Industry
The United Kingdo’s financial services regulator, the Financial Services Authority (FSA), says it wants to take more time to consider “possible inefficiencies in the commercial general insurance market” before making a decision on whether to mandate commission disclosure. Under the FSA’s current rules, a commercial insurance broker must disclose commission information if the client requests […]
By Canadian Underwriter | December 10, 2007
2 min read
Claims
Colorado State University (CSU)’s Tropical Meteorology Project is calling for somewhat above-average Atlantic basin hurricane activity in 2008.A new report provides the team’s first extended-range forecast for the 2008 hurricane season. It anticipates 13 named storms forming in the Atlantic basin between June 1 and Nov. 30.Seven of the 13 storms are predicted to become […]
Guy Carpenter has developed a Subprime E&O Litigation Index, which measures the combination of factors influencing the country’s E&O litigation climate in the wake of the market crisis related to U.S. subprime mortgage-backed securities. Factors anticipated to lead to higher rates of E&O litigation in certain U.S. states include: the state’s foreclosure rate;subprime mortgage delinquency […]
The U.S. dollar’s weakness and the softening of the reinsurance market significantly affected the financial results of the first half of 2007, Benfield Group Limited says. Benfield said its earlier expectation that reported trading profit for the full year would be at a similar level to that achieved in 2006 was subject to deterioration in […]
1 min read
Alberta’s Superintendent of Insurance has issued penalties of Cdn$114,000 against ING Insurance Company of Canada and Cdn$94,000 against Unifund Assurance Company for contravening the Insurance Act.”Following an investigation, the superintendent determined that both insurance companies had cancelled and/or refused to renew insurance policies outside of the limited parameters allowed by the Insurance Act,” the superintendent […]
By Canadian Underwriter | December 7, 2007
Chubb Insurance Company of Canada has taken steps to improve its handling of each of the 125,000 telephone calls it receives each year, by migrating to an IP telephony platform.Internet telephony is the use of the Internet rather than the traditional telephone company infrastructure and rate structure to exchange spoken or other telephone information.Chubb has […]
Seven people were arrested this week on charges related to a theft ring in which more than 500 vehicles were stolen, crushed and sold for scrap, according to CanWest News Service. Acting on a tip from the Insurance Bureau of Canada (IBC), Quebec’s provincial police and municipal police forces completed a 10-week investigation. One of […]
A recent discovery of a security flaw in Passport Canada’s Web site, coupled with the loss of computer discs belonging to the United Kingdom’s revenue agency, serve as reminders of the threat of data loss and cyber crime.An Ontario man completing his own online passport application discovered that he could easily view the applications of […]
A go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track owned and operated by Pineland Amusements Ltd. when he allegedly lost control of his go-kart […]
By Canadian Underwriter | December 6, 2007
CNA Canada, a commercial insurer with more than 60 years of experience in writing construction, has announced the launch of its new construction insurance product, CNA Build.CNA Build was developed in consultation with distribution partners and CNA professionals in the United States.Benefits of CNA Build include: enhanced casualty capabilities, including “Wrap-up” and “Rip & Tear”; […]
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