Segment
Risk Management
Conversion software now available for building replacement cost calculator
February 26, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) and Compu-Quote have announced the availability of conversion software for brokers using the ezITV tool.In late 2008, Compu-Quote announced the change of building replacement cost calculator within its rating services, sparking concerns among…
What’s New: In Brief (February 25, 2009)
February 25, 2009 by Canadian UnderwriterA Quebec firm and two individuals have been found guilty and fined a total of Cdn$5,500 by the Court of Quebec for operating as an adjustment firm without the proper certification.The Autorité des marches financiers (AMF) brought four charges against…
Insurers could do more to exploit scenario analysis, Swiss re study says
February 24, 2009 by Canadian UnderwriterInsurers are increasingly using scenario analysis to evaluate multiple risks, but the industry could do more to fully exploit state-of-the-art approaches, Swiss Re’s new sigma study says.Scenario analysis helps insurers make business decisions by considering a number of potential future…
Insurance claim for environmental damage may proceed in both Canadian and U.S. courts
February 23, 2009 by Canadian UnderwriterA mining company in British Columbia that is suing its insurers for coverage in an environmental claim may have its case heard in both the U.S. and Canadian courts, opening up the possibility of conflicting rulings in different jurisdictions.In Teck…
Lincoln General drives Kingsway 2008 Q4 losses
February 20, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a 2008 Q4 loss of US$360.4 million and a loss of US$405.9 for the entire year.“The disappointing results in 2008 reflect the impact of legacy operational problems,” said Shaun Jackson,…
Fairfax Financial reports record investment gains for 2008
February 20, 2009 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit…
Ontario Superior Court rules “saving harmless” implies a duty to defend
February 19, 2009 by Canadian UnderwriterA title insurer agreeing to “indemnify and save harmless” an insured against a negligence suit has a duty to defend, even if the allegations against the insured ultimately prove to be false or do not fall under the policy coverage.The…
What’s New: In Brief (February 19, 2009)
February 19, 2009 by Canadian UnderwriterThe shareholders of Northbridge Financial Corporation (TSX: NB) have approved by a special resolution the anticipated amalgamation of Northbridge with Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH).The amalgamation will be effective on or around Feb. 20, 2009.Northbridge will effectively become…
Fitch to focus on liquidity
February 19, 2009 by Canadian UnderwriterFitch Ratings is focussing more on liquidity in its insurance industry ratings criteria in light of the global recession and capital market crisis. Although Fitch has not changed its core ratings criteria, it has adjusted the focus and weighting of…
A.M. Best ratings actions slow in market turmoil
February 19, 2009 by Canadian UnderwriterUpgrades of U.S. property and casualty insurers by A.M. Best Co. barely outpaced downgrades in 2008, following two years in which the numbers tilted heavily in a positive direction.In its special report, Ratings Actions Slow Down as Turmoil Grips P&C…
What’s New: In Brief (February 17, 2009)
February 17, 2009 by Canadian UnderwriterIf Alberta’s Court of Appeal reinstates the province’s cap on minor injuries, the total amount recoverable will be adjusted by 3.8% to Cdn$4,504 as of Jan.1, 2009. When Alberta Court of Queen’s Bench Justice Neil Wittmann struck down the minor…
Canadian P&C industry must return to basics to succeed in recession
February 17, 2009 by Canadian UnderwriterIf members of the insurance industry are going to survive the hard market in an economic downturn, they must go back to basics, said Bob Tisdale, president and chief operating officer of Pembridge Insurance.Tisdale spoke at the Insurance Brokers of…