Industry
Ontario’s ministry of transportation has not followed up on why novice drivers enrolled in the province’s Beginner Driver Education (BDE) program crash at higher rates than drivers who did not participate in the program, Ontario’s auditor general says.In his 2007 annual report, Ontario auditor general Jim McCarter noted that between 2000 and 2005, G2-licensed drivers […]
By Canadian Underwriter | December 12, 2007
2 min read
Slightly more people would search for identity theft solutions from an insurance company than they would from either banks or credit card companies, according to a survey by the National Association of Insurance Commissioners (NAIC).The NAIC’s national survey polled a nationally representative sample of 500 adults aged 18 and older. The survey was conducted Nov. […]
By Canadian Underwriter | December 11, 2007
1 min read
More and more banking institutions are appointing chief risk officers (CROs) to the senior level, reports Lloyd’s of London. “The post-Enron era brought heightened focus on the role and responsibility of corporate boards and their members,” a Lloyd’s report says. “This year the subprime crisis in the United States has only served to emphasise that, […]
The time to play up the sale of fire insurance in B.C. is during the winter holidays, based on statistics offered by BCAA Insurance.According to Fire Prevention Canada, December generates 20 times the average monthly number of candle-related incidents. “In fact, between December 15 and 30 alone, candle-related fires increase by a whopping 140%,” BCAA […]
Willis Group Holdings Limited is strengthening its presence in the Canadian energy sector, by appointing Cees Van der Slikke to executive vice president of the company’s energy business in Canada. Van der Slikke will also serve as managing partner of Willis’ Calgary office.He will be working closely with Willis’ global energy senior management team to […]
The United Kingdo’s financial services regulator, the Financial Services Authority (FSA), says it wants to take more time to consider “possible inefficiencies in the commercial general insurance market” before making a decision on whether to mandate commission disclosure. Under the FSA’s current rules, a commercial insurance broker must disclose commission information if the client requests […]
By Canadian Underwriter | December 10, 2007
Guy Carpenter has developed a Subprime E&O Litigation Index, which measures the combination of factors influencing the country’s E&O litigation climate in the wake of the market crisis related to U.S. subprime mortgage-backed securities. Factors anticipated to lead to higher rates of E&O litigation in certain U.S. states include: the state’s foreclosure rate;subprime mortgage delinquency […]
The U.S. dollar’s weakness and the softening of the reinsurance market significantly affected the financial results of the first half of 2007, Benfield Group Limited says. Benfield said its earlier expectation that reported trading profit for the full year would be at a similar level to that achieved in 2006 was subject to deterioration in […]
Alberta’s Superintendent of Insurance has issued penalties of Cdn$114,000 against ING Insurance Company of Canada and Cdn$94,000 against Unifund Assurance Company for contravening the Insurance Act.”Following an investigation, the superintendent determined that both insurance companies had cancelled and/or refused to renew insurance policies outside of the limited parameters allowed by the Insurance Act,” the superintendent […]
By Canadian Underwriter | December 7, 2007
Chubb Insurance Company of Canada has taken steps to improve its handling of each of the 125,000 telephone calls it receives each year, by migrating to an IP telephony platform.Internet telephony is the use of the Internet rather than the traditional telephone company infrastructure and rate structure to exchange spoken or other telephone information.Chubb has […]
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