News
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…
Cat models must be better at recognizing uncertainty
June 26, 2007 by Canadian UnderwriterCatastrophe modelers must do a better job of expecting the unexpected, according to speakers at a European conference, as reported by A.M. Best.I think we need to move to this new age the Age of Recognized Uncertainty, A.M. Best quotes…
Top companies not using captives to full potential
June 26, 2007 by Canadian UnderwriterContrary to popular belief, the captive market remains underdeveloped and more than half of the world’s top 1,500 companies (G1500) do not currently own a captive, according to research by Aon Global Risk Consulting.This means that insurance buyers within the…
FA proposed amendments shot down
June 26, 2007 by Canadian UnderwriterThe Facility Association (FA)s proposed framework to make it easier to create risk sharing pools (RSPs) in a given jurisdiction has been shot down in a member mail vote. In order to pass, the Plan of Operation amendments, would require…
Asbestos inhalation risk emerges post-Katrina
June 25, 2007 by Canadian UnderwriterThe widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in…
SRPI launches product designed for Canadian golf courses
June 25, 2007 by Canadian UnderwriterSignature Risk Partners (SRPI) Inc. has launched a property and casualty product designed for Canadian golf course owners, with coverage extending from property and equipment, business interruption, crime and commercial general liability.The Signature Golf insurance program was created after a…
Hub acquires Unity Group Insurance assets in Windsor
June 25, 2007 by Canadian UnderwriterHub International Limited has entered into a definitive purchase agreement to acquire the assets of Unity Group Insurance (Unity), based in Windsor, Ontario. Unity Group is a general insurance brokerage that focuses on commercial and personal insurance products and services.…
IBC urges Manitobans to check policies for tornado coverage
June 25, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h…