Industry
Gore Mutual and Keal Technology have launched a joint beta program designed to allow brokers direct access to instant quote, bind and issue capabilities. The program allows for upload integration between Gore Mutual’s GoBroker technology with Keal’s commercial management system comXP. Steve Starna has been appointed branch manager at the Montreal office of Environmental Solutions […]
By Canadian Underwriter | September 26, 2008
1 min read
Claims
The Supreme Court of Canada has dismissed an appeal of the Ontario Court of Appeal decision in Debbie Rizzi v. George Mavros, in which the Ontario appellate court found a trial judge had erred in his jury instructions on the issue of contributory negligence.The Supreme Court of Canada does not give reasons for denying leave […]
By Canadian Underwriter | September 25, 2008
2 min read
Lloyd’s has reported a pre-tax profit of US$1.889 billion for the first half of 2008, a sharp decrease from the pre-tax profit of US$3.32 billion reported in the same period of 2007.The specialist insurance market reported a combined ratio of 89% for the first six months of 2008, representing a decline over the 82.9% it […]
The U.S. property and casualty industry’s net income after taxes fell more than 50% to US$15.9 billion in the first half of 2008, reports A.M. Best Company, Inc.In a special report, the rating agency cites a combination of deteriorating underwriting results and declining investment returns for the plummet in profits.The industry’s underwriting performance weakened in […]
The Canadian Insurance Claims Managers Association (CICMA) established its executive at its annual general meeting Sept 12-15 in St. John’s, Nfld.The newly inaugurated executive for 2008-2009 is: Past President: Ron Bouwmeister, AVIVA Canada, Toronto, Ont.President: Ralph Best, Munn Insurance, St. John’s, Nfld.Vice President: Linda Brunette, Allstate Insurance, Montreal, PQTreasurer: Lyndon Frieson, Red River Valley Mutual […]
A boom in the extractive industries including the mining and oil and gas sectors has created new challenges for the insurance industry, including asset evaluations and determining true business interruption (BI) numbers.”Reinstatement costs [are] often underestimated, leading to insufficient premium pool,” Swiss Re observes in notes to a presentation to the 33rd Annual Risk and […]
By Canadian Underwriter | September 24, 2008
The Ontario Securities Commission (OSC) has issued an amended order under Section 144 of the Securities Act that temporarily prohibits short selling of certain financial sector issuers. This follows an order prohibiting short selling of securities of certain financial sector issuers listed on the Toronto Stock Exchange (TSX) and inter-listed in the United States (with […]
Cunningham Lindsey Canada Claims Services Ltd. has opened an office in Kelowna, B.C., and has appointed Scott Jordan as district manager.Jordan has spent 10 years with the Insurance Corporation of British Columbia as a special investigations unit officer and special constable for the province, a Cunningham Lindsey release says. He has worked for two large […]
The Centre of the Study of Insurance Operations (CSIO) will switch service providers for its upload/download system, CSIOnet, on Friday, Nov. 21, 2008.All insurance brokers, companies and vendors that use the network must change their IP address setting on that date to ensure business continues uninterrupted. The change will improve service for approximately 1,800 broker […]
Swiss Re expects its collective net claims for Hurricanes Gustav and Ike will total approximately US$300 million, the reinsurer announced Sept. 23.Swiss Re estimated its Hurricane Gustav claims exposure would amount to approximately US$50 million when all was said and done. Hurricane Ike claims for Swiss Re were expected to total approximately US$250 million.”The combination […]
By Canadian Underwriter | September 23, 2008
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