Claims
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
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
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
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 […]
By Canadian Underwriter | October 17, 2007
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 […]
By Canadian Underwriter | October 15, 2007
2 min read
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 […]
By Canadian Underwriter | October 11, 2007
**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 […]
By Canadian Underwriter | 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 […]
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 […]
By Canadian Underwriter | October 9, 2007
Ground shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even larger than that, according to the Hazard & Risk Science Review 2007.The review, a joint […]
By Canadian Underwriter | October 5, 2007
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