Industry
Despite efforts to eliminate contingent commissions, “they are not dead,” according to Fitch Ratings Agency’s recent report ‘Review and Outlook 2007-2008.’Fitch said it believes “the major brokers are finding ways to incrementally increase revenue in the absence of contingent commissions, albeit in different forms and to varying degrees.”One strategy, for example, is for brokers to […]
By Canadian Underwriter | January 14, 2008
1 min read
The average directors and officers liability (D&O) premium fell 11% in the 2007 Q4, far outstripping decreases in other lines of business tracked by Advisen for the Risk and Insurance Management Society’s (RIMS) Benchmark Survey.In addition, the persistent soft market continued to wear away at pricing in general liability (-3%) and property (1.3%), although the […]
The seven-year extension of the Terrorism Risk Insurance Act (TRIA) has been met with support by the insurance industry, according to Lloyd’s. The new law, Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), was a “major milestone for the financial security of the United States,” according to Lloyd’s broker Willis. TRIA expired on Dec. […]
By Canadian Underwriter | January 11, 2008
The Canadian Council of Insurance Regulators (CCIR) seeks to foster dialogue between regulators and stakeholders on the basic approaches to risk-based market conduct regulation (RbMCR) in Canada. RbMCR means directing regulatory efforts to the most significant issues that either have the greatest potential for consumer harm or that could weaken public confidence if left unchecked, […]
An Ontario Superior Court justice has slashed a plaintiff’s claim for Cdn$4 million in damages and lost wages related to an accident at an Ottawa Home Depot down to Cdn$518,132.”It is clear that the plaintiff was injured in the accident at Home Depot and that the injury sustained by her caused a lot of inconvenience […]
Ken Cheveldayoff, minister of crown corporations, has proclaimed Jan. 13 to Jan. 19 Snowmobile Safety Week in Saskatchewan. “Snowmobiling is one of the province’s most popular activities,” Cheveldayoff said in a press release. “Unfortunately, unsafe snowmobiling can result in serious injury.”SGI encourages all snowmobile enthusiasts to take a safety course to learn how to avoid […]
**CLARIFICATION** This story includes information omitted from first publication on Jan. 11 The new Health Claims for Auto Insurance (HCAI) system for electronically submitting accident benefit health care claims forms in Ontario has 104 insurance companies enrolled as of Jan. 2, 2008, along with 1,225 health care service providers.In a little less than a month, […]
2 min read
**CORRECTION**Yesterday, Canadian Underwriter reported that the B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up. This was incorrect.In fact, the issue in question was whether the B.C. Supreme Court would allow Sovereign […]
The Canadian insurance market can expect to see more consolidation in 2008, according to Philip H. Cook of Omega Insurance Holdings Inc.Speaking at a CIP Symposium breakfast meeting at the National Club in Toronto, Cook read off the names of about 22 players in the Canadian insurance industry that have disappeared over the past year […]
By Canadian Underwriter | January 10, 2008
The subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in the current “soft” U.S. market, with 20% drops in rates not being unusual. But that […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
