News
Territorial limit in policy applies to underinsured motorist endorsement
July 4, 2007 by Canadian UnderwriterThe territorial limitation contained in an automobile insurance policy and in the Insurance Act restricts coverage provided in the underinsured motorist endorsement, the Ontario Court of Appeal ruled on July 3.In Pilot Insurance Company v. Sutherland, the Appeal Court ruled…
What’s New: In Brief (July 04, 2007)
July 4, 2007 by Canadian UnderwriterTesfaye Fekade has been appointed to the position of vice president, operations of MSA Research Inc.In a press release, Joel Baker, MSA president and CEO, commented that Fekade is an extremely valued addition to the MSA team.His deep technical knowledge…
Terrorism threat level heightened in Canada
July 3, 2007 by Canadian UnderwriterThe 2007 Aon Terrorism Threat Map shows that Canadas threat levels have increased from 2006 even though the map shows a weakening of the Islamist terrorist group Al Qaeda, as well as the other groups operating under its umbrella.The global…
CN tower terrorist attack could cost Cdn$23.5 billion in damages
July 3, 2007 by Canadian UnderwriterIf a small dirty bomb were to be detonated near the CN Tower in Toronto, the economic impact would be upwards of Cdn$23.5 billion, according to a federal study led by Defence Research and Development Canada, as reported by Canadian…
What’s New: In Brief (July 03, 2007)
July 3, 2007 by Canadian UnderwriterA.M. Best Co. is hosting a comprehensive, one-day conference in Toronto to explore the issues facing the Canadian insurance industry. The 2007 Review& Preview ConferenceCanadian Update will be held Sept. 21 from 8:30 a.m. to 3 p.m. at the Westin…
Insurance finance departments treading water: report
July 3, 2007 by Canadian UnderwriterInsurance company finance departments are under pressure to adapt to an increasing number of regulatory changes while at the same time they are morphing from the role of number-cruncher to one of strategic contributor, according to a recent report by…
U.S. P&C industry reports declining ROE in 2007 Q1
June 29, 2007 by Canadian UnderwriterThe U.S. property and casualty insurance industry recorded a declining return on equity (ROE) in 2007 Q1, despite good underwriting results, according to information released by ISO and the Property Casualty Insurers Association of America (PCI). During 2007 Q1, the…
What’s New: In Brief (June 29, 2007)
June 29, 2007 by Canadian UnderwriterAXA is making available a comprehensive portfolio of customized art insurance products and related services to meet the growing demands of individual art collectors, museums, galleries, corporations, galleries, trusts, travelling exhibitions and artists in the Canadian marketplace. AXA will be…
What’s New: In Brief (June 29, 2007)
June 29, 2007 by Canadian UnderwriterSwiss Re has created what it says are the first catastrophe bond indices on the market, A.M. Best has reported, giving the market better information on returns related to risk.Richard Pennay, in the structuring department at Swiss Re Capital Markets,…
AMF focuses on developing derivatives market
June 29, 2007 by Canadian UnderwriterThe Autorit des marches financiers (AMF) has announced the establishment of a Centre of Excellence for Derivatives (CED) to provide Quebec with modern and flexible regulatory instruments that can effectively foster the growth of the derivatives industry in Quebec while…
Court affirms distinctions between ‘other insurance’ policies
June 28, 2007 by Canadian UnderwriterThere is a distinction to be made between primary, excess and/or umbrella policies when other insurance policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently.In McKenzie v. Dominion…
Insured damages creep past Cdn$1 billion in UK floods
June 28, 2007 by Canadian UnderwriterInitial estimates by Risk Management Solutions (RMS) suggest insured losses from recent floods that continue to batter the United Kingdom could exceed 500 million [Cdn$1.06 billion]. The rainfall situation, caused by a stationary east coast depression that draws moisture from…