Risk
The Autorit des marches financiers (AMF) has announced the establishment of a Centre of Excellence for Derivatives (CED) to provide Quebec with modern and flexible regulatory instruments that can effectively foster the growth of the derivatives industry in Quebec while protecting investors. A derivative is essentially a financial instrument – traded on or off an […]
By Canadian Underwriter | June 29, 2007
1 min read
Claims
There is a distinction to be made between primary, excess and/or umbrella policies when other insurance policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently.In McKenzie v. Dominion of Canada General Insurance Company, a policyholder, Michael McKenzie, was involved in a serious boating […]
By Canadian Underwriter | June 28, 2007
3 min read
Initial estimates by Risk Management Solutions (RMS) suggest insured losses from recent floods that continue to batter the United Kingdom could exceed 500 million [Cdn$1.06 billion]. The rainfall situation, caused by a stationary east coast depression that draws moisture from the North Sea, is similar to the Norwich flood of 1912, an RMS statement says.It […]
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Simmlands Insurance Brokers Ltd. is joining forces with Women in Insurance Cancer Crusade (WICC) to present the 2007 Canadian PGA Womens Championship Pro-Am on July 30 at the Ladies Golf Club of Toronto.This inaugural event will provide a fun-filled day prior to the Canadian PGA Womens Championship, all for the cause of cancer research, Simmlands […]
2 min read
Industry
Customers in the United States looking around for car insurance will typically gather, on average, three competitive quotes, according to the J.D. Power and Associates 2007 Insurance Shopping Study released this weekOne-third of these shoppers will switch carriers; of these, 33% said they would switch because of price, while almost 75% said they would also […]
B.C. over the past five years has averaged two deaths and 161 injuries in 574 crashes on Canada Day, costing ICBC and customers Cdn$4.4 million in claims costs. Year after year, speeding is the top contributing factor in all fatal collisions, B.C. Solicitor-General John Les said in a release. By simply slowing down, we can […]
By Canadian Underwriter | June 27, 2007
In cases in which insureds are not aware that their drivers licenses have been suspended, trial judges do not have discretion under s. 129 of Ontarios Insurance Act to overturn the insurers denial of auto insurance coverage, Ontario Appeal Court has ruled.In Guy Williams v. York Fire & Casualty Insurance Company, the Appeal Court effectively […]
Benfield has inked an agreement with Lloyds to provide an extensive range of risk modelling and consulting services to the market and its syndicates. Under the terms of the five-year agreement, Lloyds will license Benfields dynamic financial analysis modelling tool ReMetrica Professional Edition for its own regulatory capital modelling requirements, as well as developing a […]
Underwriting income is down and claims costs are up, according to 2007 Q1 financial figures posted by the Office of the Superintendent of Financial Institutions (OSFI), which oversees federally regulated property and casualty insurers in Canada.The OSFI 2007 Q1 figures do not include financial data for many reinsurers or provincially regulated P&C insurers.Also, the figures […]
**CLARIFICATION: The following story is an amended and clarified version of a story posted on Canadian Underwriter on June 25** The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies, and contact their insurance representative, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes […]
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