Claims
If a danger related to the use of a product is not obvious, and a consumer seeks reassurance from a merchant concerning the safety of the product, the answer must not be misleading, the Ontario Court of Appeal has found in a recent product liability case. In Walford v. Jacuzzi Canada Ltd., MarionWalfordwanted to install […]
November 30, 2007
3 min read
The 41st annual education seminar, best known as the Joint Seminar, co-sponsored by The Canadian Insurance Claims Managers Association and the Ontario Region of The Canadian Independent Adjusters’ Association, is set to go at the Metro Toronto Convention Centre on Jan. 29. This is a major event on the Canadian claims calendar, bringing together claims […]
The Loyalist Insurance Group Limited reported a Q3 2007 net loss of Cdn$94,143 compared to a net income of Cdn$143,953 for the same period in 2006.The decrease in revenue was due to the non-renewal of a few commercial accounts in the quarter and comparatively from the sale of a customer list that began in Q3 […]
By Canadian Underwriter | November 29, 2007
1 min read
Risk
The Supreme Court of Canada has agreed to hear the appeal of an Alberta court decision in which the court decided that photo i.d. for a driver’s licence is not mandatory.In a 2-1 decision the Alberta Court of Appeal ruled that members of the Hutterian Brethren Church of Wilson Colony who believe it is a […]
Industry
Canadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period last year.OSFI’s recent quarterly filings show that Canadian insurers regulated by OSFI claimed a net income of Cdn$2.26 billion for […]
2 min read
The Insurance Corporation of British Columbia (ICBC) is targeting high-risk drivers with a premium that will be paid in addition to the cost of insurance that is linked to the offender’s license. The Driver Risk Premium will have to be paid regardless of whether the driver owns or insurers the vehicle, the ICBC reports in […]
K.J. Harrison & Partners Inc. (KJH), a Toronto-based private client investment management firm, has filed a proposal that Marsh & McLennan Companies (MMC) Inc., the holding company of global advice and solutions providers in risk, strategy and human capital, spin off two of its subsidiaries to the control of shareholders.The resolution was filed for inclusion […]
By Canadian Underwriter | November 28, 2007
Insurance-linked securities (ILS) will not be able to provide adequate coverage for terrorism risk for the foreseeable future, warns a Swiss Re report.Because the ILS market is still in its infancy and terrorism risk has limited insurability, a sufficient market for terrorism bonds may never develop, Swiss Re researchers wrote.Issuance in 2006 of catastrophe bonds, […]
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has made it clear that foreign insurers providing financial guarantee insurance would not be subject to Part XIII of the Insurance Companies Act (ICA), according to a projects bulletin published by McMillan Binch Mendelsohn. The firm notes financial guarantee insurance is rarely seen in Canada, because […]
Canada needs a formal, public-private, risk-sharing pool to provide businesses with coverage against the risk of terrorist attacks, Lloyd’s of London chairman Lord Peter Levine indicated in a prepared address to The Empire Club in Toronto.Fighting a spell of the flu and laryngitis, Levine read part of his speech aloud and then turned the podium […]
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