Industry
Some time ago at a CEO forum, a broker asked insurance company executives to provide the best standard of financial health in these tough economic times. The confusion motivating the question is well-placed: one minute an insurer publicly reports having excellent quarterly underwriting earnings; the next day we learn it is bankrupt, awash in a […]
By David Gambrill, Editor | November 30, 2008
3 min read
Whether or not today’s financial crisis leads to hardening of the property insurance market in the future depends to some extent on how AIG/Lexington’s underwriting responds to the crisis, according to a Willis publication.“We do not want to over-sensationalize the AIG crisis, but we do think a significant amount hinges on how AIG/Lexington chooses to […]
By Canadian Underwriter | November 28, 2008
2 min read
Saskatchewan’s provincial court ruled in November that an insurer failed to prove on a balance of probabilities that an insured faked the theft of his automobile. In Banbury v Saskatchewan Government Insurance, Michael Banbury, the insured, reported his car stolen from his apartment building’s parking lot in September 2007.Two weeks later, the car was recovered […]
Catlin Canada has announced two appointments to its Calgary office.Greg Joyce will assume the position of product manager, energy, and John Alford will be energy and property underwriter.Both join Catlin Canada from GCAN Canada, where they had established a domestic oil and gas portfolio. Joyce was previously the manager of GCAN’s Calgary office. CARSTAR Automotive […]
1 min read
Insurers are increasing their profile in the climate change debate and raising awareness among customers, according to the first annual review of the ClimateWise principles.ClimateWise is a group of more than 40 companies and organizations in the insurance industry that aim to reduce the risk of climate change and report publicly on their performance.A year […]
Ontario’s Superior Court of Justice has ruled that statutory accident benefits may be garnisheed in the event that an insured defaults against a creditor. Vlado Serbinek was insured by Markel Insurance Company of Canada when he was injured in a motor vehicle accident. As a result, he may become entitled to payment of Statutory Accident […]
By Canadian Underwriter | November 27, 2008
Fair value accounting (FVA) is the innocent bystander hurt by the current financial crisis, not the villain perpetrating market volatility, panelists at a KPMG seminar said.“Fair value is not responsible for where we are today,” panelist John Reucassel of BMO Capital Markets said. “To suggest otherwise is ridiculous. “We are where we are today because […]
Although the trend towards principles-based regulation will soldier on, companies may find the regulatory pendulum swinging back somewhat more to rules-based regulation in light of the current financial crisis, panelists told a KPMG ‘Regulatory Update’ seminar.“It will be interesting to see, in the current economic climate and market conditions, whether the movement towards principles-based [regulation] […]
Supreme Collision Centre has opened a fourth location — this one in Bolton, Ontario — and the PPG CertifiedFirst Network member is taking extra steps to create a ‘green,’ environmentally-friendly shop and reduce cycle times. Ron Doering, general manager and co-owner of the newest GTA location, said it was his intention to do all the […]
Auto insurance rate regulators across the country have established the Canadian Auto Insurance Rate Regulators (CARR) Association.”Our vision is to be a recognized inter-jurisdictional Canadian association for automobile insurance rate regulators working together to improve rate regulation processes,” said association chairman Harry Gough, currently the vice chair of the Alberta Auto Insurance Rate Board.The CARR […]
By Canadian Underwriter | November 26, 2008
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