Segment
Risk Management
D&O claims frequency down in 2007: Role of SOX uncertain
October 11, 2007 by Canadian UnderwriterDespite a slight reduction in frequency of class actions against boardroom executives in the United States, its too early to say weve entered a Brave New World of good corporate behaviour because of the Sarbanes-Oxley Act [SOX], a reinsurer told…
Wildfire focus needed in Canadian cat models
October 11, 2007 by Canadian UnderwriterCanadian catastrophe models should place more emphasis on wildfires and heavy rain, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR).Kovacs made his statement at the National Insurance Conference of Canada (NICC) in Montreal. His…
Pressure growing for more risk management transparency
October 10, 2007 by Canadian UnderwriterCanadas largest companies are more responsive than they were a year ago to investor requests regarding carbon risk strategies, but the disclosed information still falls short of investor requirements, according to the Carbon Disclosure Project 2007 (CDP): Canada 200 Report.The…
What’s New: In Brief (October 09, 2007)
October 9, 2007 by Canadian UnderwriterWestern Financial Group has acquired Alberta-based Younger and Holmes Limited and Firmac Insurance Limited. Our agency continues to expand in growing communities in Western Canada, Scott Tannas, president and CEO of Western Financial Group, said in a release. Both operations…
Marsh arranges US$425 million of non-cat capacity for U.S./Canadian companies in UK market
October 9, 2007 by Canadian UnderwriterMarsh, a global insurance broker and risk adviser, has arranged a property facility that will provide up to US$425 million of non-catastrophe capacity in the London market for United States and Canadian companies, the company has announced.The facility can be…
Ontario’s “no fault” insurance bars subrogated tort claims brought by U.S.-based insurers: Appeal Court
October 5, 2007 by Canadian UnderwriterThe Ontario Court of Appeal has upheld that Ontarios no-fault auto insurance regime prohibits all tort actions for recovery of property damage against a negligent party including subrogated claims brought by insurers.In Clarendon National Insurance v. Candow, Signothahack Bounthai, a…
Tsunamis after next Cascadia earthquake might be more damaging than ground shaking
October 5, 2007 by Canadian UnderwriterGround shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even…
What’s New: In Brief (October 04, 2007)
October 4, 2007 by Canadian UnderwriterJeffrey T. Bowman has been named president and CEO of Crawford & Company, effective Jan. 1, 2008. The current president and CEO, Thomas W. Crawford, will serve as chairman of the board, while current chair, Jesse Crawford, will step down…
OSFI releases advisory on insuring in Canada a risk
October 2, 2007 by Canadian UnderwriterA foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory…
Insurers lowballing PMLs for Vancouver eartbhquake scenario
October 2, 2007 by Canadian UnderwriterIndividual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in…
Climate change poses threat of liability claims
September 28, 2007 by Canadian UnderwriterScientific evidence of the causes of global warming may reach a point of sophistication that supports allegations of liability for individuals, entities, industries and nations responsible for emissions of Green House Gases (GHG), Aon warns.In its report, Will Insurers be…
Ontario court reiterates requirement to deliver all endorsements to insureds
September 28, 2007 by Canadian UnderwriterThe Ontario Court of Appeal has sent a warning shot across the bow to insurers: notifying an insured that an OPCF 28A Excluded Driver Endorsement has been issued is not sufficient; a copy of the actual endorsement must be sent…