Industry
The Supreme Court of Canada’s decisions in the twin 2007 cases of Herbison and Vytlingham have already changed the fate of a case in the Court of Appeal in Alberta.The Court of Appeal of Alberta has granted the appeal of ING Insurance Company of Canada in a case that tested the insurer’s policy definition of […]
By Canadian Underwriter | June 4, 2008
1 min read
U.S. insurance industry regulators have reached an agreement with Aon Corporation (NYSE: AOC), permitting companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition. Such use of contingent commissions would be phased out after three years, according to an Aon press release.”This amendment advances the goals of transparency and […]
2 min read
Complaints against the insurance industry filed with the federal privacy commissioner increasingly involve the covert collection of personal information by private investigation firms, the commissioner said in her annual report.Of the 350 complaints filed with the Office of the Privacy Commissioner of Canada (OPCC) between Jan. 1 and Dec. 31, 2007, 10% were filed against […]
By referring vaguely to “property” damage, an exclusion contained in a marina’s all-risks insurance policy was inoperable because the exclusion didn’t specifically refer to the marina’s “equipment,” the Ontario Court of Appeal has ruled.The Appeal Court thus rejected the appeal of the insurer against the marina in 1599624 Ontario Limited v. Lloyd’s Underwriters.The marina attempted […]
By Canadian Underwriter | June 3, 2008
FM Global, a commercial and industrial property insurer, has decided to release thousands of pages of previously exclusive property loss prevention engineering guidelines at no cost.FM Global has decided to issue these data sheets at no extra cost because doing so ensures that only the most current information is available for architects, consultants and contractors […]
The Financial Services Commission of Ontario (FSCO) has requested submissions from stakeholders to assist with its review of part VI of the Insurance Act dealing with automobile insurance. The deadline for submissions is July 14, 2008.The review is being conducted pursuant to section 289.1 of the Act, which states that the superintendent must review section […]
Aviva plc has opened its North American Region office in Chicago, Ill., one of four regional centres for the company’s global operations.The new office will serve as headquarters for its North American executive team functions, a release says. These functions include providing leadership and support for the company’s overall North American business strategy, business development, […]
Claims
With the 2008 hurricane season officially underway, forecaster Tropical Storm Risk (TSR) is predicting Atlantic basin and U.S. land-falling hurricane activity in 2008 will be slightly (20%) above the long-term (1950-2007) norm. This updates the 35% above-norm prediction TSR issued on Apr. 7, 2008. “The lowering of the forecast is due to the unexpected rapid […]
By Canadian Underwriter | June 2, 2008
Cooper Gay has purchased Heath Lambert’s aviation, FSJ (UK wholesale) and reinsurance divisions as of May 31. Commercial discussions are ongoing with regards to the sale of Heath Lambert’s international wholesale division, Global Business Solutions (GBS), according to a Heath Lambert release. “From our perspective, we have made no secret of our plans to become […]
U.S. reinsurers are writing more premiums and increasing policyholders’ surplus in 2008 Q1, but their loss ratios are also rising, as are there combined ratios.The Reinsurance Association of America (RAA) posted the quarterly results of about 20 property and casualty reinsurers, reflecting a continuing softening of the U.S. reinsurance market.The group reported a collective policyholders’ […]
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