Segment
Risk Management
Ontario declines to import U.S. Stonewall principle in a Canadian asbestos product liability case
September 23, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has declined to import the U.S. court’s Stonewall decision into an asbestos claims case launched in Ontario, meaning insurers are not the hook for asbestos claims made against Goodyear Canada after 1986, when insurance…
CCIR revises mission statement to reflect its role as advisor, not policy maker
September 23, 2011 by Canadian UnderwriterThe Canadian Council of Insurance Regulators has revised its mission statement to reflect the fact that its role is not to create harmonized laws across Canada, but rather to serve as advisors to the policy makers in the various jurisdictions…
Crashes number one cause of work-related deaths in BC
September 22, 2011 by Canadian UnderwriterCrashes are the number one cause of work-related deaths in British Columbia, according to WorkSafeBC statistics. Approximately 30 workers, on average, in B.C. are killed each year while driving, and distracted driving, such as cellphone use, is a key factor…
IBAO pushes for administrative monetary penalties in Ontario
September 22, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is urging the Financial Services Commission of Ontario (FSCO) to include administrative monetary penalties (AMPs) in the Insurance Act.Currently, FSCO can issue a cease and desist order, often in conjunction with an undertaking…
Lloyd’s of London pulls deposits from some European banks to reduce sovereign debt exposure
September 22, 2011 by Canadian UnderwriterLloyd’s of London has reduced its exposure to European government debt and pulled deposits from some of the region’s banks, reports the Wall Street Journal. “Given the uncertainty around the Euro zone, it’s only natural that we would seek to…
Catlin Canada donates $17,500 to McGannon Foundation
September 22, 2011 by Canadian UnderwriterCatlin Canada donated $17,500 to the William H. McGannon Foundation to assist students entering the insurance/risk management field of study.The official cheque was presented at the annual Risk and Insurance Management Society (RIMS) Canada conference in Ottawa, Ont.The McGannon Foundation…
Women in industry still under glass ceiling: report
September 22, 2011 by Canadian UnderwriterWomen working in the insurance industry continue to fight challenges that affect their professional development, according to the Women in Insurance Leadership Insight Report.The research study was released on Sept. 21 at the Insurance Networking News Women in Insurance Leadership…
Goderich, Ontario tornado causes $75 million in insured damages
September 21, 2011 by Canadian UnderwriterA tornado that struck Goderich, Ontario in August 2011 caused at least $75 million in insured damage, according to the Insurance Bureau of Canada, citing a preliminary estimate from Property Claim Services Canada (PCS-Canada).Part of a storm front that spawned…
Proof of mental anguish enough to sustain third party actions in privacy breach
September 21, 2011 by Canadian UnderwriterVictims of a privacy breach may no longer have to rely on proving economic loss as a result of the privacy breach to sustain a third party action. They can also show the breach caused mental anguish.Aaron Konarsky, director of…
Model proposed for regulating insurance securitizations in Canada
September 21, 2011 by Canadian UnderwriterAssuming insurance-linked securities (ILS) ever take off in Canada, the country will need to develop a regulatory regime to accommodate them, according to an article in the Q2-2011 MSA/Baron Outlook Report.The article, written by Robert McDowell and Koker Christensen of…
Causal link for SEC to go after Canadian companies is “minute”
September 20, 2011 by Canadian UnderwriterRegulators around the world are cracking down on corrupt practices, putting companies at increased risk of “crippling” prosecution and, in some situations, the causal link between a company and the claim need only be minute for a foreign regulator to…
Increase in cyber claims reflects increasing dependency on IT systems
September 20, 2011 by Canadian UnderwriterThere has been a 56% increase in cyber claim notifications over the last year at Willis. “The rise is reflecting the evolving regulatory environment and a growing dependency on IT systems,” Willis broker Jeremy Smith told Lloyds.com. A number of…