Industry
The Financial Services Commission of Ontario (FSCO) has released its Health Claims for Auto Insurance (HCAI) Rollout Guideline, which includes, among other things, a Central Processing Agency (CPA) – an agency designated to receive accident benefit claims forms on behalf of insurers. “The HCAI Rollout Guideline currently applies only to participating insurers and health care […]
March 31, 2007
1 min read
Proposed National Instrument 31-103 – which outlines registration requirements for hedge fund participants – may significantly increase insurance costs for firms participating in hedge funds, according to a paper authored by Ronald Kosonic of Borden Ladner Gervais. Posted on Borden Ladner’s Web site, Kosonic’s paper says minimum insurance requirements for firms with significant hedge fund […]
Risk
One in three global businesses see loss of data as a significant threat and a key issue to address in operational risk management planning, according to the latest global risk report conducted by the Economist Intelligence Unit (EIU) and sponsored by ACE European Group (ACE). The survey of 181 senior executives and risk professionals revealed […]
2 min read
Integro (Canada) Ltd. held a cocktail reception at its Toronto office on Feb. 28, 2007. A number of industry movers and shakers attended the reception, including Integro’s principal founders and senior management: Front row (left to right): Bob Clements, John Chippindale, Robert Egan. Back Row (left to right): Walter Tomenson, Bob Dunn, Peter Garvey, and […]
Insurance Bureau of Canada is applauding the Nova Scotia government for making important changes to the province’s graduated driver licensing (GDL) program.”These changes will significantly make Nova Scotia’s roads safer,” said Don Forgeron, vice-president, Atlantic, Insurance Bureau of Canada. “They will serve to reduce the unnecessarily high number of deaths and injuries currently experienced by […]
By Canadian Underwriter | March 30, 2007
In response to growing concerns about the threat of identity theft, The Co-operators announced it has extended identity theft coverage to clients with home or farm insurance. The new coverage reimburses clients for up to Cdn$10,000 of costs associated with recovering or correcting damage to their personal identity. Insured expenses include legal fees and costs […]
Claims
Reinsurance rates on line for personal lines, standard commercial lines and complex commercial lines in Canada are likely to be flat or up to 10% lower during mid-year renewals of property catastrophe reinsurance programs, Aon Re Global predicts.Additionally, Aon Re Global said it expects plentiful reinsurance capacity in the Canadian market.Aons expectations for Canada are […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) announced that it has entered into an agreement to purchase 1,031,090 subordinate voting shares of Cunningham Lindsey Group Inc. from a group of third party investors.The Cunningham Lindsey shares will be acquired pursuant to a private agreement transaction at an aggregate purchase price of Cdn$2.25 million, a […]
A new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance Management Societys (ORIMS) Professional Development Day.Rounding out the rest of his observed changes were: the […]
By Canadian Underwriter | March 29, 2007
Plaintiff lawyers are increasingly trying to convince the courts of specific damages, which used to be part of general damages, in a bid to get damage amounts above and beyond the cap on non-pecuniary damages, people attending the Ontario Risk and Insurance Management Societys (ORIMS) Professional Development Day were told.In his presentation, entitled Calculating Damages: […]
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