Claims
An Ontario Court Justice has struck down Ontario’s new “stunt driving” legislation as unconstitutional.The legislation, introduced in 2007, outlines several factors defining “stunt driving,” including “driving a motor vehicle at a rate of speed that is 50 km-h or more over the speed limit.”Penalties in the legislation include fines of between Cdn$2,000 and Cdn$10,000, the […]
By Canadian Underwriter | September 14, 2009
2 min read
Industry
The U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new survey from Willis Group Holdings(NYSE:WSH).The 5% percent reduction is for commercial clients with strong risk […]
1 min read
Arthur J. Gallagher & Co. is donating US$100,000 to fund the creation of the Robert E. Gallagher and John P. Gallagher Scholarship. The initiative will provide funding for students of risk management disciplines. “We are grateful for the tremendous generosity of Arthur J. Gallagher & Co. and know that its contribution will be instrumental in […]
An on-the-ground inspection of damage done to homes following several tornadoes that hit Ontario on Aug. 20, 2009 has started a discussion about whether or not the Canadian property and casualty insurance has a role to play in raising awareness about Canadian building codes and the municipal enforcement of these codes. “We talked about the […]
By Canadian Underwriter | September 11, 2009
3 min read
There isn’t so much a shift in severe storm weather activity in Ontario due to global warming, but rather a greater public awareness about the storm activity, an Environment Canada meteorologist told a group attending a presentation on Ontario’s Aug. 20, 2009 tornadoes.The presentation was organized by the Institute for Catastrophic Loss Reduction (ICLR) and […]
Canadian brokers are starting a new round of testing with insurers and broker management system (BMS) technology vendors of a pilot program designed to achieve an ideal electronic workflow incorporating the tricky area of policy changes.In its 2009 annual report, the Insurance Brokers Association of Canada (IBAC) said it is preparing to launch Phase II […]
Zurich in Canada has appointed Bob Fellows as senior vice president of distribution, marketing and communications for Zurich’s business in Canada.Fellows has 30 years of experience working in the Canadian insurance industry.In his distribution role, he will be responsible for driving Canada’s distribution strategy; in particular, he will be called upon to accelerate the progress […]
It’s quite likely that Canada’s personal accident loss and LAE (loss adjustment expense) ratio will reach 120% by the end of 2009, said Charles Huber, senior financial analyst with AM Best Company.Huber addressed delegates of the AM Best Company’s 2009 Insurance Market Briefing — Canada in Toronto on Sept. 10 during a panel on the […]
By Canadian Underwriter | September 10, 2009
When it comes to capitalization of the Canadian reinsurance market, the “pendulum is really swinging,” said Robert DeRose, vice president of AM Best Company’s U.S. Reinsurance and Bermuda Market.DeRose spoke at the AM Best Company’s 2009 Insurance Market Briefing — Canada on Sept. 10 in Toronto.At the beginning of 2009, Canada’s reinsurance market was very […]
Global reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10% in 2007. The 8% rate increase in 2009 was largely a result of the financial […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
