Vicarious Costs
March 1, 2004 William BlakeneySexual Abuse in the Church Under Scrutiny; Vicarious liability is the startling legal concept that someone can be held liable for a third party’s injuries when they were not actively involved in the incident that caused the damages. Parties sued for vicarious liability are generally, but are not always in a supervisory position over the person who would ordinarily be personally responsible.
Chubb Canada names new CEO
February 27, 2004 by Canadian UnderwriterFolowing on the departure of Jan Tomlinson to the U.S. parent company, Chubb Insurance Company of Canada has named Ellen J. Moore as its new CEO. In fact, Moore will continue to work for Tomlinson, who has assumed the role…
Global reinsurers continue to feel the heat: A.M. Best
September 8, 2003 by Canadian UnderwriterReinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September…
Commercial Liability: One Bad Apple
August 1, 2003 Vikki SpencerWith out of control losses on auto having dominated the attention of insurance companies over the past year, a new menace in the form of commercial liability risks has slipped under insurers’ underwriting radar. Adverse reserve development in the liability line was almost $250 million last year. At a time when insurers are struggling with the auto product and trying to regain profitability in a weakened investment environment, they can ill afford to be shoring up liability reserves. But, as the U.S. style of litigation creeps northward, already seen in the growing acceptance of class action lawsuits and contingency fees in Canada, it is clear commercial liability insurers have more than prior years’ losses to worry about. While the industry has its eye on auto, a “bad apple” may have slipped into the barrel in the form of commercial liability, with the potential to wreak havoc on a weakened industry.
Partners Forever..?
July 1, 2003 Sean van Zyl, EditorThe property and casualty insurance industry has traditionally been a close-knit community, built on long-standing “partnerships” from the street broker to primary insurer and ultimately the reinsurer. The “tides of fortune” affected by the vagaries of the hard to soft…
Canadian Ops of the Home Insurance Co. in Liquidation
July 1, 2003 by Canadian UnderwriterThe Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which…
Canadian ops of The Home Insurance Co. face liquidation
June 27, 2003 by Canadian UnderwriterThe Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which…
Global reinsurance outlook grim: S&P
June 2, 2003 by Canadian UnderwriterA negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue…
RIMS Conference 2003: The Age of Risk
May 1, 2003 Vikki SpencerThe concept of “risk” has been at the center of public attention since the events of 9/11 through corporate scandals and most recently, with the spread of severe acute respiratory syndrome (SARS). And, risk managers, meeting in Chicago recently for this year’s Risk & Insurance Management Society (RIMS) conference, are more than aware of the impact this new “age of risk” is having on premiums. However, despite these “trying times”, risk mangers have evolved within the corporate culture.
Illusion or Reality? CSIO Portal Launch Looms
February 1, 2003 Sean van Zyl, EditorOnce again, the Centre for the Study of Insurance Operation’s (CSIO) intranet-based insurance portal is set for imminent release. As insurers and brokers hold their breath in the countdown to the project’s first-phase April launch date, the industry remains charged with mixed feelings of “general optimism” as well as “uncertainty” based on the many unknown factors that could result in success or failure of the portal over the longer-term. The CSIO points out, however, that one of the biggest hurdles having thwarted past attempts at achieving an industry-wide online, real-time electronic processing solution has been overcome – by the time of the launch date the portal will be carrying a “critical mass” of insurance companies with strong commitment by brokers to sign on. Has the CSIO finally pulled the industry online technology rabbit from the hat?
ACE takes US$354 million asbestos charge
January 28, 2003 by Canadian UnderwriterBermuda-based ACE Ltd. says it will take a charge of US$354 million on fourth quarter 2002 earnings in order to bolster asbestos reserves.Reserves will be increased by US$2.178 billion gross, with US$1.86 billion offset by reinsurance. US$533 million of this…
U.S. insurance regulation: GOING FEDERAL
January 1, 2003 Brian Reeve a partner at Cassels Brock & Blackwell LLPIn the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer’s duty to…