News

Hurdles to growth likely to create shifts in global mutual landscape: A.M. Best Fallback Image Decorative pattern

Industry

Hurdles to growth likely to create shifts in global mutual landscape: A.M. Best

Although mutual insurers generally fared the economic downturn better than their non-mutual insurer counterparts, mutuals’ growth potential may be limited in the post-recession economy, A.M. Best reports.The limited growth potential will likely lead to more affiliations, partnerships and joint ventures, A.M. Best suggests.In its Special Report: Global Mutual Insurance, A.M. Best suggests limited financial flexibility, […]

By Canadian Underwriter | May 10, 2010

2 min read

OSFI calls on board members to help avert next financial crisis Fallback Image Decorative pattern

Claims

OSFI calls on board members to help avert next financial crisis

Board directors of financial institutions “need to take better ownership for averting the next [financial] crisis,” says Canada’s solvency supervisor.This means board directors should take a more active role in supervising and the risk management decisions of corporate management, said Ted Price, assistant superintendent of the supervision sector office at the Office of the Superintendent […]

By Canadian Underwriter | May 10, 2010

2 min read

AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors Fallback Image Decorative pattern

Industry

AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors

Gap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance regulator has ruled.Gap coverage guarantees count as “insurance products” if offered by someone other than […]

By Canadian Underwriter | May 10, 2010

2 min read

Cleanup costs vary widely for hydrocarbon spills (500-litre spill could cost between $3,000 and $200,000) Fallback Image Decorative pattern

Industry

Cleanup costs vary widely for hydrocarbon spills (500-litre spill could cost between $3,000 and $200,000)

The typical cost of cleaning up a 500-litre hydrocarbon spill can range from $3,000 to $200,000, depending on a number of different factors, with the average running about $120,000, according to Mark Samis, vice president of operations with Environmental Remediation Services.Samis said for hydrocarbon spills generally, insurers typically reserve for costs anywhere in the range […]

By Canadian Underwriter | May 7, 2010

2 min read