Segment
Risk Management
Insurer appeal dismissed, exclusion language found ambiguous
February 12, 2008 by Canadian UnderwriterAn insurer has a duty to defend an insured against a plaintiff’s claim for bodily injury arising from his exposure to mould and/or bacteria despite a policy exclusion that suggests otherwise, an Ontario court has ruled.The court also disallowed the…
Markets looking at insurance event-linked futures
February 11, 2008 by Canadian UnderwriterAs preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures,…
Financial forecasting off by average of 13%, KPMG finds
February 8, 2008 by Canadian UnderwriterIn a study that might be of interest to D&O insurers, KPMG and the Economist Intelligence Unit have co-authored a report, ‘Forecasting with Confidence,’ which notes that “although organizations invest significant time and effort in this important task [of financial…
Study shows jurors believe terrorist attacks foreseeable
February 8, 2008 by Canadian UnderwriterStudies on potential jurors have revealed some predisposition to the belief that all terror attacks in certain high-risk venues are predictable, regardless of the preventative measures taken or the lack of specific information available in advance of the attack, reports…
Willis reports drop in 2007 profit
February 7, 2008 by Canadian UnderwriterWillis Group Holdings Ltd. reported a profit of US$409 million for 2007, compared to US$449 million over the prior year.The net income for 2007 Q4 was US$95 million, a decrease from 2006 Q4, in which the company reported a net…
All quiet on D&O, E&O fronts despite subprime storm
February 6, 2008 by Canadian UnderwriterThe crisis in the subprime mortgage market has had little impact on availability, cost or policy conditions of directors’ and officers’ liability (D&O) and errors and omissions (E&O) policies, according to research by Advisen Ltd.Based on a survey of 110…
What’s New: In Brief (February 05, 2008)
February 5, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is hosting the 4th International Symposium on Flood Defence (ISFD4) on May 6-8 in Toronto at the Westin Harbour Castle.The theme is the management of flood risk, reliability and vulnerability. As recent flood…
Ledger’s death brings focus to coverages for key players in film productions
February 1, 2008 by Canadian UnderwriterThe sudden death of Brokeback Mountain movie star Heath Ledger occurred while he was in the midst of filming a new movie, focussing attention on a little-discussed aspect of the insurance industry coverage for the incapacity of an actor or…
City not liable for damage when horesplay results in broken plate glass window
January 31, 2008 by Canadian UnderwriterThe Ontario Superior Court ruled the City of Brantford was not liable for damages after two youths shattered the plate glass of the Brantford Civic Centre while engaging in horseplay.In Mott v. Brantford (City), the plaintiff, Bobby Joe Mott, had…
What’s New: In Brief (January 31, 2008)
January 31, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating to A+ (superior) from A (excellent) for Munich Re America Corporation Group and its member companies. The rating upgrade reflects “the significant level of support provided by MRAC’s ultimate parent, Munich…
Ontario asbestos law could elevate claims costs if risks not mitigated
January 30, 2008 by Canadian UnderwriterNew Ontario regulations dealing with the handling of asbestos could affect insurers’ costs should asbestos be the subject of a claim.Regulation 278/05, which came into effect on Nov. 1, 2005 (the final two sections kicked in on Nov. 1, 2007),…
Benfield research quantifies influence of sea surface temperatures on hurricane activity
January 30, 2008 by Canadian UnderwriterScientists at the Benfield UCL Hazard Research Centre (BUHRC) have for the first time quantified the extent to which sea surface warming contributes to increased Atlantic hurricane activity.In a study published in the scientific journal Nature, professor Mark Saunders and…