Industry
Manitoba Public Insurance (MPI) has reported a net income of Cdn$1.8 million for the nine months ended Nov. 30, 2008. This is down Cdn$15.4 million from the same period in 2007. Also, investment income dropped by Cdn$93.3 million, MPI reports in a release. Claims costs for the nine-month period increased by Cdn$7.7 million, to Cdn$580 […]
By Canadian Underwriter | January 16, 2009
1 min read
Rising sea levels due to the loss of land ice in Greenland and West Antarctica may be happening faster than previously thought, according to climate change research summarized in PartnerRe’s Hazard & Risk Science Review 2008.PartnerRe’s report notes that the Intergovernmental Panel on Climate Change (IPCC) suggests sea level increases by 2100 would amount to […]
By Canadian Underwriter | January 15, 2009
Catlin Group Limited is sponsoring a group of international scientists attempting to obtain the most accurate measurements of the thickness of the Arctic Ocean sea ice. The pioneering survey will begin in February, led by British polar explorer Pen Hadow. “As a specialty insurance and reinsurance company, the potential effects of global warming will have […]
Aon Benfield estimates the range of direct insured losses resulting from the alleged Bernard Madoff ‘Ponzi’ scheme to be between US$760 million and US$3.8 billion, with a best estimate of US$1.8 billion, according to a preliminary forecast.A ‘Ponzi’ scheme is a fraudulent investment operation that pays returns to investors out of the money paid by […]
2 min read
The Risk and Insurance Management Society (RIMS) is seeking government intervention to issue new regulations to govern broker compensation. RIMS has called upon the New York State Attorney General’s Office and the New York Insurance Department to take the initiative.It reaffirms its position that contingent fees for insurance producers should be prohibited, and that in […]
Harry Belmont, a former Carstar Automotive Canada franchise owner who sparked the company’s Cystic Fibrosis fundraising efforts, has passed away. Belmont was a former Carstar franchise owner who opened a Carstar location in Mississauga in 1995 and ran a successful business until he sold it in 2004. When his granddaughter was diagnosed with Cystic Fibrosis […]
By Canadian Underwriter | January 14, 2009
Sylvie Tremblay, Silvana Facciolo, Steven DelGreco and Anthony Tuson have joined Crawford & Company (Canada) Inc. Tremblay has been named director of operations. She has more than 30 years of experience in the insurance industry and will be concentrating primarily on several special projects with Crawford’s regional claims centres in Mississauga and Montreal. Facciolo, who […]
A.M. Best is asking members of the industry to comment on a draft paper outlining how the ratings agency proposes to rate members of insurance groups — including its treatment of local branch operations, which are prevalent in Canada.In its paper, ‘DRAFT: Rating Members of Insurance Groups,’ A.M. Best says one of the main themes […]
A person can be both a director of a federally regulated insurer and a Crown corporation, as long as that person is not considered Crown agent, the Office of the Superintendent of Financial Institutions (OSFI) has ruled.OSFI was asked to rule on a situation in which a director of a federal insurance company was approached […]
In Hartling v. Nova Scotia, the Supreme Court of Nova Scotia has thrown out a Charter challenge to the province’s Cdn$2,500 cap for minor auto injuries, saying the cap does not discriminate on the basis of either sex or disability.In his 104-page decision, Supreme Court of Nova Scotia Justice Walter Goodfellow said the evidence in […]
By Canadian Underwriter | January 13, 2009
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