Segment
Risk Management
What’s New: In Brief (May 30, 2008)
May 30, 2008 by Canadian UnderwriterChubb Insurance Company of Canada launched its Executive Elite policy, the latest addition to the company’s suite of directors’ and officers’ and other professional liability products. Executive Elite is classified as an excess Clause 1 or Side A policy, protecting…
S&P’s warns of negative outlook in late 2008 if commercial pricing continues to drop
May 29, 2008 by Canadian UnderwriterPricing deterioration will likely be the primary commercial property and casualty ratings driver over the next couple of years, predicts Standard & Poor’s (S&P’s).In its Midyear 2008 U.S. Commercial Lines Outlook, S&P’s notes there are strong indications the deterioration in…
What’s New: In Brief (May 29, 2008)
May 29, 2008 by Canadian UnderwriterBrokers can now download quotations from ING Insurance Company of Canada’s Web quoting tool directly into Policy Works. With the release of integrated download functionality, ING and Policy Works have announced the launch of what they call the next phase…
What’s New: In Brief (May 28, 2008)
May 28, 2008 by Canadian UnderwriterAlberta’s Superintendent of Insurance has raised the maximum fee and disbursements for physical therapy services related to the automobile accident insurance benefits regulation.The new rate for the amount payable for completion of an assessment of an insured is Cdn$109.The amount…
What’s New: In Brief (May 27, 2008)
May 27, 2008 by Canadian UnderwriterThe newly redesigned 2008 Dodge Grand Caravan has received an overall evaluation of “good” from the Insurance Institute for Highway Safety (IIHS). The vehicle received a “good” rating for its structure/safety cage and restraints during front crash tests, says the…
B.C. Court of Appeal allows exclusion
May 26, 2008 by Canadian UnderwriterBritish Columbia’s Court of Appeal has agreed with B.C.’s public auto insurer, ICBC, that a trial judge erred by failing to apply an exclusion under the Insurance (Motor Vehicle) Act for mechanical failure or breakdown of any part of a…
Chartered accountants encourage directors to be aware of D&O policy conditions at all times
May 26, 2008 by Canadian UnderwriterCanadian corporate directors should be well aware of the terms and conditions of their directors’ and officers’ (D&O) insurance policies long before the policies are triggered, the Canadian Institute of Chartered Accountants (CICA) says.“Board members are well advised to take…
What’s New: In Brief (May 26, 2008)
May 26, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is preparing to release reports on its ‘Privilege Model’ and on managing potential conflicts of interest, both to be released later this year.The CCIR’s privilege working group has completed its final report outlining…
Low property losses leading to false sense of complacency
May 26, 2008 by Canadian UnderwriterLeading up to the 2008 Atlantic hurricane season, Aon Corp is cautioning that although predictions of hurricane activity are important to consider, any storm can cause massive destruction regardless of whether it happens in a period of below-normal or above-normal…
Business interruption coverage for avian flu soon to be made available
May 23, 2008 by Canadian UnderwriterInsurance for business interruption related to avian flu will be made available to Ontario’s poultry producers in July 2008, BetterFarming.com reports.The online professional farming publication reports that the reinsurance company involved in the Cdn$1.5-million pilot project is Endurance Reinsurance of…
Up to 16 named storms, NOAA predicts
May 22, 2008 by Canadian UnderwriterThere is a 90% chance of a near-normal or above-normal hurricane season in the Atlantic Basin in 2008, according to the National Oceanic and Atmospheric Administration (NOAA) climate prediction centre. An average season has 11 named storms including six hurricanes,…
Credit crunch and hurricane forecasts converging at wrong time for insurers
May 20, 2008 by Canadian UnderwriterThe credit crunch related to the subprime mortgage crisis in the United States, as well as the higher-than-average hurricane forecasts for the eastern seaboard, might be converging at the worst possible time for insurers, according to A.M. Best.“Turmoil in the…