Industry
Directors’ and officers’ liability insurance costs for the S&P Financials Sector increased 50% in 2008 Q4 compared to 2007 Q4, according to the Quarterly D&O Pricing Index released by Aon Corporation’s Financial Services Group.The Index shows the average price for US$1 million in coverage limits increased 3.15% in 2008 Q4, compared with the prices in […]
By Canadian Underwriter | March 3, 2009
2 min read
In a move intended to make Saskatchewan roads safer, SGI has increased by 400% the financial penalty for Criminal Code driving-related offences resulting in injury or death. The policy change to the Safe Driver Recognition program raises the financial penalty from Cdn$500 to Cdn$2,500. The Safe Driver Recognition program is an incentive program that offers […]
A.M. Best Co. is maintaining a stable outlook in 2009 for both the global reinsurance sector and the U.S. personal lines sector.The ratings agency listed factors that support its reinsurance sector outlook, including: • sound underlying operating earnings generated over the most recent timeframe;• demonstrated underwriting discipline; and• the risk-adjusted capital adequacy of the segment […]
The Insurance Brokers Association of Ontario (IBAO) will be launching a new monthly publication, The Ontario Broker, in April. The new publication will replace the IBAO News and will be a full-colour, 16-page magazine.The magazine will focus on important issues affecting IBAO’s membership, as well as recent activities of the association’s various committees. It will […]
By Canadian Underwriter | March 2, 2009
1 min read
The Canadian Collision Industry Forum (CCIF) is supporting a private member’s bill before the House of Commons that would oblige vehicle manufacturers to provide independent repairers access to tools, training and diagnostic information.”In Canada, certain vehicle manufacturers are denying [independent repairers] access to the tools, training and diagnostic information required to carry out repair and […]
The introduction of speed limiters for trucks set at 105 km-h increases safety for all geometric highway configurations, especially straight highways, a report for the federal transportation department says.The basic aim of the study, posted on Transport Canada’s Web site, is to assess the safety implications of mandating speed limiters for large trucks (weight greater […]
American International Group (AIG) Inc. has reported a US$99.3-billion net loss for 2008, compared to a net income of US$6.2 billion in 2007. Its general insurance operations reported net premiums written of US$9.2 billion in 2008 Q4, a 16.3% decline compared to 2007 Q4. The company has since announced a set of initiatives in conjunction […]
NOVA SCOTIA CAP RULING, PART TWO The judge of the Supreme Court of Nova Scotia who dismissed the challenge to the province’s minor injury cap has issued a second part to his written decision. Justice Walter Goodfellow issued the second part of the Hartling et al. v Nova Scotia decision in anticipation that his Jan. […]
February 28, 2009
ING INSURANCE COMPANY OF CANADA TO BECOME INTACT INSURANCE COMPANY ING Insurance Company of Canada has become Intact Insurance Company. Institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent, Canadianlisted and widely-held company. ING Canada Inc., […]
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