News

The Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003. The Canadian operations achieved an underwriting profit of $39 million, with the company noting this…

Moody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents…

The Insurance Bureau of Canada (IBC) says the proposed new regulations on electronic vehicle immobilizers announced today does not go quite far enough.Transport Canada has proposed regulations which would require passenger car and light-duty truck manufacturers to include electronic immobilizers…

In a survey of businesses, Mississippi continues to rank as the worst jurisdiction in terms of perceived legal fairness, according to the annual study of state liability systems published by the U.S. Chamber of Commerce’s Institute for Legal Reform.The ILR…

A bulletin from the Financial Services Commission of Ontario (FSCO) outlines the provincial insurance regulators new rules on underwriting. The new regulations passed by the Ontario government restrict underwriting criteria and non-payment terminations.Regulation 664 has been amended to eliminate the…

The Risk & Insurance Management Society is established in its new location at 1065 Avenue of the Americas, 13th Floor, New York, NY, 10018. Phone and fax numbers and email addresses remain the same. FM Global’s ratings outlook has been…

Upon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says…

One in five drivers admits they have fallen asleep at the wheel at least once in the past 12 months, according to a "road safety monitor" study by the Traffic Injury Research Foundation (TIRF).In total 4.1 million Canadians admit to…

The Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of…

An Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges…

Famous for its criticism of private insurers, the Consumers’ Association of Canada (CAC) is this time aiming its disapproval at B.C.’s public insurer.The CAC, which has stated on numerous occasions its preference for publicly-run auto insurance systems, says the Insurance…

Fourteen of 16 small cars were rated poor in tests simulating a side impact crash with an SUV, says the U.S. Insurance Institute for Highway Safety (IIHS).Only the Chevrolet Cobalt and Toyota Corolla, which are equipped with optional side airbags…