Segment
Risk Management
What’s New: In Brief (March 03, 2008)
March 3, 2008 by Canadian UnderwriterA Vancouver provincial court has sentenced Hiu Qin Zhang of Vancouver to nine months’ conditional house arrest for attempting to bribe an ICBC driver examiner. Zhang attended ICBC’s Point Grey Driver Service Centre on Jan. 15, 2007 to take her…
RIBO supports risk-based approach to regulation (March 03, 2008)
March 3, 2008 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) supports the plan to move forward with a risk-based approach to regulation, as outlined in the Canadian Council of Insurance Regulators’ (CCIR) paper, An Approach to Risk-Based Market Conduct Regulation. The CCIR released…
Insurers should focus on micro-solutions for adjusting to climate change
February 29, 2008 by Canadian UnderwriterIn order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian…
Additional insured endorsement allows transfer of risk
February 29, 2008 by Canadian UnderwriterThe additional insured endorsement is a poorly understood concept among insurance professionals and lawyers, Stephen Cavanagh, senior partner at Cavanagh Williams, told delegates at the Canadian Defence Lawyers 4th annual insurance coverage symposium in Toronto on Feb. 28. Often insurers…
AIG suffers US$5 billion loss in 2007 Q4
February 29, 2008 by Canadian UnderwriterAmerican International Group, Inc. (AIG) reported loss of US$5.3 billion for 2007 Q4, and a net income of US$6.2 billion for the full year 2007, representing a 55.9% decrease over the prior year.In 2006 Q4, AIG reported a profit of…
CGL policies not designed with construction in mind
February 28, 2008 by Canadian UnderwriterCommercial General Liability (CGL) policies were not drafted with construction in mind, Neo Tuytel, senior partner with Clark Wilson LLP, told delegates at the 4th annual Insurance Coverage Symposium in Toronto on Feb. 28. However, questions surrounding coverage and exclusions,…
Damage from U.K. quake mainly due to weak building structures
February 28, 2008 by Canadian UnderwriterRisk Management Solutions (RMS) estimates insured losses from the earthquake that shook the United Kingdom this week are up to 30 million (approx. Cdn$58.3 million), a sum reflecting the vulnerability of buildings in the area.The earthquake that struck Market Rasen…
Royal & SunAlliance Canada reports increase in underwriting profit in 2007
February 27, 2008 by Canadian UnderwriterRoyal & SunAlliance Canada has reported its 2007 net income was Cdn$183.6 million.(The company’s net income above was calculated according to Canadian GAAP rules; elsewhere, figures are based on accounting rules in the United Kingdom.).Royal & SunAlliance reported net written…
Stable outlook maintained for global reinsurance sector
February 27, 2008 by Canadian UnderwriterFor the second year in a row, A.M. Best Co. is maintaining a stable outlook for the global reinsurance sector. This affirmation reflects generally strong balance sheets, continued improvements in enterprise risk management (ERM) and general earnings momentum through 2007,…
What’s New: In Brief (February 27, 2008)
February 27, 2008 by Canadian UnderwriterNorthbridge Financial Corporation (TSX: NB) has appointed Craig Pinnock as its new chief financial officer, effective Mar. 31.Pinnock will succeed current CFO John Varnell, who is retiring. Pinnock, a chartered accountant, has served in progressively senior finance roles within the…
What’s New: In Brief (February 26, 2008)
February 26, 2008 by Canadian UnderwriterThe outlook is stable for the 2008 U.S. commercial market despite a soft period cycle, according to A.M. Best Co.’s assessment of the market. “Commercial lines carriers have bolstered their positions after robust earnings in recent years by investing in…
What’s New: In Brief (February 25, 2008)
February 25, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO…