Claims
Hurricane Dean, which is the first category five storm since 2005, ripped through Jamaica, Mexico and the Lesser Antilles, causing anywhere from US$0.75 billion to US$3 billion, based on estimates from Risk Management Solutions (RMS) and EQECAT. Dean was expected to track further north hitting Cancun and Cozumel, which, according to RMS, would have tripled […]
By Canadian Underwriter | August 21, 2007
2 min read
Aviva PLC reported a hearty 25% increase in worldwide sales to 19.294 billion [approximately Cdn$41.14 billion] throughout the first six months of 2007.Its North American operations reported profits of 70 million [approximately Cdn$149.28 million], an Aviva statement says.Using 2007 exchange rates, the same period in 2006 profits sat at 78 million [approximately Cdn$166.33 million].The Groups […]
By Canadian Underwriter | August 14, 2007
1 min read
A recent Minneapolis bridge collapse and New York steam pipe explosion, both of which collectively caused the deaths of at least six people and more than US$250 million in damages, has brought infrastructure liability to the fore, according to a report by KPMG.In its online publication, KPMG Insurance Insider, KPMG raises a number of insurance […]
By Canadian Underwriter | August 10, 2007
ING Canada Inc. (TSX: IIC) reported a 2007 Q2 net income of Cdn$194.3 million, down 5.7% from the Cdn$206 million it reported in 2006 Q2.The company said its growth in direct premiums written remained strong during the quarter despite overall rate reductions, amounting to Cdn$1.205 million (a 3.7% increase over the same period last year, […]
By Canadian Underwriter | August 8, 2007
General Motors (GM) has announced that it will be using a PPG basecoat system in all of its dealership repairs. The PPG Envirobase High Performance and Nexa Autocolor Aquabase Plus waterborne basecoat systems from PPG Automotive Refinish recently received the major automakers approval. Skilled technicians using the right materials offer the only path to true […]
By Canadian Underwriter | August 3, 2007
The Insurance Bureau of Canada (IBC) is urging residents of Newfoundland and Labrador to contact their insurance representatives after being battered by tropical storm Chantal.The storm blasted the eastern third of the province with high winds and approximately 150 millimetres of rain earlier this week, washing out roads and causing extensive damage.James Geuzebroek, IBC spokesperson, […]
By Canadian Underwriter | August 2, 2007
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 […]
August 1, 2007
3 min read
An Ontario Superior Court of Justice case, Oliveira v. Mullings, recently considered the standard for summarily dismissing a claim made against an auto insurer. The claim was based on a September 2003 motor vehicle collision, in which one of the defendants, Phillip Mullings, was the driver of a vehicle owned by his mother, defendant Claudia […]
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