Industry
Saskatchewan’s Court of Appeal has denied leave to appeal to a group of insurers that argued the addition of a plaintiff to a case fell outside of a two-year limitation period. The Appeal Court agreed with the decision of the chambers judge to reject the insurers’ arguments, although the appellate court believed the chambers judge […]
By Canadian Underwriter | November 26, 2008
2 min read
Seventy-two vehicles earned the Insurance Institute for Highway Safety (IIHS) Top Safety Pick award for 2009, more than double the number of 2008 recipients and more than three times the number of 2007 winners.Top Safety Pick recognizes vehicles that do the best job of protecting people in front, side and rear crashes based on good […]
1 min read
Alberta’s Grid Risk-Sharing pool is reporting Cdn$171.1 million in total claims incurred but not reported (IBNR) as of Oct. 31, 2008, including a provision of about Cdn$81.5 million for claims liability related to Alberta’s court’s cap decision.Alberta’s Non-Grid Risk-Sharing Pool has reported a total of Cdn$44.1 million in IBNR claims as of Oct. 31, 2008, […]
The Ontario Court of Appeal has upheld an insurer’s duty to defend in a commercial liability case in which a No Frills grocery store employee was injured while engaged in horseplay at work.Dan Mitsios and Kevin Walters both worked at a No Frills grocery store. Mitsios sprayed Walters with water while he was cleaning the […]
By Canadian Underwriter | November 25, 2008
Global reinsurers have had excessive capital available to absorb the shocks of the past year, but much of that cushion has eroded, likely triggering price increases during the Jan. 1, 2009 renewals, says Standard & Poor’s (S&P’s).S&P’s predicts an average price increase of between 5% and 10%, according to its report, ‘Global Reinsurance: Excess Capital […]
Insurers’ core business models — underwriting risks — will likely not be changed as a result of the ongoing credit crisis, asserts Patrick Liedtke, secretary general and managing director of The Geneva Association.The Geneva Association, also known as the International Association for the Study of Insurance Economics, includes 80 CEOs from global insurance companies.In his […]
The Insurance Bureau of Canada (IBC) has approved plans to move forward with the re-introduction of the Health Claims for Auto Insurance (HCAI) electronic data-exchange system, although re-introduction will not happen before testing begins in the summer of 2009.HCAI is a Cdn$20-million electronic claims system intended to link participants involved in Ontario’s auto insurance system, […]
Marsh & MacLennan Cos. (NYSE: MMC) has filed a shelf registration statement with the U.S. Securities Exchange Commission (SEC) indicating it has set aside 22.6 million common shares worth US$500 million to be used in connection with acquisitions of other businesses.The stock would not be sold, but would rather be used as stock transactions in […]
By Canadian Underwriter | November 24, 2008
Only reinsurance arrangements that include an appropriate insolvency clause should be recognized by Canada’s solvency regulator as an allowable asset, Canada’s insurance guarantee fund has recommended in a report.The Property and Casualty Insurance Compensation Corporation (PACICC), which reimburses Canadian policyholders in the event of an insurer bankruptcy, made this and several other recommendations in its […]
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