News
What’s New: In Brief (October 29, 2007)
October 29, 2007 by Canadian UnderwriterA.M. Best Co. has affirmed the A+ financial strength rating of The Wawanesa Mutual Insurance Company (WMIC) (Winnipeg) and The Wawanesa Mutual Insurance Company (United States Branch).The outlook for the financial strength rating is stable, according to A.M. Best. The…
CNA Financial Corporation reports drop in Q3 profits
October 29, 2007 by Canadian UnderwriterCNA Financial Corporation announced a 2007 Q3 profit of US$174 million, a decrease from 2006 Q3s US$311 million.The company also reported a combined ratio of 91.6% for property and casualty operations, a statement says. Net written premiums decreased US$165 million…
Alberta to discontinue industry-wide adjustment of auto insurance grid rates
October 26, 2007 by Canadian UnderwriterAlberta is planning to scrap its industry-wide adjustment of grid prices in its auto insurance product, according to Dennis Gartner, the assistant deputy minister of pensions, insurance and financial institutions of Alberta.The industry-wide adjustment applies to the provinces grid prices…
Privacy complaints against insurers trending downwards
October 26, 2007 by Canadian UnderwriterInformation privacy complaints against insurance companies have dwindled from 50 in 2004 down to seven as of September 2007, according to Elizabeth Denham, the director of the research analysis and stakeholder relations branch of the Office of the Privacy Commissioner…
What’s New: In Brief (October 26, 2007)
October 26, 2007 by Canadian UnderwriterDan Lawrie, president of Dan Lawrie Insurance Brokers Ltd., has personally donated Cdn$125,000 to Mohawk Colleges new, Cdn3-million concourse for their insurance and financial services. In recognition of the donation, the Dan Lawrie Insurance Learning Centre will be established. The…
Consider purging data
October 26, 2007 by Canadian UnderwriterInsurance industry counsel should consider telling their clients to get rid of backup data while rules preventing this still do not exist in Canada, Samuel Soloman, chairman and founder of DOAR Litigation Consulting, told delegates and counsel attending an ARC…
Shipping agents warned about fraudulent e-mails leading to cargo release
October 25, 2007 by Canadian UnderwriterSHIP agents are increasingly faced with attempts to obtain delivery of cargo using forged emails, according to the International Transport Intermediaries Club (ITIC). “Fraud in shipping is endemic, cargoes are valuable, and it has never been easier to forge documents,…
Ontario Court of Appeal clarifies a retail store employee’s “standard of care” in product liability case
October 25, 2007 by Canadian UnderwriterIf a danger related to the use of a product is not obvious, and a consumer seeks reassurance from a merchant concerning the safety of the product, the answer must not be misleading, the Ontario Court of Appeal has found…
California wildfires could cost insurers up to US$1.6 billion
October 25, 2007 by Canadian UnderwriterWildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire…
Willis reports 2007 Q3 profits down, organic growth up
October 25, 2007 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a hit in its 2007 Q3 income based on a tax gain on the sale of its London headquarters and a significant expenditure on 2006 Shaping our Future initiatives.Shaping…
Canada’s legal culture will prevent “excesses” of U.S. legal system: Swiss Re seminar
October 24, 2007 by Canadian UnderwriterCanadas insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on a number of reasons related to Canadas legal system and culture, a panelist…
IBAO asks RIBO for a ‘control-in-fact’ ownership test
October 24, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a control-in-fact test to assess the independence of insurance brokers in Ontario.Brokers that do not meet the control-in-fact…