Industry
An insurer’s contractual obligations in an auto injury case can be severed from the main negligence action against a driver even though the two legal proceedings share “some common question of law or fact” as long as the severance expedites the trial process for the plaintiff, the Nova Scotia Court of Appeal has ruled.In Kirby […]
By Canadian Underwriter | March 4, 2008
2 min read
Fitch Ratings has given the Bermuda property and casualty insurance and reinsurance market a ‘stable’ outlook, drawing attention to the challenges the market will face in the near future as a result of the current soft market.”Scenarios that could lead Fitch to change its Bermuda market rating outlook to negative include evidence that the current […]
1 min read
The Ontario Trial Lawyer’s Association (OTLA) is considering a court challenge similar to that of Alberta’s recent Charter challenge that overthrew the Cdn$4,000 cap on minor injuries.Patrick Brown, president-elect of the OTLA, says that in light of the recent Alberta decision in Morrow v. Zhang, the Ontario government should make the appropriate changes to its […]
Rebecca Ritchey has joined The Applied Systems Client Network (ASCnet) as director of communications.Ritchey joins ASCnet with 14 years of experience in communications, including marketing, sales, public relations and training while specializing in strategic marketing partnerships. She has hosted, produced and marketed television programs and acted as national and international spokesperson for the $8 billion […]
Desjardins Group announced Cdn$273 million in surplus earnings for 2007 Q4, compared to Cdn$284 million for the same quarter in 2006.Desjardins General Insurance Group (DGIG) contributed Cdn$8 million to the company’s 2007 Q4 results, compared to Cdn$18.8 million for the previous year. “This decrease [in the insurance segment results] is explained by lower underwriting profits […]
By Canadian Underwriter | March 3, 2008
“The party is over” and insurance industry-wide profit margins will tumble in 2008, Berkshire Hathaway CEO Warren Buffet warned in an annual letter to shareholders. “It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008,” Buffet wrote.”Prices are down, and exposures inexorably rise. Even if the U.S. has its third consecutive […]
A Vancouver provincial court has sentenced Hiu Qin Zhang of Vancouver to nine months’ conditional house arrest for attempting to bribe an ICBC driver examiner. Zhang attended ICBC’s Point Grey Driver Service Centre on Jan. 15, 2007 to take her Class 7 road test. Prior to leaving the parking lot for the driving portion of […]
The Registered Insurance Brokers of Ontario (RIBO) supports the plan to move forward with a risk-based approach to regulation, as outlined in the Canadian Council of Insurance Regulators’ (CCIR) paper, An Approach to Risk-Based Market Conduct Regulation. The CCIR released the paper in January 2008 with the intent of fostering dialogue between regulators and stakeholders […]
Apparently the Court of the Queen’s Bench of Alberta has carved out a new category of ‘disabled’ people — those who have suffered minor whiplash injuries in car collisions — who have apparently been discriminated against in ways in which other marginalized groups in Canadian society can only imagine. Witness this passage from Court of […]
February 29, 2008
4 min read
Risk
Canada Inc. reported net income of Cdn$95.8 million for 2007 Q4, down from $109.4 million in 2006 Q4, mainly due to lower results from invested assets, the company notes. “Our investment activities continue to generate substantial interest and dividend income, but recent unfavourable capital markets conditions led to a net loss of Cdn$3.3 million on […]
By Vanessa Mariga | February 29, 2008
15 min read
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