Segment
Risk Management
Most insurers have sufficient SABS-related policies, controls: FSCO review
October 30, 2007 by Canadian UnderwriterMost Ontario auto insurance companies have sufficient SABS-related governance and internal controls, the provinces financial regulator reported in its Statutory Accident Benefits Schedule (SABS) Risk-Based Market Conduct Assessment Report.The Financial Services Commission of Ontario (FSCO) recently posted the aggregate results…
CNA Financial Corporation reports drop in Q3 profits
October 29, 2007 by Canadian UnderwriterCNA Financial Corporation announced a 2007 Q3 profit of US$174 million, a decrease from 2006 Q3s US$311 million.The company also reported a combined ratio of 91.6% for property and casualty operations, a statement says. Net written premiums decreased US$165 million…
Consider purging data
October 26, 2007 by Canadian UnderwriterInsurance industry counsel should consider telling their clients to get rid of backup data while rules preventing this still do not exist in Canada, Samuel Soloman, chairman and founder of DOAR Litigation Consulting, told delegates and counsel attending an ARC…
Shipping agents warned about fraudulent e-mails leading to cargo release
October 25, 2007 by Canadian UnderwriterSHIP agents are increasingly faced with attempts to obtain delivery of cargo using forged emails, according to the International Transport Intermediaries Club (ITIC). “Fraud in shipping is endemic, cargoes are valuable, and it has never been easier to forge documents,…
Ontario Court of Appeal clarifies a retail store employee’s “standard of care” in product liability case
October 25, 2007 by Canadian UnderwriterIf a danger related to the use of a product is not obvious, and a consumer seeks reassurance from a merchant concerning the safety of the product, the answer must not be misleading, the Ontario Court of Appeal has found…
California wildfires could cost insurers up to US$1.6 billion
October 25, 2007 by Canadian UnderwriterWildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire…
Canada’s legal culture will prevent “excesses” of U.S. legal system: Swiss Re seminar
October 24, 2007 by Canadian UnderwriterCanadas insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on a number of reasons related to Canadas legal system and culture, a panelist…
Lloyd’s preparing for personal injury related to cell phone use
October 22, 2007 by Canadian UnderwriterLloyds of London is preparing for the next big liability action for personal injury damages based on the use of cell phone technology.Mobile phones are now so ingrained in our daily lives that the thought of living without them is…
Sutton Sportscover Ltd. launched in Canada
October 22, 2007 by Canadian UnderwriterW.J. Sutton & Company Limited, a special risk managing general underwriter, and Sportscover, a global sports insurer, have joined forces to launch Sutton Sportscover Limited, a new company focusing on sports insurance in Canada. The new venture will provide comprehensive,…
Commercial brokers in discussions with CRA over excise tax rules
October 16, 2007 by Canadian UnderwriterThe Toronto Insurance Conference [TIC] and the Insurance Brokers Association of Ontario [IBAO] are in discussions with the Canada Revenue Agency [CRA] about recent changes to the CRAs rules regarding the payment of excise taxes when dealing with foreign, unlicensed…
EGI Financial expands US operations
October 15, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. announced it has taken a US$20-million [approximately Cdn$19.54-million], non-revolving term loan with the Bank of Nova Scotia.The loan will help EGI Financial reinsure niche and specialty line insurers underwriting business in the United States through its…
Specialty program markets actively seeking new business
October 12, 2007 by Canadian UnderwriterSpecialty program markets appear to be actively seeking profitable new business, both from new program administrators and existing partners, by building product and volume, according to a recent survey by Guy Carpenter & Company LLC.The survey canvassed an undisclosed number…