Claims

Gen Re pays $12.2 million to settle SEC charges related to 2000-02 finite reinsurance deals

General Re Corporation has agreed to pay $12.2 million to settle charges by the Securities Exchange Commission (SEC) related to separate schemes by American International Group (AIG) and Prudential Financial, Inc. to manipulate and falsify reported financial results in 2000-02.According to the SEC’s complaint against Gen Re, filed in U.S. District Court for the Southern […]

By Canadian Underwriter | January 20, 2010

2 min read

Claims

Ontario auto reforms need to clarify an ‘incurred cost’: defence lawyer

There is a need to provide a clear definition for the word “incurred” under Ontario’s Statutory Accident Benefits Scheme (SABS), said Philippa Samworth, a partner at Dutton Brock LLP.Typically, “incurred” is interpreted to mean that a person has paid for an expense out-of-pocket, she told delegates of the Ontario Risk and Insurance Management Society (ORIMS) […]

By Canadian Underwriter | January 15, 2010

3 min read

Claims

Proposed changes to Ontario medical and rehab benefits potentially “problematic” for brokers

The proposal to decrease Ontario’s medical and rehab benefit from $100,000 to $50,000, including an option to purchase higher limits, will place a huge onus on brokers and expose them to an increased risk of litigation, said Philippa Samworth, a specialist in civil litigation at Dutton Brock LLP.Samworth spoke about the proposed reforms to Ontario’s […]

By Canadian Underwriter | January 15, 2010

2 min read

Claims

Environment Canada’s Top 10 weather stories in 2009 include storms causing $637 million in insured damages

Three weather storms that caused insurers a total of $637 million cracked Environment Canada’s list of Top Ten Weather Stories for 2009.Tornadoes in Ontario placed third on Environment Canada’s list, which was based on an assessment of the severity of the event, its impact on Canadians, the extent of the area covered and the economic […]

By Canadian Underwriter | January 15, 2010

2 min read

Third time not a charm when disclosing limitation periods in Alberta: Insurance industry

Insurers generally agree with the Alberta insurance regulator that disclosure of limitation periods to litigate a claim should be “transparent” and “fair,” but a general industry consensus has evolved that requiring an insurance company to notify a claimant about the limitation periods three times is probably one time too many.The Government of Alberta’s finance and […]

2 min read

Global cat bond market rebounds in 2009

The global catastrophe bond market staged a recovery in 2009, according to Munich Re.The volume of new bonds issued in 2009 came to just under $3.5 billion, and overall the value of outstanding bonds rose marginally to just under $12 billion.Munich Re anticipates the volume of new cat bond issues in 2010 to be in […]

2 min read

Part XIII amendments not likely to change the amount of “unlicensed” insurance in Ontario: RIBO

Contrary to its initial expectations, Registered Insurance Brokers of Ontario (RIBO), the self-regulating body of Ontario’s insurance brokers, says the Part XIII amendments to the federal Insurance Companies Act (ICA) will not likely change the amount of “unlicensed” insurance written in Ontario.RIBO posted an online ‘news and updates’ item in December 2009 about the Part […]

2 min read

Inflation, potential of carbon credit market collapse among emerging risks: Lloyd’s

Macro-economic inflationary pressures and the potential collapse of the carbon credit market are two emerging risks in 2010, according to Lloyd’s of London’s 360 Risk Insight.360 interviews Daniel Golding, a risk analyst at Lloyd’s insurer Chaucer, who warns of the possibility that the value of assets or income will decrease as inflation shrinks the purchasing […]

2 min read

Ontario’s new Rules of Civil Procedure apply to motions filed before Jan. 1, 2010

A motion for summary judgement filed in 2009, but that will not be heard until 2010, is subject to the new Rules of Civil Procedure that came into effect as of Jan. 1, 2010, Ontario’s Superior Court of Justice has ruled in an endorsement.In Onex Corporation et al. v. American Home Assurance et al., Onex […]

2 min read

Colorado State predicts above-average activity in 2010 hurricane season

The 2010 Atlantic hurricane season will likely bring above average activity, predicts Colorado State University’s Department of Atmospheric Science.In their six- to 11-month, extended-range forecast, Philip J. Klotzbach and William M. Gray estimate a 64% chance of at least one major hurricane (Category 3, 4 or 5) hitting the entire U.S. coastline. The average for […]

1 min read