Industry
The Financial Services Commission of Ontario (FSCO) is collecting information on behalf of the Canadian Council of Insurance Regulators (CCIR) to determine whether insurers and their brokers or intermediaries are following standards for managing conflicts of interest.FSCO is collecting the information on behalf of regulators in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, […]
By Canadian Underwriter | February 13, 2008
2 min read
A.M. Best says it expects the financial strength ratings of U.S. property and casualty insurance companies in 2008 to be equally balanced between upgrades and downgrades, “despite the prospect of lower operating margins due to the current phase of the underwriting cycle.”In a Feb. 11 ‘Special Report,’ the ratings agency noted the U.S. P&C sector […]
1 min read
EW Disaster Kleenup L.P. has changed its name to FirstOnSite Restoration L.P. and has appointed Ian Milne as its new CEO.Ken Zardo has also been appointed vice-president of national sales and marketing, a company release says. Zardo brings nearly 30 years of experience in sales and marketing, e-commerce and corporate and strategic planning; he has […]
The Government of Alberta has appealed an Alberta Court of Queen’s Bench decision that would eliminate a Cdn$4,000 cap on soft tissue injury awards to auto collision claimants.Alberta Premier Ed Stelmach told reporters in a scrum that the government would seek a “stay” of the court ruling, meaning the decision would not take effect pending […]
By Canadian Underwriter | February 12, 2008
Marsh & McLennan Companies, Inc. (MMC) has reported a 2007 Q4 profit of US$85 million, compared to US$226 million over the same period last year.Consolidated revenue in 2007 Q4 was US$2.9 billion, up 8% from 2006 Q4. Income from continuing operations was US$90 million, compared with US$168 million in 2006 Q4.The company noted its 2007 […]
An insurer has a duty to defend an insured against a plaintiff’s claim for bodily injury arising from his exposure to mould and/or bacteria despite a policy exclusion that suggests otherwise, an Ontario court has ruled.The court also disallowed the insurer from requiring the insured to retain counsel of the insurer’s choice.In Appin Realty Corporation, […]
Toronto Police Service (TPS) and the Insurance Bureau of Canada are continuing a criminal investigation into the activities of a ring that allegedly staged vehicle collisions for the purpose of committing insurance fraud, according to a TPS release. The allegations have not been proven in court.The TPS alleged that in this scheme, wrecked vehicles, which […]
Alberta’s Court of Queen’s Bench has struck down the Cdn$4,000 cap on minor injuries that arise from the use or operation of a motor vehicle, deeming it to be unconstitutional. In Morrow v. Zhang, two plaintiffs, Peari Morrow and Brea Pederson, suffered soft tissue injuries arising out of two separate automobile accidents, Associate Chief Justice […]
By Canadian Underwriter | February 11, 2008
Claims
As preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures, according to A.M. Best.Insurance Futures Exchange Services Ltd (IFEX), a member of the Climate Exchange […]
The Personal Property Security Act (PPSA) does not apply to a transfer of interest i.e. such as a vehicle to an insurer under a policy of insurance, the Ontario Superior Court of Justice has confirmed.In GE Canada Equipment Financing v. ING Insurance Company of Canada, GE asked the court to declare its security interests in […]
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