Industry
The current hard market for financial institutions (FI) insurance is unlikely to last until the end of 2010, according to the latest Willis FI Index from Willis Group Holdings (NYSE: WSH), a global insurance broker.Willis’ 2009 Q4 FI market update, published by FINEX Global, notes the current FI hard market saw premiums go up at […]
By Canadian Underwriter | December 14, 2009
2 min read
Claims
The Alberta Insurance Council will award two annual scholarships in insurance education at Grant MacEwan University and the University of Calgary.Both schools offer programs to students planning a career in insurance and will determine the award recipients.Both students will receive Cdn$2,000 to go towards their studies in their chosen insurance program. Extreme weather conditions will […]
1 min read
The Canadian Bar Association says proposed new amendments to the Criminal Code, which call for mandatory minimum sentencing for fraud, are unnecessary and already covered in existing legislation.Bill C-52 received its second reading in the House of Commons on Oct. 29, 2009 and is now under review by a committee.The intent of the bill is […]
The Ontario government has passed legislation to create a harmonized sales tax of 13%.The HST will be implemented on July 1, 2010.The implementation of the tax will result in a one-time hit of $250 million for the insurance industry at the end of 2009, Don Forgeron, Insurance Bureau of Canada’s president and CEO, said during […]
By Canadian Underwriter | December 11, 2009
Over the past year, for the lines of coverage reviewed, the construction industry has averaged single-digit rate decreases, Aon reported in its 2009 Construction Industry Report.Overall, the construction companies surveyed by Aon appeared to have maintained their retentions. For umbrella/excess liability, the average limit purchased by construction companies is US$82 million. The highest limit purchased […]
A severe winter storm in central Ontario has prompted CAA to warn motorists to stay off of the roads in that area.Eighty centimetres of snow is expected to fall throughout Dec. 11 in the Huntsville and Bracebridge areas, Environment Canada warns.“People are saying it’s the worst weather they’ve seen in a decade,” said Jason Ballantyne, […]
A new application by Summit Mobile Services provides the user with access to services required if ever involved in an accident. ‘Help I Crashed My Car’ provides the user with a one-click automated emergency communication system that contacts up to three family members or friends, the insurance company, the insurance agent and the preferred body […]
Advances in corporate social responsibility are blurring the lines between the objectives of risk management and the economic role of insurance, according to an article written for The Geneva Association. One of risk management’s responsibilities is to assess any and all hazards that might jeopardize human life or property, Walter Stahel writes in ‘Risk Management, […]
By Canadian Underwriter | December 10, 2009
Although a large-scale catastrophe would be undesirable, it might nevertheless create an opportunity to upgrade to higher environmental standards, Lloyd’s CEO Richard Ward said during the COP15 United Nations Climate Change Conference in Copenhagen. “People can choose to rebuild with energy efficiency in mind,” he told delegates, according to a copy of his speech. “They […]
Gore Mutual Insurance Company is offering more than 70,000 free taxi rides on New Year’s Eve to their Ontario automobile clients. “Road safety is the number one concern for many citizens,” Matthew Torigian, Waterloo Regional Police chief, said in a release. “Gore Mutual has taken a leadership role in the prevention of impaired driving with […]
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