Claims
In cases in which insureds are not aware that their drivers licenses have been suspended, trial judges do not have discretion under s. 129 of Ontarios Insurance Act to overturn the insurers denial of auto insurance coverage, Ontario Appeal Court has ruled.In Guy Williams v. York Fire & Casualty Insurance Company, the Appeal Court effectively […]
By Canadian Underwriter | June 27, 2007
2 min read
**CLARIFICATION: The following story is an amended and clarified version of a story posted on Canadian Underwriter on June 25** The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies, and contact their insurance representative, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes […]
1 min read
Catastrophe modelers must do a better job of expecting the unexpected, according to speakers at a European conference, as reported by A.M. Best.I think we need to move to this new age the Age of Recognized Uncertainty, A.M. Best quotes Peter Taylor, a project director at Lighthill Risk Network, as saying. He was speaking at […]
By Canadian Underwriter | June 26, 2007
The widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in a recent report.The report, conducted at the Comptroller General’s initiative, addresses the actions of the […]
By Canadian Underwriter | June 25, 2007
The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h touched down in Southern Manitoba June 23-24, destroying homes, farms and blowing a number of […]
Guy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the event of a series of pre-defined severe natural catastrophes.Events covered by the transaction include US […]
By Canadian Underwriter | June 22, 2007
The Autorite des Marches Financiers (AMF) found Sylvain Desgens guilty of five charges under the act respecting the distribution of financial products and services. Desgens was found guilty of acting as a representative in insurance of persons without holding a certificate issued for such purpose by the AMF and offering insurance products, thereby violating sections […]
By Canadian Underwriter | June 21, 2007
The Risk and Insurance Management Society (RIMS) has commended the June 18 introduction of the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.RIMS strongly supports the reauthorization of TRIA and believes the introduction of this important measure represents the commitment of Rep. Mike Capuano (D-Mass.) and Rep. Barney Frank (D-Mass.) to protect the […]
By Canadian Underwriter | June 20, 2007
The Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past as 2007-08 results are expected to deteriorate, A.M. Best warned in a recent report.The A.M. Best report, […]
By Canadian Underwriter | June 19, 2007
Climactic conditions are ripe for an active storm season and obviously an active storm season increases the likelihood that the insurance industry will incur losses, according to a June 2007 report by Fitch Ratings, entitled Hurricane Season 2007: A Desk Reference for Insurance Investors. As a general rule, Fitch believes primary insurers will disproportionately incur […]
By Canadian Underwriter | June 15, 2007
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