Segment
Risk Management
Product quality poses greatest risk of global outsourcing
June 11, 2008 by Canadian UnderwriterNearly 70% out of 59 executives surveyed in a global study said product quality was the single greatest risk to global sourcing, but less than half reported they were very confident of managing the risks associated with product safety, according…
What’s New: In Brief (June 10, 2008)
June 10, 2008 by Canadian UnderwriterRoyal & Sun Alliance Insurance Company of Canada will now be known as RSA.The company, created after a merger between Sun Alliance and Royal Insurance 10 years ago, has been through some fundamental changes since that time, a release notes.…
Multiple crane accidents fail to raise red flags for insurers
June 10, 2008 by Canadian UnderwriterAt least nine people have been killed and 11 have been injured after construction cranes collapsed, but it is not expected to impact policies or send construction insurance rates soaring, reports Lloyd’s.With the booming construction industry, cranes are not an…
What’s New: In Brief (June 10, 2008)
June 10, 2008 by Canadian UnderwriterStandard & Poor’s (S&P’s) Ratings Services upgraded the financial strength rating on Fairfax Financial Holdings Ltd.’s operating insurance companies to BBB+ from BBB. The rating is based on a good competitive position that is diversified geographically and by sector, as…
What’s New: In Brief (June 06, 2008)
June 6, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength ratings (FSR) of AXA Insurance (Canada) (Ontario), AXA Pacific Insurance Company (British Columbia) and AXA General Insurance Company (Newfoundland) from A- to A. In addition, A.M. Best has affirmed the FSR of…
Do subprime mortgage scandals imply failure of Sarbanes-Oxley?
June 6, 2008 by Canadian UnderwriterAfter the recent collapse of Bear Sterns, TrainingIndustry.com has published an online article asking the question: Has the SOX [Sarbanes-Oxley] regulation and the massive investment to training corporate executives failed us? “Was the training to the executives adequate to identify…
Credit crisis perceived to have marginal regulatory impact for insurers
June 6, 2008 by Canadian UnderwriterEighty-seven per cent of the 40 global (re)insurance CEOs surveyed by the Geneva Association expect a minor tightening of regulatory framework as a result of the credit crisis.This expectation would be based on the “spill-over” effect of anticipated major changes…
Government agency waits two months to inform stakeholders of data breach
June 5, 2008 by Canadian UnderwriterThousands of Prairie farmers were notified, two months after the fact, that their personal and financial information was the subject of a data breach, the Winnipeg Sun has reported.Agriculture and Agri-Food Canada sent out letters to nearly 32,000 canola producers…
What’s New: In Brief (June 04, 2008)
June 4, 2008 by Canadian UnderwriterManitoba Public Insurance has selected FINEOS Claims to manage claims for bodily injury resulting from road accidents. “Improving efficiencies in claims processing underpins our strategy to maintain and improve the highest levels of claimant satisfaction for Manitobans,” Dan Guimond, vice-president…
U.S. regulators amend agreement with Aon over contingency fees
June 4, 2008 by Canadian UnderwriterU.S. insurance industry regulators have reached an agreement with Aon Corporation (NYSE: AOC), permitting companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition. Such use of contingent commissions would be phased out after…
Property exclusion should have specified “equipment,” Appeal Court rules
June 3, 2008 by Canadian UnderwriterBy referring vaguely to “property” damage, an exclusion contained in a marina’s all-risks insurance policy was inoperable because the exclusion didn’t specifically refer to the marina’s “equipment,” the Ontario Court of Appeal has ruled.The Appeal Court thus rejected the appeal…
What’s New: In Brief (June 03, 2008)
June 3, 2008 by Canadian UnderwriterFM Global, a commercial and industrial property insurer, has decided to release thousands of pages of previously exclusive property loss prevention engineering guidelines at no cost.FM Global has decided to issue these data sheets at no extra cost because doing…