News
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…
What’s New: In Brief (June 28, 2007)
June 28, 2007 by Canadian UnderwriterSimmlands Insurance Brokers Ltd. is joining forces with Women in Insurance Cancer Crusade (WICC) to present the 2007 Canadian PGA Womens Championship Pro-Am on July 30 at the Ladies Golf Club of Toronto.This inaugural event will provide a fun-filled day…
Customer service, price key factors in carrier switch
June 28, 2007 by Canadian UnderwriterCustomers in the United States looking around for car insurance will typically gather, on average, three competitive quotes, according to the J.D. Power and Associates 2007 Insurance Shopping Study released this weekOne-third of these shoppers will switch carriers; of these,…
What’s New: In Brief (June 27, 2007)
June 27, 2007 by Canadian UnderwriterB.C. over the past five years has averaged two deaths and 161 injuries in 574 crashes on Canada Day, costing ICBC and customers Cdn$4.4 million in claims costs. Year after year, speeding is the top contributing factor in all fatal…
Ontario Court of Appeal upholds denial of coverage to driver who was unaware of license suspension
June 27, 2007 by Canadian UnderwriterIn cases in which insureds are not aware that their drivers licenses have been suspended, trial judges do not have discretion under s. 129 of Ontarios Insurance Act to overturn the insurers denial of auto insurance coverage, Ontario Appeal Court…
What’s New: In Brief (June 27, 2007)
June 27, 2007 by Canadian UnderwriterBenfield has inked an agreement with Lloyds to provide an extensive range of risk modelling and consulting services to the market and its syndicates. Under the terms of the five-year agreement, Lloyds will license Benfields dynamic financial analysis modelling tool…
Underwriting income down in 2007 Q1, claims up, OSFI figures show
June 27, 2007 by Canadian UnderwriterUnderwriting income is down and claims costs are up, according to 2007 Q1 financial figures posted by the Office of the Superintendent of Financial Institutions (OSFI), which oversees federally regulated property and casualty insurers in Canada.The OSFI 2007 Q1 figures…
IBC urges Manitobans to check policies after weekend tornadoes
June 27, 2007 by Canadian Underwriter**CLARIFICATION: The following story is an amended and clarified version of a story posted on Canadian Underwriter on June 25** The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies, and contact their insurance representative, after…
Guy Carpenter increases presence in Bermuda
June 26, 2007 by Canadian UnderwriterGuy Carpenter & Company LLC, a global risk and reinsurance specialist, has appointed a new Head of Office and expanded its office capabilities and resources in the Bermuda reinsurance market. It has been a landmark year for Guy Carpenter, as…