Industry
The increasing duties of company directors, along with the growing ease of accessing legal redress for breaches of those duties, have created a more threatening liability environment than ever before, reports ACE.In the ACE Progress Report: International Developments in Executive Liability, author Carol A.N. Zacharias says whether — and to what extent — directors can […]
By Canadian Underwriter | April 6, 2010
1 min read
Claims
CORRECTION: *** The headline on this item incorrectly named the ICLR policy director as George McBean in an earlier posting. The correct name is Gordon McBean. Canadian Underwriter apologizes for the error. The Institute for Catastrophic Loss Reduction (ICLR)’s director of policy, Gordon McBean, will be awarded the Order of Canada on Apr. 7.The […]
A.M. Best Co. has upgraded the financial strength rating of Jevco Insurance Company (JIC) (Quebec) to B++ (Good) from B- (Fair).The rating has been removed from the class of ‘under review with negative implications,’ and assigned a ‘stable’ outlook instead.The new rating follows the Mar. 29, 2010 sale of JIC by Kingsway Financial Services Inc(KFSI) […]
Facility Association (FA) took a somewhat unexpected, $24.8-million hit in February 2010, based on a late reporting of accident year 2009 losses.FA anticipated the reporting of the 2009 accident year results in February, but the $24.8-million figure reported was “$19.9 million higher than expected,” FA said in a bulletin to members.“About three-quarters of the $24.8-million […]
The Federal Court of Canada in Halifax is scheduled to hear State Farm Mutual Automobile Insurance Company v. the Privacy Commissioner of Canada on Apr. 13, 2010.The case concerns State Farm’s challenge of the privacy commissioner’s jurisdiction in an insurance fraud investigation.In March 2005, Jennifer Vetter, a State Farm insured, was involved in a motor […]
By Canadian Underwriter | April 5, 2010
AIR Worldwide has launched TruExposure to help companies validate, benchmark and augment their exposure data.The software is intended to help companies exposed to catastrophe risk assess and enhance data related to property-specific building characteristics.Global reinsurers and U.S. insurers are using TruExposure to refine catastrophe modelling results, thereby enhancing underwriting and portfolio management decisions, AIR Worldwide […]
Gartner Inc., an information research and technology company, has identified 10 technologies that it says will make the greatest impact on the property and casualty (P&C) insurance industry in the future. “These technologies will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate themselves to drive revenue […]
2 min read
Motorcycles with anti-lock brakes are 37% less likely to be in fatal crashes per 10,000 registered vehicle years, according to the Insurance Institute for Highway Safety (IIHS).Bike models with anti-locks also have 22% fewer claims for damage per insured vehicle year than the same models without antilock brakes, reports the Highway Loss Data Institute (HLDI). […]
Britain, Germany and France, and possibly the United States, are moving towards implementing an international levy on banks to fund potential ‘bail-outs’ of the financial system in the event of another crisis in the future. But Canada is not likely to join the list, reports The Vancouver Sun.Germany and France introduced on Mar. 31 a […]
The lingering effects of the recession continue to whittle away at U.S. commercial lines revenue, according to an Advisen Report. FM Global sponsored the report, entitled The Insurance Market in 2010: The Lingering Impact of the Recession on Capacity and Pricing.”The commercial lines insurance market has been pummelled by the combined impact of depressed rates […]
By Canadian Underwriter | April 1, 2010
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