Industry
Fitch Ratings anticipated debates about fair value (FV) accounting in 2008, but “the increased scrutiny accounting received in the wider global finance debate exceeded our expectations,” the ratings agency notes in a recent report.Posted online, the special report is entitled: ‘Accounting and Financial Reporting: 2009 Global Outlook.’This year looks to be “a bellwether for the […]
By Canadian Underwriter | January 9, 2009
1 min read
Global reinsurance prices firmed for Jan. 1, 2009 renewals and are expected to remain that way for April and July 2009 renewals, according to the January 2009 Reinsurance Market Outlook issued by Aon Benfield. Aon Benfield expects the reinsurance renewal market in April and July 2009 will be similar to the January market, assuming only […]
By Canadian Underwriter | January 8, 2009
The KRG Children’s Charitable Foundation has donated more than Cdn$1.3 million to The Hospital for Sick Children. “KRG is in the insurance business and The Hospital for Sick Children represents a giant insurance policy for children and their families,” says Steven Wise, chairman and CEO of KRG Insurance Group and chairman of KRG Children’s Charitable […]
2 min read
Most businesses have improved access to commercial insurance at more affordable prices than at any time in the past four years, according to recent surveys conducted by Insurance Bureau of Canada (IBC).IBC conducted two surveys to gauge the experiences of commercial insurance consumers when insuring their businesses. One survey polled 158 commercial insurance users to […]
The Ontario Superior Court of Justice has upheld the principle that an insurer cannot simply deny paying accident benefits to an applicant — even if the policy had been cancelled two months before the accident — so long as there is some kind of connection between the applicant and the insurer.In Lombard Canada Limited v. […]
Claims
If the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the National Flood Insurance Program (NFIP), according to the RMS report, The 1938 Great New England […]
By Canadian Underwriter | January 7, 2009
Manitoba’s auto theft rates have dropped to the lowest level since 1993, according to claims data released by Manitoba Public Insurance (MPI). The trend is driven in part by a 40% decrease in auto theft taking place in Winnipeg, MPI noted in a press release.In 2008, 3,173 vehicles were stolen in Winnipeg, down from 5,476 […]
Kingsway Financial Services Inc. has cancelled a special meeting of shareholders called for Feb. 10, 2009 to deal with the potential ouster of two board members, instead agreeing to settle with the shareholder calling for their removal.Minority Kingsway shareholder Joseph Stilwell and his associates (the Stilwell Group) called for the meeting late last year to […]
The Financial Services Commission of Ontario (FSCO) has upheld the controversial practice of assigning percentages to psychological impairments and combining these with physical impairment ratings for the purpose of determining an individual’s whole person catastrophic impairment.In Maria Augello and Economical Mutual Insurance Company, Maria Augello was injured in a 2002 motor vehicle accident and was […]
Property catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global Reinsurance Review January 2009, include: • Despite the magnitude of catastrophes and financial losses, the […]
By Canadian Underwriter | January 6, 2009
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