superior Court justice has slashed a plaintiff’s claim for Cdn$4 million in damages and lost wages related to an accident at an Ottawa Home Depot down to Cdn$518,132.“It is clear that the plaintiff was injured in the accident…
Saskatchewan declares snowmobile safety week
January 11, 2008 by Canadian UnderwriterKen Cheveldayoff, minister of crown corporations, has proclaimed Jan. 13 to Jan. 19 Snowmobile Safety Week in Saskatchewan. “Snowmobiling is one of the province’s most popular activities,” Cheveldayoff said in a press release. “Unfortunately, unsafe snowmobiling can result in serious…
104 Ontario insurers enrolled in HCAI as of Jan. 2
January 11, 2008 by Canadian Underwriter**CLARIFICATION** This story includes information omitted from first publication on Jan. 11 The new Health Claims for Auto Insurance (HCAI) system for electronically submitting accident benefit health care claims forms in Ontario has 104 insurance companies enrolled as of Jan.…
Correction: Sovereign General Insurance not entitled to void policy in B.C. wine collection case
January 11, 2008 by Canadian Underwriter**CORRECTION**Yesterday, Canadian Underwriter reported that the B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up. This was…
What’s New: In Brief (January 10, 2008)
January 10, 2008 by Canadian UnderwriterThe Canadian insurance market can expect to see more consolidation in 2008, according to Philip H. Cook of Omega Insurance Holdings Inc.Speaking at a CIP Symposium breakfast meeting at the National Club in Toronto, Cook read off the names of…
Ice Storm today may generate twice the losses than a decade ago
January 10, 2008 by Canadian UnderwriterA recurrence of the 1998 Ice Storm today would result in total insured losses of between US$1 billion and US$3 billion potentially twice the US$1.3-billion cost incurred in 1998, according to a retrospective report by Risk Management Solutions (RMS).RMS released…
Reinsurers’ rate discipline “dwindling,” Benfield report says
January 10, 2008 by Canadian UnderwriterAnother year of comparatively mild losses for the reinsurance market in 2007 means “any remaining post-loss caution from previous years is rapidly dwindling,” according to a report, ‘Changing the Game,’ published by Benfield, an independent reinsurance and risk intermediary. The…
D&O rates expected to rise after subprime mortgage crisis
January 10, 2008 by Canadian UnderwriterThe subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in…
What’s New: In Brief (January 09, 2008)
January 9, 2008 by Canadian UnderwriterClive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate…
U.S. cases top list of court decisions affecting Canadian insurers
January 9, 2008 by Canadian UnderwriterA U.S. Supreme Court decision that reinforced a heightened pleading standard in securities suits was deemed the most important court award or settlement of 2007, according to a Willis Group Holding Canadian alert on executive risks. While the list of…
Sovereign General Insurance ordered to pay its half of $2.3-million policy
January 9, 2008 by Canadian UnderwriterThe B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up, according to Canadian Press.A rare and expensive…
What’s New: In Brief (January 08, 2008)
January 8, 2008 by Canadian UnderwriterWestport Insurance Corporation, a Swiss Re company, has merged with Employers Reinsurance Corporation. Employers Reinsurance Corporation holds a Canadian branch. In the merger, Employers Reinsurance Corporation assumed the Westport name and all of the liability and obligations under and according…