Industry
Ontario’s harmonization of the provincial sales tax with the GST will definitely drive up claims costs for property and casualty insurers, an audience attending the 2009 IBC Financial Affairs Symposium in Toronto heard.”There is going to be a definite impact on costs [to property and casualty insurers] both on an operating level and, on a […]
By Canadian Underwriter | April 23, 2009
2 min read
The financial woes of Canada’s private auto insurance system are squarely on the radar of Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI).”On the auto side, many of you know that Ontario auto has been on our radar for awhile,” said OSFI managing director Penny Lee, a speaker at the […]
1 min read
American International Group, Inc. (AIG) is accelerating steps to position AIU Holdings as an independent entity in preparation for the sale of a minority stake in the business.Under the plan announced on Mar. 2, AIU Holdings — a holding company for AIG’s commercial insurance, foreign general insurance (including Canadian operations) and private client group units […]
Ontario drivers will be prohibited from using hand-held cell phones and other hand-held electronic entertainment and communications devices while driving.The Countering Distracted Driving and Promoting Green Transportation Act, 2009 prohibits the use of hand-held devices to talk, text or email while driving. It received third reading in the legislature, Ontario’s Ministry of Transportation says.Once supporting […]
Claims
Risk managers need to familiarize themselves with “high-authority bloggers” tracking their industries if they are to better guard themselves against reputation risk in the Internet age, delegates of the Risk and Insurance Management Society’s 2009 Conference heard.Richard Levick, president and CEO of Levick Strategic Communications, defined a high-authority blogger as “just someone who blogs but […]
By Canadian Underwriter | April 22, 2009
The Court of Appeal for Ontario has upheld a jury award in an automobile brain injury case of roughly Cdn$17 million — including a record Cdn$13.9 million for future cost of care.In Marcoccia v. Ford Credit Canada Ltd., Ford Credit appealed a number of aspects of the jury award, describing the future care costs portion […]
Don Forgeron is taking over the helm as IBC’s new president and CEO. The announcement comes at the conclusion of a seven-month search. “I speak for the entire board of directors when I say I am delighted with today’s announcement,” IBC board chairman Rowan Saunders, who is also president and CEO of RSA. “We conducted an […]
A funny thing has happened on the way to the much-anticipated hard insurance market in the United States — ongoing rate competition, says the Spring 2009 edition of Willis Marketplace Realities. “If the financial crisis of 2008 was a Category 5 storm, the impact on the insurance marketplace has been closer to Category 1 intensity,” […]
Risk managers must increasingly grapple with finding coverage for their organizations’ intellectual property (IP) in the absence of a clear-cut insurance product specifically for IP infringement.‘Pricing Intangibles — Insuring Intellectual Property’ served as the topic of discussion at the Risk and Insurance Management Society’s 2009 Conference in Orlando, Florida.The importance of IP assets has increased […]
By Canadian Underwriter | April 21, 2009
Marley Drainville, a risk manager at Enerplus Resources Fund, received the Ron Judd “Heart of RIMS” Award at the RIMS 2009 Annual Conference and Exhibition in Orlando, Florida. The award pays tribute to the legacy of Ron Judd, who served as Risk and Insurance Management Society (RIMS) executive director for 22 years. Individuals are nominated […]
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