Industry
EGI Financial Holdings Inc. (TSX:EFH) says it is poised to take advantage of the hardening market conditions now developing in 2008.”With competitive conditions persisting within the non-standard auto line of business, we have remained focused on continued diversification efforts and profitably growing our niche products division,” EGI Financial CEO Douglas McIntyre said in a press […]
By Canadian Underwriter | May 15, 2008
2 min read
Claims
In eight years, tort awards in catastrophic cases have increased from the Cdn$600,000-$7000,000 range to between Cdn$10 million and Cdn$15 million, Jess Bush, partner with Blaney McMurtry LLP, told delegates at the Insurance Law: Spring Update 2008 in Toronto on May 15. Health care costs are “going through the roof,” he noted, by way of […]
The conventional view of good faith is misleading or incomplete in that it does not answer essential questions such as whether the obligation is contractual, Roderick Winsor, partner with Blaney McMurtry LLP told delegates at the Insurance Law: Spring Update 2008 in Toronto on May 15. In Maschke Estate v Gleeson, Winsor observed, it was […]
A 7.9-magnitude earthquake that rocked China on May 12 is estimated to have caused damage losses ranging between US$10 and $20 billion, according to catastrophe modelers. Risk Management Solutions (RMS) estimates property losses to be between US$10 and US$15 billion, while AIR Worldwide Corporation estimates total losses will exceed US$20 billion (with insured losses between […]
By Canadian Underwriter | May 14, 2008
Record snowfalls and severe winter storms in central Canada caused ING Canada’s 2008 Q1 profit to shrink from Cdn$126.2 million down to Cdn$23 million. ING Canada also cited lower operating income and declines in equity markets as factors in its 2008 Q1 results. “The harsh winter conditions during the first three months of the year […]
1 min read
Unwarranted optimism about claims trends and immense pressure to meet quarterly profit targets are two of the primary reasons insurers find themselves in trouble during a soft market, said George Cooke, president and CEO of the Dominion General Insurance Company of Canada.Cooke spoke at the Property and Casualty Underwriters Club final luncheon of the 2007-2008 […]
Brokers who work with Jevco Insurance Company, which recently introduced a new Web portal, can now input policy information online.Those who do so can receive client documents from Jevco immediately, and a policy document within a day or two. Prior to the implementation of Harcase’s Point of Sale Portal, Jevcom brokers were paperbound; it would […]
By Canadian Underwriter | May 13, 2008
If businesses do not start preparing now for expanding litigation exposures, they could face a future liability crisis, Lloyd’s warns. Dealing with liability risk consumes roughly 13% of a board’s time, and this is expected to increase further over the next three years, according to a Lloyd’s report, ‘Directors in the Dock: Is Business Facing […]
First American Corporation (NYSE: FAF), in partnership with Swiss Re, has launched a flood catastrophe model for the U.S. market that is designed to allow insurers to measure flood exposures at the portfolio, policy and property level.First American Corporation confirmed they are exploring opportunities to develop a similar flood risk model for the Canadian market. […]
The Property and Casualty Insurance Compensation Corporation (PACICC) is making it a priority in 2008 to seek changes to Canada’s Winding Up and Restructuring Act (WURA).The organization said in its 2007 annual report it would be preparing to lobby the government on the following issues related to WURA, among others:the scope of legislation for restructuring […]
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