Industry
The Financial Services Commission of Ontario (FSCO) is reminding the public that as of May 1, 2008, it will hand over its responsibility for regulating non-lawyer SABS representatives to the Law Society of Upper Canada, Ontario’s legal regulator.”With the passage of the Access to Justice Act, 2006, paralegals in Ontario will be regulated by the […]
By Canadian Underwriter | April 11, 2008
1 min read
Captives are alive and well generating an estimated annual premium income of between US$55 billion and US$60 billion despite falling rates in the current soft-market cycle, according to a global benchmarking report issued by Marsh.”As the insurance and reinsurance markets have changed over the past 40 years, one of the few constants has been the […]
2 min read
The Ontario Superior Court has held up two exclusions in an “all-risks” commercial policy, according to which Lombard General Insurance denied coverage for a business interruption claim made by companies that lost frozen food after a power blackout.Leo Deluca Enterprises Ltd. and Koolini’s Italian Cuisini Inc. brought a claim against Lombard after a 2003 hydro […]
By Canadian Underwriter | April 10, 2008
Claims
Researchers at Colorado State University are predicting an above-average probability of a major hurricane landfall in the United States in 2008.Philip Klotzbach and William Gray, researchers in the university’s department of atmospheric science, foresee a “well-above-average Atlantic basin tropical cyclone season” in their 2008 extended forecast.The team predicts 15 named storms in 2008, increasing from […]
Climate change is presenting particular challenges to countries with emerging market economies especially as the take-up of insurance in these areas increases, according to an article published by Munich Re.”Climate change presents a particular challenge to fast-growing emerging countries like India”, says Torsten Jeworrek of Munich Re’s board of management. “In conjunction with greater prosperity […]
Litigation surrounding subprime exposure will result in D&O liability and E&O insurance claims estimated at between US$3 billion and US$4 billion and possibly as high as US$9 billion, Fitch Ratings reports.Insurers’ potential losses could be substantially higher if credit issues spread to sectors not directly tied to the subprime mortgage market, or if market conditions […]
The U.S. property and casualty insurance industry’s profits took a 5.8% hit in 2007, slipping to US$61.9 billion last year from US$65.8 billion in 2006. By contrast, the Canadian property and casualty industry saw its net income fall 3.6% in 2007, down to Cdn$4.008 billion, according to statistics published by MSA Research Inc. The U.S. […]
By Canadian Underwriter | April 9, 2008
In the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse made the above observation while speaking at the Ontario Risk and Insurance Management Society (ORIMS)’s […]
Aviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new home purchasers in Western Canada, the release adds. “This acquisition will add momentum to our […]
Manitoba’s CIP Society wants to help make dreams a reality, by organizing a gala to help raise money to build new homes for families in need.Saturday, Oct. 18, 2008 will mark the first CIP Society of Manitoba Dreambuild Gala, in association with the non-profit association Habitat for Humanity.”We wanted to host an event that would […]
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