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Insurers are too quick to settle legal actions against them, John Campion, a partner at Fasken Martineau DuMoulin, told a panel at the National Insurance Conference of Canada (NICC).Campion is known within the insurance community for his role as defence counsel for insurers in McNaughton Automotive Ltd. v. Co-Operators General Insurance Company.In McNaughton, the Ontario […]
By Canadian Underwriter | October 3, 2007
2 min read
Industry
Competition for both brokers and underwriters will increase and grow more intense, keeping regulatory intervention at bay, Patrick Ryan, executive chairman, Aon Corp., told delegates at the National Insurance Conference of Canada in Montreal.During the one-on-one session with George Cooke, president and CEO of the Dominion of Canada General Insurance Company, Cooke asked Ryan if […]
Sedgwick Claims Management Services, Inc. (Sedgwick CMS) has launched an advanced user-managed alert feature, which will notify clients of changes in the status of claims in the JURIS claims management information system, a release reports. The new feature is included with viaOne view, which is part of the viaOne suite of web tools that provide […]
By Canadian Underwriter | October 2, 2007
1 min read
Risk
***CORRECTION*** The following item corrects information that appeared in a version of this previously published story. We apologize for the error. Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from a BBB+ to an A-.According to Standard and Poors rating report, the ratings are […]
A foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory issued by Office of the Superintendent of Financial Institutions Canada (OSFI) notes. If a foreign […]
Ontario insurers need to raise their auto rates in order to make up for escalating loss ratios, and this could [and should] happen shortly after Ontarios election is over on Oct. 10, according to an actuary presenting on a panel at the National Insurance Conference of Canada (NICC) in Montreal.Barb Addie, an actuary at Baron […]
Claims
Individual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in Montreal.Recent research indicates that an earthquake event in Vancouver similar to that of the 1994 […]
Optimum General Inc. has become a Full Partner of the Broker Identity Program (BIP) for 2007, the Insurance Brokers Association of Canada (IBAC) announced.By investing in the program, Optimum supports the message being delivered every day to consumers, legislators, government officials, and regulators about the value brokers provide, Jean-Claude Pag, president and CEO of Optimum […]
By Canadian Underwriter | October 1, 2007
Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from an A- to a BBB+. According to Standard and Poors rating report, the ratings are reflective of the companys strong underwriting results in core surety and fidelity commercial lines, improvement in personal lines and strong […]
Insurers will have to do much more realistic, believable capital stress testing in the wake of the damage done to Canadas asset-based commercial paper market, Canadas federal insurance regulator says. Canadas Superintendent of Financial Institutions, Julie Dickson, talked about the effects of the collapse of the U.S. subprime mortgage market earlier this year in her […]
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