Industry
Future care costs may be on the rise in Ontario, given the Court of Appeal’s decision to uphold a jury decision to award plaintiffs an amount more than Cdn$1-million in excess of the highest amount sought. In the 2006 Superior Court case Sandhu v. Wellington Place Apartments, Harvinder Sandhu fell from a fifth-floor apartment window, […]
By Canadian Underwriter | March 31, 2008
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The Office of the Superintendent of Financial Institutions Canada (OSFI) has adjusted its Minimum Capital Test (MCT) Guideline for all federally regulated property and casualty insurance companies. After discussions with the Insurance Bureau of Canada, OSFI and the Canadian Council of Insurance Regulators have now revised the treatment of property and casualty insurers’ “other subsidiaries […]
Livestock insurance, the increase in off-shoring of financial services and fiscal imbalance between the levels of government are all issues that still need to be addressed by the federal government in the wake of the Bank Act review, said Normand Lafreniere, president of the Canadian Association of Mutual Insurance Companies (CAMIC).Speaking at CAMIC’s 2008 mid-term […]
By Canadian Underwriter | March 28, 2008
The Ontario Superior Court has allowed the appeal of an arbitration and decided the word “insurer” has the same meaning in Part VI of the Insurance Act as set out in Section 1 of the Act for the purposes of accident benefits loss transfer.Economical Mutual Insurance Company v. Liberty Mutual Fire Insurance Company hinges on […]
Neil Morrison of HKMB in Toronto has been appointed treasurer of the World Broker Networks’ (WBN, Ltd.) board of directors, according to AJC Consultants Ltd. WBN, Ltd, a privately owned international insurance broker network, has sixty member companies in fifty-six countries, AJC Consultants Ltd notes on its Web site. Perils facing filmmakers adapting a book […]
Three Toronto men have been charged in connection with the alleged fraudulent application for insurance benefits, York Regional Police (YRP) reported. A single motor vehicle collision occurred in the Town of Georgina on July 2, 2007. Subsequent to that, two of the accused allegedly submitted fraudulent insurance claims for extensive medical treatment, assessments and benefits […]
Global reinsurance broker Benfield Ltd. has characterized the January 2008 renewal season as one of a “hard market softening,” in which reinsurance premiums declined, but they did so from lofty heights to begin with.”Premiums fell broadly due to client retentions and rate decreases, but companies were quick to point out that the rates had fallen […]
By Canadian Underwriter | March 27, 2008
The Economical Mutual Insurance Company has reported a net profit of Cdn$117.6 million for 2007, a decrease from 2006’s net income of Cdn$130 million.Net claims and adjustment expenses also increased slightly from Cdn$946 million in 2006 to Cdn$983 million in 2007, according to statements of income filed with the Office of the Superintendent of Financial […]
1 min read
Eighty-three per cent out of the 274 global insurance and reinsurance groups evaluated in Standard & Poor’s 2007 scorecard had “adequate” ERM programs.Further, S&P’s noted in its 2007 scorecard, only 11 of the organizations had improved over their 2006 Standard & Poor’s ERM scorecard rating. Roughly 3% of the companies surveyed actually saw their grade […]
By Canadian Underwriter | March 26, 2008
Although increasing competition for business is likely to promote further deterioration of U.S. property and casualty rates in 2008, Fitch Ratings “expects insurers to post a more modest underwriting profit in 2008 [compared to 2007].”Even so, Fitch also “anticipatesinsurers’ overall profits will decline in 2008, and that the industry will struggle to produce an adequate […]
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