Industry
Economists may be declaring the end of a recession, but the resultant damage to the economy could mean commercial property and casualty rates won’t rise until 2011, according to an Advisen briefing.“The recession may have ended, but recovery has not yet begun in any meaningful way,” said Dave Bradford, an Advisen executive vice president and […]
By Canadian Underwriter | October 21, 2009
2 min read
As jurisdictions across Canada continue to grapple with their respective auto insurance products — be it deteriorating results or court challenges to minor injury caps — a recent report indicates auto insurance results south of the border are also heading south.In FitchRatings’ Auto Insurance Market Overview, the rating agency suggests that the U.S. auto insurance […]
By Canadian Underwriter | October 20, 2009
Ontario’s provincial NDP party is reportedly calling for a public auto insurance scheme, on the back a series of rate increase approvals announced by the provincial regulator.In 2009 Q3, the Financial Services Commission of Ontario (FSCO) approved auto insurance rate increases of 2.13% for the entire market. The average rate increase over the first three […]
1 min read
FSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.”In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted by market share,” FSCO said in a statement online.Rate changes approved in 2004, 2005, 2006, […]
Transport Canada is proposing a uniform test for rear-facing and forward-facing car seats and introducing a dynamic test for booster seats.Research found that fewer than half of the booster seats tested provided “good protection” for children when the vehicles were involved in moderate to severe impacts. Under the current rules, last updated in 1998, manufacturers […]
Claims
Craig Brown, a professor at the University of Western Ontario’s Faculty of Law, has joined Toronto’s Thomas Gold Pettingill LLP as counsel in the areas of insurance policy interpretation and tort law.Brown has written four books on insurance law. He co-authored Insurance Law in Canada with TGP’s Tom Donnelly.He has served as a consultant to […]
By Canadian Underwriter | October 19, 2009
Within the decade, the Arctic Ocean could be nearly free of ice during the summer months. New data gathered by the Catlin Arctic Survey earlier this year provides further evidence that the sea ice is thinning faster than previously thought, according to Lloyd’s of London. Data collected by manual drilling on a 450-km route across […]
Kingsway America Inc. (KAI), an indirect, wholly-owned subsidiary of Kingsway Financial Services Inc., has disposed of its entire interest in Walshire General Assurance Company. Walshire is the sole shareholder of Lincoln General Insurance Company, now in run-off. “All of the stock of Walshire has been donated to charity, and with this disposition Lincoln General ceases […]
Genmark Insurance Services and Central Underwriters will merge as of Jan. 1, 2010.The new entity will be called GroupOne Underwriters. It will be a national underwriting agency specializing in hard-to-place, standard and non-standard property and specialty insurance on behalf of a wide range of domestic carriers and Lloyd’s syndicates.Genmark Insurance Services Inc. is a Toronto-based […]
Risks related to climate change are so expansive as to be uninsurable, and therefore it is likely climate change exclusions will be written into general commercial and excess liability insurance policies in the near future, predicts Rodney Taylor, managing director of Aon Environmental Services Group.Taylor spoke at ‘Environmental Risks,’ a seminar organized by The ARC […]
By Canadian Underwriter | October 16, 2009
3 min read
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