Industry
A recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of these delegates said they expected financial lines insurance would play a more prominent role in […]
By Canadian Underwriter | December 18, 2008
2 min read
Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to a report by the Insurance Institute for Highway Safety (IIHS). The IIHS recently completed front, side and rear tests of seven 2009 model small cars. They include the Chevrolet HHR, Chrysler […]
1 min read
The Insurance Bureau of Canada (IBC)’s 2008 list of the Top 10 most frequently stolen vehicles in Canada includes the appearance of luxury Audis and aging Dodge Neons, reflecting two motivations for auto theft — export and parts. Luxury vehicles are usually stolen by organized crime for export, while low-end vehicles are stolen for transportation, […]
By Canadian Underwriter | December 17, 2008
When it comes to anti-theft devices for automobiles, immobilizers aren’t the only game in town, says a Montreal-headquartered company that sells wireless tracking devices and vehicle recovery systems. Noting that IBC-approved immobilizers have not, when used as the sole method of protecting a vehicle, completely prevented vehicles from getting stolen, Boomerang Tracking Inc. says it […]
Kingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to a Kingsway statement.The company is merging the operations of four of its U.S. subsidiaries. These […]
Claims
The International Association of Insurance Supervisors (IAIS) and specifically the Reinsurance Transparency Group (RTG) are considering an early warning/early reaction mechanism for reinsured major catastrophes, especially catastrophes that span multiple jurisdictions.IAIS’s Global Reinsurance Market Report (GRMR) 2008 notes that some senior (re)insurance supervisors recently considered the introduction of such a mechanism to enable coordination efforts […]
The Saskatchewan Financial Services Commission (SFSC) has issued a cease-and-desist order to an unlicensed automobile warranty service that was telemarketing consumers in Saskatchewan.The SFSC’s allegations have not been proven in court.According to the SFSC, World Wide Warranty, Inc., also known as Canadian Auto Warranty Services, was allegedly calling consumers at home to sell them extended […]
By Canadian Underwriter | December 16, 2008
The airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance Insight, Willis notes insurers are seeking and achieving rate increases in an environment of relatively […]
The Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been built in Fort Erie (Ridgeway), Ontario. The new home is built to “better-than-building-code” standards under […]
Norm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in North America, the Platinum jobber program and marketing communications in Canada. Angrove joined PPG Canada […]
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