Industry
The insurance industry’s resilience during the economic crisis needs to be emphasized in recruitment strategies, BestWeek reported.In an interview with BestWeek, LoriAnn Lowery-Biggers, the president of field operations for Navigators Marine Company Inc., stressed the importance of the industry’s stability when trying to draw fresh talent.Other financial sector firms, including investment banks, auditing firms and […]
By Canadian Underwriter | January 22, 2010
1 min read
Economic turmoil drove a surge in securities lawsuit filings in 2009, according to a new report from Advisen Ltd. “The year saw securities lawsuit filings grow at a robust 13% rate, to 910 suits, eclipsing an already-elevated 2008 at 804 suits,” Advisen said in a press release announcing the report, Securities Suits Abound in a […]
2 min read
Claims
An extended warranty is not an insurance contract, the Court of Queen’s Bench of Alberta has decided.”In my view, the distinction between a warranty and insurance is that a warranty covers the risk that the covered product will fail due to some inherent flaw or weakness in the course of normal use, while insurance covers […]
By Canadian Underwriter | January 21, 2010
The General Insurance Council of Manitoba is currently examining its policy requiring on-site supervision of ‘Level 1’ and ‘Auto Only’ general insurance agents. “Council acknowledges that in today’s technologically advanced environment, it is possible that ‘supervision,’ as required in accordance with the General Insurance Agent Licensing Rules, may be effectively accomplished in a variety of […]
Her Majesty Queen Elizabeth II appointed Gregory Belton, chairman of HKMB Hub International, commander of the Royal Victorian Order (CVO). Established in 1896, the Royal Victorian Order is a dynastic order of knighthood and a house of chivalry that recognizes distinguished personal service to the Queen and members of her family. Belton’s appointment recognizes his […]
Catlin Canada now underwrites D&O liability and has appointed Christopher Mutcheson as product manager for the line of business.Mutcheson was most recently employed as the assistant vice president of financial lines for Executive and Risk Services. He has prior underwriting experience with Chubb Insurance Company of Canada and AIG Canada.During his eight years in the […]
The impact of H1N1 and seasonal flu on hours lost at work was comparable to that of the Ontario-U.S. power outage in August 2003, StatsCan reported in a recent study, Impact of H1N1 and seasonal flu on hours worked.In November 2009, 1.5 million employed people aged 15 to 69 reported they were absent from work […]
By Canadian Underwriter | January 20, 2010
Insured losses resulting from hurricanes cannot be predicted on a short-term horizon, says Karen Clark & Company.Near-term models, designed to project insured losses from Atlantic hurricanes in the United States for the five-year period ending in 2010, have significantly overestimated losses for the cumulative 2006 through 2009 seasons, a Karen Clark release says.Three major catastrophe […]
The southeast region of the United States is most vulnerable to tropical cyclones coming ashore in 2010, according to the January update of Guy Carpenter’s GC ForeCat. The forecasted landfall rate of tropical cyclones in the southeast region (the coastline from the Atlantic Florida-Georgia border to Cape Hatteras) is 0.70, according to Guy Carpenter. This […]
General Re Corporation has agreed to pay $12.2 million to settle charges by the Securities Exchange Commission (SEC) related to separate schemes by American International Group (AIG) and Prudential Financial, Inc. to manipulate and falsify reported financial results in 2000-02.According to the SEC’s complaint against Gen Re, filed in U.S. District Court for the Southern […]
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