Industry
Canada’s insurance industry is broadly supporting three principles for managing conflicts of interest proposed by the country’s insurance market conduct regulator in 2006, a survey has found.These principles include ensuring:• the priority of a client’s interest;• disclosure of conflicts or potential conflicts of interest; and• product suitability.The principles were designed to promote consumer confidence in […]
By Canadian Underwriter | December 8, 2008
2 min read
The U.S. property and casualty composite rate index for Nov. 2008 maintained single-digit premium reductions (9%) generated in October, according to MarketScout’s Market Barometer. Relative to other lines, commercial property and general liability rates were reduced the most in November (an 11% reduction), while professional liability and umbrella/excess rates were down 7%. Commercial auto rates […]
1 min read
The Supreme Court of Canada decision in Canadian National Railway v. Royal and SunAlliance Insurance Company of Canada may not be as favourable to insureds as initially portrayed, according to an information bulletin from Ogilvy Renault LLP. “While at first sight the ruling appears favourable to insureds holding policies that contain [faulty design] exclusion clauses, […]
Women In Insurance Cancer Crusade (WICC) Ontario has announced its goal to field 50 teams in the 2009 Canadian Cancer Society’s ‘Relay for Life.’The Ontario Relay for Life is a 12-hour non-competitive relay on June 19, 2009. It takes place at 110 designated community sites across the province, with approximately 65,000 participants (11,000 cancer survivors […]
Surety lines in the Canadian reinsurance market are showing definite signs of hardening, Andre Fredette, senior vice president, general manager, CCR Canada, told delegates of an Ontario Risk and Insurance Management Society (ORIMS) seminar.The seminar, ‘Insurance Market in Canada Update’ was held in Toronto on Dec. 4.The surety market in Canada has been profitable and […]
By Canadian Underwriter | December 5, 2008
A.M. Best Co. has affirmed the financial strength ratings (FSR) of A- (Excellent) of Royal & SunAlliance Insurance Company of Canada (RSA Canada) and Quebec Assurance Company. A.M. Best also has upgraded the FSR to A- (Excellent) from B++ (Good) of Western Assurance Company. Together these members are known as RSA Group of Canada, an […]
The current economic and political climate will likely lead to increased losses for insurance carriers, and potential developments in directors and officers (D&O) litigation, said Lynn Oldfield, president of AIG Commercial Insurance Company of Canada.Oldfield spoke at the Ontario Risk and Insurance Management Society’s ‘Insurance Market in Canada Update’ seminar in Toronto.“In a recession we […]
Canadian Claims Services Inc. (CCS), a new full service independent adjusting company is planning to launch in Alberta on Jan. 5, 2009. CCS will be providing adjusting services through a network of small- to medium-sized adjusting firms, according to a company release. The firms will work under agreement with CCS “to provide consistent, quality and […]
Federally regulated insurance companies that are about to sign long-term agreements with foreign-based reinsurers — i.e. agreements that extend beyond 2010 — should be aware of the potential impact that changes to Part XIII might have on capital/asset credit eligibility, Canada’s federal solvency regulator says.The Office of the Superintendent of Financial Institutions (OSFI) has indicated […]
By Canadian Underwriter | December 4, 2008
The trend in outsourcing the manufacturing of non-invasive medical devices could introduce new risk exposures, a Lloyd’s report warns.The long-tail risk exposures for invasive medical devices could also increase due to expanding knowledge of technologies that were implemented years ago, it continues.North American or European-based manufacturers of medical devices need to ensure that parts that […]
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