Industry
A Commercial General Liability (CGL) policy does cover third party property damage caused by a condominium contractor’s negligence in trying to repair its own constructed foundation, the Ontario Court of Appeal has ruled.In making the ruling, the court distinguished between a “constructed” and “natural” foundation. If negligent repairs to a constructed foundation cause further damage […]
By Canadian Underwriter | April 15, 2008
2 min read
McLarens Canada has opened a Moncton, NB office. Pierrette LeBlanc has been appointed branch manager. She has more than 20 years of experience working as both an independent and staff bilingual all lines adjuster.McLarens Canada has expanded its national presence over the past year, establishing 12 additional locations in Ontario, Quebec, British Columbia, Nova Scotia […]
1 min read
Claims
The scale of the subprime crisis so far is having the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A.M. Best reports.For 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis are currently up 400% year-on-year, Greg Flood, president of Ironshore Insurance’s professional liability facility, IronPro, […]
Prime Minister Stephen Harper unveiled amendments to the Criminal Code intended to take “dead aim” at organized auto theft rings. The new legislation will make it a crime to alter, destroy or remove a Vehicle Identification Number (VIN). The definition of trafficking and stolen property will be expanded to include stolen cars and car parts. […]
Michael King has been appointed branch manager of Cunningham Lindsey Canada’s Fredericton, NB office. King brings with him more than 20 years experience, working as both independent and staff adjuster. Vehicle owners who “go green on the road” will be rewarded with a 20% rebate from SGI on their 2007 insurance and registration fees. The […]
By Canadian Underwriter | April 14, 2008
SGI CANADA has posted a profit of Cdn$35.1 million in 2007. The drop from 2006’s profit of Cdn$52 million is due to a number of severe summer storms that swept across Saskatchewan causing an increase in claim costs, the company reports in a release. “We are very pleased that, in spite of the increase in […]
Zurich North America Commercial (NAC) has announced it is reducing its staff by 400 positions “to proactively manage its cost structure.””NAC will reduce approximately 400 positions or 4% of the staff that support the business division, primarily in non-market-facing roles,” the company announced in a statement posted on its Web site.The actions are part of […]
Insurance equity analysts expect a significant increase in property and casualty (P&C) mergers and acquisitions this year, according to findings of a global survey by Accenture (NYSE: ACN).Conducted by Institutional Investor Market Research Group as part of Accenture’s High Performance Business research, the survey queried more than 100 leading insurance equity analysts in 14 of […]
Losses of US$1 billion and higher from single tornado events are becoming more frequent, approaching hurricane damage losses, A.M. Best warns in a special report.Already in 2008, insured losses from severe weather systems have surpassed US$1 billion about US$850 million stemming from the tornado outbreak in the U.S. mid-South on Feb. 5 and Feb. 6, […]
By Canadian Underwriter | April 11, 2008
A kanetix study shows the average cost of the lowest premiums quoted on its Web site increased by 5.5% in 2008 Q1 compared to the same period of 2007.Kanetix attributes the increase to rate increases on the part of insurers, as well as consumers who are shopping for insurance for newer vehicles compared to last […]
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