The Supreme Court of Canada has overturned an Ontario Court of Appeal decision and ordered a group of property insurers to cover the costs related to a damaged tunnel boring machine under an all-risk policy.In Canadian National Railway Co. v…
Fairfax Financial Holdings Ltd (TSX and NYSE: FFH) has removed the hedge on its equity portfolio investments.As of Oct. 31, 2008, Fairfax continued to hold approximately 73% of its investment portfolio in treasury bills and government bonds as well as…
Companies with greater risk management and enterprise risk management (ERM) maturity levels are more likely to have higher credit ratings, according to RIMS ‘State of ERM Report 2008 — an in-depth study on ERM practices.’ There is a distinct correlation…
U.S. property and casualty companies that diversified into life insurance have been hit hardest by US$55 billion in GAAP equity losses over the first nine months of 2008, according to a recent report by Fitch Ratings.Fitch analyzed a “public company…
Insuring troubled assets through the creation of an ‘asset stabilization pool’ would help to strengthen America’s economy, Aon told the House Committee on Financial Services in Washington. The plan involves the sharing of risk by participants in an entity referred…
Blake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance…
*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion…
Insurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of…
A.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal…
The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, according to Ernst & Young’s Global Insurance Center. Although the insurance industry faces fewer urgent liquidity challenges than banks do,…
ING Canada Inc. (TSX: IIC) has reported a quarterly net income of Cdn$57.3 million, marking a 37.7% decrease from 2007 Q3’s profit of Cdn$92.0 million.The insurer’s combined ratio for the quarter was 94.0%, a decrease from 2007 Q3’s combined ratio…
ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada…