Segment
Risk Management
Heads of financial institutions urge G8 to tackle climate change
June 8, 2007 by Canadian UnderwriterThe heads of some of Canadas financial institutions have signed a letter to the G8 that warns unless action against climate change is taken immediately, by 2040 the world could experience annual economic losses as high as US$1 trillion.In the…
Does Ontario’s Insurance Act thwart Bill 18 intentions?
June 8, 2007 by Canadian UnderwriterA conflict between the new regulations contained in Ontarios Bill 18, which deals with vicarious liability for vehicle leasing and rental companies, and s. 239 of the Insurance Act may be inadvertently thwarting the intent of Bill 18, according to…
Ontario wholesale broker pleads guilty in connection with US$8.5-million scam
June 7, 2007 by Canadian UnderwriterCanadian wholesale broker Ian Stuart-Smith has pled guilty to a felony wire fraud charge and now faces a maximum of 20 years in jail and a maximum fine of US$250,000 or twice the gross gain or loss resulting from the…
What’s New: In Brief (June 07, 2007)
June 7, 2007 by Canadian UnderwriterThe curtain has lifted on FOCUS Entertainment Insurance Brokers Inc., British Columbias first locally owned and operated insurance brokerage firm exclusively servicing the film industry. Launched by business partners David Hamilton, a senior film insurance broker in Western Canada, and…
Attack class certification early
June 6, 2007 by Canadian UnderwriterInsurers need to decide whether to attack the certification of a class action lawsuit up front, or wait until after certification to respond to the claim, Roderick S.W. Winsor, a partner at Blaney McMurtry LLP, told delegates at the Insurance…
AIR updates U.S. hurricane model to better estimate business interruption
June 5, 2007 by Canadian UnderwriterAIR Worldwide has updated its United States hurricane model to include an enhanced methodology for estimating business interruption (BI) losses.In the aftermath of the 2004 and 2005 hurricane seasons, which devastated wide swaths of the Gulf Coast and put countless…
‘Greening’ of supply chain poses challenges
June 5, 2007 by Canadian UnderwriterCanadian executives concerned with supply chain management face a number of risks including environmental regulations and pressures, according to PricewaterhouseCoopers (PwC) LLP in Canada.Lino Casalino, partner, Canadian supply chain and logistics leader with PwC, points to several key trends influencing…
Ontario court examines “crystal ball” of future loss of income
June 5, 2007 by Canadian UnderwriterA 62-year-old orthopedic surgeon in Windsor, Ontario has been awarded Cdn$844,450 in damages including Cdn$714,000 based on a presumed future loss of income between the ages of 65 and 70 for injuries he sustained after being thrown from his bicycle…
What’s New: In Brief (June 05, 2007)
June 5, 2007 by Canadian UnderwriterHub International Limited (TSX: HBG) announced that its shareholders approved the proposed plan for Apax Partners and Morgan Stanley Principle Investments to acquire all of Hubs common shares.The plan of arrangement was approved by 92.7% of the votes cast by…
What’s New: In Brief (June 04, 2007)
June 4, 2007 by Canadian UnderwriterMarkel International has launched an insurance product to cover complementay and alternative medicine malpractice.The rise in popularity of no-win no-fee arrangements has increased the number of claims against alternative and complimentary practitioners, which has driven up the demand for malpractice…
Human capital risk most significant threat, study finds
June 4, 2007 by Canadian UnderwriterInternational risk managers see human capital risk as being the most significant threat facing their global business operations, according to a survey conducted by the Economist Intelligence Unit and sponsored by the ACE Group of Companies. The surveys findings show…
Property market conditions rapidly changing
June 1, 2007 by Canadian UnderwriterThe terms and conditions for both cat risks and non-cat risks in the global property insurance market are changing more rapidly than many would have anticipated a year ago, says a recent Willis Group Holdings Ltd.s property alert.In Willis Property…