Industry
AIG may have to delay selling off some of its assets due to the tough markets, AIG chairman and CEO Edward Liddy suggested on Dec. 11 in a speech to The American Chamber of Commerce & Hong Kong General Chamber of Commerce. “These are challenging times to undertake divestitures and it’s quite possible that the […]
By Canadian Underwriter | December 11, 2008
2 min read
Approximately two-thirds of manufacturers and retailers have no crisis or recall strategy in place, according to a survey conducted at a Marsh product risk seminar.Most of the other one-third had not tested or reviewed their procedures in more than six months, the survey of manufacturers and retailers found. More than half of the respondents had […]
The Supreme Court of Canada’s 2007 decision in Lumbermens Mutual Casualty v. Herbison isn’t among the authorities cited in the Dec. 3, 2008 Ontario Superior Court of Justice case Lafond v. Roksa, but its influence was certainly manifest.Lafond once again considered the issue of injuries arising “directly or indirectly from the use or operation of […]
By Canadian Underwriter | December 10, 2008
Claims
The Insurance Corporation of British Columbia (ICBC) has signed contracts with car rental companies to provide rentals at reduced prices to ICBC customers. Savings with Hertz Canada and Ron Ridley Rentals are estimated at between Cdn$5.4 million and Cdn$5.9 million annually. ICBC policyholders will be referred to Hertz Canada and Ron Ridley Rentals when their […]
The Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the need for a federally regulated entity (FRE) to obtain OSFI’s approval to maintain and process […]
1 min read
The William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management at the post-graduate level. Haeck is currently pursuing a Masters of Science in Management and […]
Underwriting deterioration lies ahead for the directors and officers (D&O) liability insurance market, beginning with the 2008 year-end results, A.M. Best predicts in a special report.”A.M. Best believes calendar-year combined ratios in the 125[%] to 200[%] range were the norm for most D&O insurers in 2002 and 2003, and that current adverse fundamentals in the […]
By Canadian Underwriter | December 9, 2008
In a case involving a contractor’s attempt to move a mobile home onto a foundation, thus damaging both, Saskatchewan’s Court of Queen’s Bench found an insurer’s policy exclusion applied to damage to the home, but the insurer had a duty to defend the insured for claims arising from damage to the foundation.Robert and Kristen Fitzsimonds […]
Given that market uncertainty could potentially continue well into 2010, insurers need to focus on preserving capital in order to remain resilient, according to Swiss Re economists. Reinsurers’ prices are expected to harden, partly because alternative capacity is no longer available. Reinsurance premium volumes are expected to accelerate as the need for protection increases due […]
A hard market is nearing, according to an Aon Benfield report.“In sum, the end of the soft market in insurance has arrived,” Evan Greenberg, chairman of ACE, noted in the report, Bermuda Quarterly 9M 2008 Bittersweet. A combination of higher underwriting losses and ongoing concerns about the stability of the economy has shifted the outlook […]
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