Digging Deeper Into Oil Spills
August 1, 2005 Bert Wood, president, ESRSGreater environmental awareness, tighter regulatory standards and pressure from banks and lending institutions on real estate transactions mean that risk managers and homeowners must pay close attention to oil spills, contamination and proper remediation. The alternatives can be financially disastrous.
Yukon broker under investigation
July 25, 2005 by Canadian UnderwriterInvestigators from Alberta are probing allegations that a Whitehorse insurance broker stole clients’ money, leaving approximately 30 Yukon Territories Insurance Solutions policyholders dealing without the insurance coverage they paid for, according to Yukon government officials.The Yukon government’s supervisor of insurance…
Financial Reform Redux
July 1, 2005 by Canadian UnderwriterWhile the deadline for new financial services legislation is more than a year away, insurers, brokers and bankers have taken their traditional positions on the issue of banks’ ability to fully sell and market insurance products. The association representing Canada’s major chartered banks is aggressively advocating a stance regarding increased insurance powers that will not see this topic retiring gently into the night without a long and arduous fight.
What’s New: In brief (June 06, 2005)
June 6, 2005 by Canadian UnderwriterInsurers of recently Ridley Inc. a North American commercial animal nutrition company have recently been of law suits seeking recovery of damages for losses Canadian cattle farmers incurred from the international bans on the export of Canadian beef and cattle…
FSCO issues cease and desist issued against paralegal
May 24, 2005 by Canadian UnderwriterThe Superintendent of Financial Services has issued an interim Cease and Desist Order against a Toronto paralegal, Robert Crosbie and R.E.C. Paralegal. The order is effective immediately.Under subsection 441(4) of the Insurance Act, the Superintendent orders that Robert Crosbie, carrying…
No hikes for Torontonians affected by transit strike: IBC
April 6, 2005 by Canadian UnderwriterResidents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has…
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,…
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…
Voluntary Reaction?
March 1, 2005 Craig HarrisCanada’s non-profit sector has taken its insurance hits over the past three years from higher rates and reduced coverage. Its vulnerable position in the insurance cycle has caught the attention of regulators and politicians across the country. Insurers are now responding with a flurry of activity to solve the problem and control the damage.
Court case proves need for non-rescindable cover: Saddington
February 24, 2005 by Canadian UnderwriterNews today that Chubb Insurance Co. was seeking to rescind US$40 million in coverage for directors and officers of Nortel Network Corp. highlights the need for companies to purchase non-rescindable cover, says Scott Saddington, chief underwriting officer for Executive Risk…
Texas study vindicates use of credit scoring
February 3, 2005 by Canadian UnderwriterThe second phase of the study on credit scoring engaged by the Texas Department of Insurance (TDI), has found the use of credit scores in underwriting “significantly improves pricing accuracy when combined with other rating variables in predicting risk”, according…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…