Segment
Risk Management
What’s new: In brief (March 14, 2005)
March 14, 2005 by Canadian UnderwriterU.S. legislators are looking to the insurance industry to provide a long-term roadmap for providing terrorism coverage before agreeing to extend the Terrorism Risk Insurance Act beyond its December 31, 2005 sunset. In an editorial written for the Property Casualty…
Lloyd’s chairman touts need for contract certainty
March 13, 2005 by Canadian UnderwriterThe insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers,…
$3 billion class action lawsuit filed against Nortel, auditors
March 10, 2005 by Canadian UnderwriterA class action lawsuit seeking $3 billion has been filed against Nortel Networks and its auditors, Deloitte and Touche LLP.The suit, filed in Ontario Superior Court on behalf of investors who bought the company’s shares between April 24, 2003 and…
U.S. insurance pricing “flat” in February: MarketScout
March 10, 2005 by Canadian UnderwriterProperty & casualty insurance pricing was flat in February, according to data compiled by Dallas-based electronic insurance exchange MarketScout.MarketScout’s survey, which involves its national distribution system of more than 50,000 agents, found the composite renewal rate “as expiring” in February.…
What’s new: In brief (March 10, 2005)
March 10, 2005 by Canadian UnderwriterMoody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents…
Mississippi remains worst legal jurisdiction in U.S.: Chamber
March 9, 2005 by Canadian UnderwriterIn a survey of businesses, Mississippi continues to rank as the worst jurisdiction in terms of perceived legal fairness, according to the annual study of state liability systems published by the U.S. Chamber of Commerce’s Institute for Legal Reform.The ILR…
What’s new: In brief (March 09, 2005)
March 9, 2005 by Canadian UnderwriterThe Risk & Insurance Management Society is established in its new location at 1065 Avenue of the Americas, 13th Floor, New York, NY, 10018. Phone and fax numbers and email addresses remain the same. FM Global’s ratings outlook has been…
Willis surprised by Minnesota AG’s lawsuit
March 8, 2005 by Canadian UnderwriterUpon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says…
St. George’s to file for bankruptcy to stay proceedings in sex abuse civil cases
March 8, 2005 by Canadian UnderwriterThe Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of…
What’s new: In brief (March 08, 2005)
March 8, 2005 by Canadian UnderwriterAn Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges…
Chemical and oil/gas industries represent key industrial risk: Munich Re
March 7, 2005 by Canadian UnderwriterIn its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come…
What’s new: In brief (March 07, 2005)
March 7, 2005 by Canadian UnderwriterAviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information…