Industry
The Ontario Superior Court has held up two exclusions in an “all-risks” commercial policy, according to which Lombard General Insurance denied coverage for a business interruption claim made by companies that lost frozen food after a power blackout.Leo Deluca Enterprises Ltd. and Koolini’s Italian Cuisini Inc. brought a claim against Lombard after a 2003 hydro […]
By Canadian Underwriter | April 10, 2008
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The U.S. property and casualty insurance industry’s profits took a 5.8% hit in 2007, slipping to US$61.9 billion last year from US$65.8 billion in 2006. By contrast, the Canadian property and casualty industry saw its net income fall 3.6% in 2007, down to Cdn$4.008 billion, according to statistics published by MSA Research Inc. The U.S. […]
By Canadian Underwriter | April 9, 2008
In the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse made the above observation while speaking at the Ontario Risk and Insurance Management Society (ORIMS)’s […]
Aviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new home purchasers in Western Canada, the release adds. “This acquisition will add momentum to our […]
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Manitoba’s CIP Society wants to help make dreams a reality, by organizing a gala to help raise money to build new homes for families in need.Saturday, Oct. 18, 2008 will mark the first CIP Society of Manitoba Dreambuild Gala, in association with the non-profit association Habitat for Humanity.”We wanted to host an event that would […]
Aviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created out of an amalgamation of numerous insurance companies. The company is in the final stages […]
By Canadian Underwriter | April 8, 2008
American International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.”These organizational changes will contribute substantially to an improved operating environment, provide greater results in our Deliver the Firm initiative and a better customer service framework for our property and casualty […]
Paul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.”Mr. Taylor’s move to the private sector was his decision and the board is deeply disappointed that he is leaving,” T. Richard Turner, […]
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1, 2008.Under legislative changes in September 2007, DOFIs wishing to continue operating in the Australian market […]
FSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF), FSCO notes in its June 2008 draft Statement of Priorities.”This will help to ensure the […]
By Canadian Underwriter | April 7, 2008
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