Segment
Risk Management
American insurers call on regulators not to mandate disclosure of climate risk
January 18, 2008 by Canadian UnderwriterThe American Insurance Association (AIA) has called on U.S. state insurance regulators not to “mandate” disclosure of climate risk.In a 16-page white paper, made public in December 2007, the National Association of Insurance Commissioners (NAIC) devotes about 16 paragraphs to…
Elevated political and economic risk in 2008, Aon finds
January 17, 2008 by Canadian UnderwriterMultinational organizations face elevated political and economic risks in 25 of the 50 largest global economies, according to an analysis released by Aon Trade Credit Global. Such risks include business interruption caused by war, terror attacks and political interference, Aon…
What’s New: In Brief (January 17, 2008)
January 17, 2008 by Canadian UnderwriterThomas V. Ealy, Willis North America’s chief operating officer, has been appointed to lead the company’s commercial and consumer segments for both Canada and the United States. Ealy will continue in his current role until a successor is named.The commercial…
Bill 107 could increase damage awards
January 16, 2008 by Canadian UnderwriterBill 107, An Act to Amend the Human Rights Code, could increase damage awards, including punitive damages, Martin Smith, associate lawyer with McCague Peacock Borlack McInnis & Lloyd LLP, told ORIMS members at a luncheon seminar.Bill 107 sets out to…
Fire chief lobbies for mandatory residential sprinkler systems
January 16, 2008 by Canadian UnderwriterOntario should learn from the experience in Vancouver, where installation of residential sprinkler systems contained roughly 90% of fires, and reduced average property damage to a fraction of the average fire loss per unsprinkled incident (Cdn$1,065 from Cdn$13,937), Toronto fire…
Ontario court allows plaintiff lawyers to switch class-action representatives mid-stream
January 15, 2008 by Canadian UnderwriterThe Ontario Superior Court has denied an appeal by a defendant in a class action liability case that essentially allowed a trial lawyer to switch representative plaintiffs in mid-stream.The decision raised the issue of whether defence lawyers were, as a…
What’s New: In Brief (January 15, 2008)
January 15, 2008 by Canadian UnderwriterRod Hancock has officially assumed his new role as president of the Insurance Brokers Association of Ontario (IBAO). After a career as a psychology professor at the University of Western Ontario, Hancock launched a career in the insurance brokerage business…
Contingency fees “not dead,” says Fitch Ratings Agency
January 14, 2008 by Canadian UnderwriterDespite efforts to eliminate contingent commissions, “they are not dead,” according to Fitch Ratings Agency’s recent report ‘Review and Outlook 2007-2008.’Fitch said it believes “the major brokers are finding ways to incrementally increase revenue in the absence of contingent commissions,…
D&O premiums tumbling as soft market continues
January 14, 2008 by Canadian UnderwriterThe average directors and officers liability (D&O) premium fell 11% in the 2007 Q4, far outstripping decreases in other lines of business tracked by Advisen for the Risk and Insurance Management Society’s (RIMS) Benchmark Survey.In addition, the persistent soft market…
TRIA receives seven year extension
January 11, 2008 by Canadian UnderwriterThe seven-year extension of the Terrorism Risk Insurance Act (TRIA) has been met with support by the insurance industry, according to Lloyd’s. The new law, Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), was a “major milestone for the…
CCIR seeks comment on risk-based market conduct regulation
January 11, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) seeks to foster dialogue between regulators and stakeholders on the basic approaches to risk-based market conduct regulation (RbMCR) in Canada. RbMCR means directing regulatory efforts to the most significant issues that either have…
Ontario Superior Court slashes injury claim from Cdn$4 million to Cdn$518,132
January 11, 2008 by Canadian UnderwriterAn Ontario Superior Court justice has slashed a plaintiff’s claim for Cdn$4 million in damages and lost wages related to an accident at an Ottawa Home Depot down to Cdn$518,132.“It is clear that the plaintiff was injured in the accident…