Industry
The Ontario Court of Appeal is currently picking its way through a difficult fraud case that has pitted a credit union suffering substantial losses against its two insurers.The Iroquois Falls Community Credit Union, represented at the appeal court by its liquidator, claimed it had suffered substantial losses “due to the dishonest and/or fraudulent acts of […]
By Canadian Underwriter | April 29, 2008
2 min read
Companies expanding globally, outsourcing their business operations and adding new IT systems are making themselves more vulnerable to fraud, according to a report from Kroll, a risk consulting company.The latest Kroll Global Fraud Report highlights the growing danger of supply chain fraud to businesses worldwide. Large companies have increasingly become ‘extended enterprises’ by globalizing, outsourcing […]
By Canadian Underwriter | April 28, 2008
The Insurance Council of British Columbia, which regulates the province’s brokers, has published new guidelines for its General Continuing Education (C/E) Program, including a focus on strictly insurance-related aspects of the business.As of June 1, 2008, the General C/E Program content will exclude “non-insurance areas” of education related to the business of insurance agents, adjusters […]
Arch Capital Group Ltd. (NASDAQ: ACGL) has reported a declining net income of US$189.4 million for 2008 Q1, compared to its profit of US$198.6 million for 2007 Q1.The combined ratio was 86.2% in 2008 Q1 a change from 2007 Q1’s 83.4%. Gross premiums written decreased from US$1.2 billion in 2007 Q1 to US$1.05 billion. Net […]
By Canadian Underwriter | April 25, 2008
1 min read
The Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.Net written premiums increased 2% to US$2.9 billion, a Chubb release says. The combined loss and expense ratio for 2008 Q1 was 83.9%, up marginally from the 83.7% reported for the same […]
Chubb Insurance Company of Canada has launched a policy for film producers that insures certain losses straight through post-production.Typically such policies are restricted to covering losses that occur during the “principal photography” period only. Chubb unveiled its “Film Producers Risk Policy” at the Canadian Film Centre in Toronto. The coverage is designed to address the […]
By Canadian Underwriter | April 24, 2008
The Supreme Court of Canada has rejected leave to appeal a decision of the Ontario Appeal Court that found Insurers are entitled to conduct an examination under oath of an insured, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced.The Supreme Court does not issue […]
The Saskatchewan Mutual Insurance Company (SMI) is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.”For many years, SMI has sponsored IBAC’s broker awareness campaign and we are proud to continue as a full partner,” SMI president and CEO Laura Wiebe said in a press release. […]
XL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease in underwriting profit from property and casualty operations. The underwriting profit was US$40.7 million in […]
By Canadian Underwriter | April 23, 2008
Newfoundland and Labrador’s Department of Finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums.Effective immediately, insurers are no longer required to collect the tax.If a person purchased or renewed a contract of insurance on or after Jan. 1, 2008, that person will receive a refund of the tax paid, a […]
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