Claims

California wildfires could cost insurers up to US$1.6 billion

Wildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire in San Diego has caused the most property damage so far and is likely to […]

By Canadian Underwriter | October 25, 2007

2 min read

Claims

FM Global gives policyholders credits totaling US$380 million

FM Global clients will collectively be credited with an estimated US$380 million when policies are renewed in 2008. The credit is largely due to effective loss prevention efforts on the part of policyholders, which resulted in the companys excellent operating performance, FM Global said in a press release. Since 2001, FM Global has credited nearly […]

By Canadian Underwriter | October 24, 2007

1 min read

Claims

UK High Court says asbestos-related, pleural plaque claims not compensable

United Kingdom insurers are welcoming a decision by the United Kingdoms highest court, The House of Lords, which found that the existence of asbestos-related pleural plaques is not grounds for compensation by insurers.The House of Lords also ruled that a psychiatric ailment caused by worrying about pleural plaques is not sufficient to justify a demand […]

By Canadian Underwriter | October 22, 2007

1 min read

Claims

What’s New: In Brief (October 18, 2007)

The Insurance Brokers Association of Ontario (IBAO) honoured CAIB and CPIB graduates, as well as the brokerages that earned the distinction of Best Practices Brokerages, at an awards luncheon on Oct. 18. Elizabeth McIntyre, an Ottawa-based CAIB graduate, took top honours in her class with a 94% average, while Jason Di Reto, an employee of […]

By Canadian Underwriter | October 18, 2007

1 min read

Stewart Ponton elected president of IILA

Stewart Ponton, chair of McLarens Canada, has been elected president of the International Institute of Loss Adjusters (IILA). As former national president of the Canadian Independent Adjusters’ Association and with McLarens, Stewart has certainly proven his leadership and commitment to the independent adjusting profession in this country over the years, Fred Plant, CIAA president and […]

1 min read

AIR Worldwide launches new way for U.S. reinsurers to calculate insurance-to-value

AIR Worldwide Corporation (AIR) has a new service available to assess insurance-to-value (ITV) of U.S. residential property portfolios for reinsurance contract renewals.The challenges insurers face in maintaining up-to-date replacement values are well known in the industry, said Chris Harris, the chief underwriting officer at Montpelier Re. In the past, we have compensated for this bias […]

2 min read

Wildfire focus needed in Canadian cat models

Canadian catastrophe models should place more emphasis on wildfires and heavy rain, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR).Kovacs made his statement at the National Insurance Conference of Canada (NICC) in Montreal. His comment is echoed in a recent report written by Glen Daraskevitch, vice president of risk […]

2 min read

Ontario statutory deduction doesn’t apply when determining Rule 49 costs

**CORRECTION** The following article has been amended to correct an error brought to our attention since initial publication Statutory deductions from a plaintiff’s assessed damages, as mandated in s. 267.5(7) of the Insurance Act, are not to be considered in determining a party’s entitlement to costs pursuant to Rule 49 of the Rules of Civil […]

2 min read

What’s New: In Brief (October 10, 2007)

Insurance brokers have launched a new keeping you covered brand and advertising campaign in response to what the Insurance Brokers Association of New Brunswick (IBANB) refers to as the clutter created by telemarketers and Internet sales of home and auto insurance.IBANB chair Danny Harrigan explained the need to promote the advisory role of brokers in […]

2 min read

Marsh arranges US$425 million of non-cat capacity for U.S./Canadian companies in UK market

Marsh, a global insurance broker and risk adviser, has arranged a property facility that will provide up to US$425 million of non-catastrophe capacity in the London market for United States and Canadian companies, the company has announced.The facility can be adapted to provide up to US$262.5 million worth of non-critical catastrophe capacity, and up to […]

1 min read