Risk

Growing gap between coverage and exposure in booming energy sector

The booming energy sector generally — and in particular, the hot oil and gas construction industry — can have a serious impact on replacement costs and business interruption coverages, so insurers need to ensure exposures are adequately priced, a Swiss Re report warns. In its latest Focus report, “Energy construction boom — a paradigm shift […]

November 30, 2007

1 min read

Risk

Supreme Court to hear case on Hutterian photo i.d. requirement

The Supreme Court of Canada has agreed to hear the appeal of an Alberta court decision in which the court decided that photo i.d. for a driver’s licence is not mandatory.In a 2-1 decision the Alberta Court of Appeal ruled that members of the Hutterian Brethren Church of Wilson Colony who believe it is a […]

By Canadian Underwriter | November 29, 2007

1 min read

Risk

ICBC targets high-risk drivers

The Insurance Corporation of British Columbia (ICBC) is targeting high-risk drivers with a premium that will be paid in addition to the cost of insurance that is linked to the offender’s license. The Driver Risk Premium will have to be paid regardless of whether the driver owns or insurers the vehicle, the ICBC reports in […]

By Canadian Underwriter | November 29, 2007

1 min read

Risk

Toronto firm calls for spin-off of MMC subsidiaries

K.J. Harrison & Partners Inc. (KJH), a Toronto-based private client investment management firm, has filed a proposal that Marsh & McLennan Companies (MMC) Inc., the holding company of global advice and solutions providers in risk, strategy and human capital, spin off two of its subsidiaries to the control of shareholders.The resolution was filed for inclusion […]

By Canadian Underwriter | November 28, 2007

1 min read

What’s New: In Brief (November 26, 2007)

Work is now underway to extend the Autorite des marches financiers (AMF) and Financial Services Commission of Ontario (FSCO) Company Complaint Reporting System to other provinces, according to the Canadian Council of Insurance (CCIR) fall meeting highlights. Interested regulators have been asked to sign a letter of intent before the end of 2007, after which […]

1 min read

Insurers need to re-evaluate pricing in energy sector

The booming energy sector, along with the hot oil and gas construction industry, can have a serious impact on replacement costs and business interruption coverages so insurers need to ensure exposures are adequately priced, warns a Swiss Re report.In its latest Focus report: Energy construction boom a paradigm shift for insurers, Swiss Re suggests that […]

1 min read

Fatal stabbing of cabbie not an accident: FSCO

An insurer was right to deny accident benefits to the widow of a taxi cab driver whose husband was stabbed to death while on duty, ruled a Financial Services Commission of Ontario (FSCO) arbitrator.Morteza Khorasani died as a result of a stab wound inflicted while operating a Zurich-insured taxi cab in 2005, writes FSCO arbitrator […]

1 min read

OSFI: Canadian insurers underestimating work involved in becoming Basel 2-compliant

Canadas insurance industry may be looking for their own form of Basel 2 capital framework, but they are seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to the Superintendent of Financial Institutions, Julie Dickson.Dickson spoke to property and casualty insurers attending KPMGs 16th annual insurance issues conference, entitled […]

2 min read

Keep ERM approach simple to avoid “frenzy”

When designing and implementing an enterprise risk management (ERM) program, risk managers need to avoid getting caught in a frenzy and approach the undertaking systematically, Paul Brehm, managing director of Guy Carpenter & Companys Instrat Unit, told delegates of the North American Insurance Conference in Tampa, Florida.According to A.M. Bests ERM framework, smaller companies with […]

1 min read

A.M. Best to review Swiss Re’s ‘A+’ financial strength rating

A.M. Best Co. has placed the A+ financial strength rating of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its similarly-rated subsidiaries under review with negative implications, following Swiss Res revelation that it took a loss linked to the subprime mortgage crisis in the United States.Concurrently A.M. Best has placed all debt issued or guaranteed by […]

2 min read