Segment
Risk Management
What’s New: In Brief (March 28, 2007)
March 28, 2007 by Canadian UnderwriterThe Dominion of Canada General Insurance Company has teamed up with Guidewire Software to modernize and replace The Dominions existing legacy claims system in order to better serve the needs of its policyholders and its network of independent brokers. The…
B.C. Court of Appeal clarifies when insurer has duty to defend
March 27, 2007 by Canadian UnderwriterReporting an event or “circumstance that might lead to a professional liability insurance claim is not, in the absence of a claim, enough to trigger an insurer’s obligation to defend, the B.C. Appeal Court has ruled.In MWH International, Inc. v.…
What’s New: In Brief (March 27, 2007)
March 27, 2007 by Canadian UnderwriterCGI Insurance Business Services has moved to a new location, at 150 Commerce Valley Drive, in Markham Ontario.All business units, including CGI Information Solutions and Services, CGI Insurance Company Systems, CGI Adjusters Inc. and CGI Risk Management Solutions will now…
Severe flu pandemic could lead to US$683-billion economic loss
March 26, 2007 by Canadian UnderwriterA severe pandemic flu outbreak could result in the second-worst recession in the United States since World War 2, according to a March 2007 report by Trust for America’s Health (TFAH), entitled “Pandemic Flu and Potential for U.S. Economic Recession.”The…
Aon launches global risk consulting unit
March 26, 2007 by Canadian UnderwriterAon Corporation has further consolidated its services with the formation of Aon Global Risk Consulting (AGRC), creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world.The formation of AGRC follows the launch of…
U.S. securities regulator eases reporting requirements for foreign issuers
March 23, 2007 by Canadian UnderwriterThe United States Securities Exchange Commission [SEC] has officially made it easier for foreign companies to terminate their SEC registration, thus making it easier to cease their reporting obligations under the Sarbanes-Oxley Act.Smaller foreign companies in particular have criticized the…
Lloyd’s survey finds managing the cycle as top challenge for industry
March 23, 2007 by Canadian UnderwriterManaging the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of…
What’s New: In Brief (March 21, 2007)
March 21, 2007 by Canadian UnderwriterAudatex announced the appointment of Rick Tuuri as associate vice president of industry relations. Tuuri will serve as a central point of contact for all industry-related opportunities in North America, working with his counterparts around the globe. A 28-year veteran…
Canadian insurance industry posts “very strong” results in 2006
March 20, 2007 by Canadian UnderwriterOverall, 2006 has been a very strong year financially for the Canadian property and casualty industry, the Insurance Bureau of Canada observed at the Swiss Re Canadian Insurance Outlook Breakfast in Toronto.If there was only one cloud in the silver…
Industry should improve communication to prevent intervention
March 20, 2007 by Canadian UnderwriterIn order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting…
What’s New: In Brief (March 20, 2007)
March 20, 2007 by Canadian UnderwriterGore Mutual Insurance Company has increased its investment in The Insurance Brokers Association of Canadas Broker Identity Program (BIP) for 2007. Gore Mutuals decision to become a full partner of IBAC is the result of our commitment to brokers, Kevin…
Ontario to see harmonized insurance classes, definitions in April 2007
March 19, 2007 by Canadian UnderwriterHarmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.Please note that insurers current licensing status will not be affected and no action is required by insurers as a…