Industry
The Insurance Institute for Highway Safety (IIHS) is launching a new roof strength rating system to determine the level of protection offered by a vehicle’s roof in rollover crashes.The new rating system is based on IIHS research showing that occupants in rollover crashes benefit from stronger roofs, an IIHS release says. Vehicles that are rated […]
By Canadian Underwriter | March 25, 2009
1 min read
Only half of risk managers at FTSE 100 companies consider themselves influential within their organization, a survey by UK-based Whitehead Mann Partnership found.Whitehead Mann surveyed 50 senior risk management professionals at FTSE 100 companies, including internal auditors, compliance officers, general counsel and health and safety officers.More than one-in-eight (13%) respondents said they were not at […]
The Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott. The 25-year-old Kingsville, Ontario native went professional in2006 after winning three Canadian Men’s Amateur Golf Championships and becoming only the sixth player in more than 100 years to win three titles. Scott tied for 12th […]
A new broker organization in Quebec dedicated to advancing the particular concerns of independent brokers, La Fédération des Courtiers d’Assurance indépendants du Québec (FCAIQ), is sounding the call to recruit potential members.”In view of the fact that the status of the fully independent brokerage firm has been in regression for many years, the FCAIQ is […]
By Canadian Underwriter | March 24, 2009
2 min read
The Saskatchewan government is discontinuing the enhanced driver’s license (EDL) program due to concerns over cost, public interest and changing card requirements. Under the Western Hemisphere Travel Initiative, Canadians travelling to the United States will require a passport or other secure identification as of June 2009. In July 2008, the government announced the EDL program […]
Standard & Poor’s Rating Services revised its outlook on ACE INA Insurance (ACE Canada) to positive from stable.At the same time S&P’s affirmed the long-term ‘A’ financial strength and counterparty credit ratings on the company.“The outlook revision reflects our assessment of the company’s underwriting performance, which we believe has been relatively consistent and strong despite […]
Belfor Restoration Services has acquired Restoration Masters, a full-service restoration company with six locations in Ontario. Belfor now operations 11 offices throughout Ontario and 24 full service offices across Canada. Further expansion is expected in the near future, according to a Belfor press release.“Belfor shares our business philosophy and, like Restoration Masters, is a family […]
By Canadian Underwriter | March 23, 2009
The Ontario Superior Court has summarily dismissed an action against an insurer because the plaintiff did not have valid insurance on the vehicle involved in an accident. At the same time, the court commented that whether or not the same plaintiff believed he held valid insurance was a genuine issue for trial in a separate […]
An insurance company that takes three years to assert no coverage in a claim effectively waives the breach of a client’s policy that otherwise would have voided the insurer’s obligation to pay the full policy limit of its third party liability, the Ontario Court of Appeal has upheld.In Logel Estate v. Wawnesa Mutual Insurance Company, […]
The U.S. property and casualty market’s ability to rebound in 2009 remains questionable, as a broad market pricing turn is not materializing from the losses of 2008, Fitch Ratings says in its Year-End 2008 Review.The report is a compilation of full-year GAAP 2008 financial results for Fitch Ratings’ universe of 49 publicly traded (re)insurers. Performance […]
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