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Insurance industry counsels Alberta not to prohibit exclusion of claims for fire following terrorist events

January 12, 2010 by Canadian Underwriter

Canada’s property and casualty insurance industry is “strongly cautioning” the Alberta government to scrap a proposal that would prohibit insurers from excluding claims for fire damage following terrorist or earthquake events.Primary insurers would run a higher risk of insolvency if

News AssociationsInsurancePersonal Lines

HCAI in stable condition: IBC

January 11, 2010 by Canadian Underwriter

The Health Claims for Auto Insurance (HCAI) system is stable, with no new processing issues identified, according to Insurance Bureau of Canada. The HCAI pilot was re-launched on Sept. 28, 2009, with two insurers and nine health care facilities. After

News AssociationsClimate ChangeInsurance

Three severe Canadian weather events in 2009 caused insured damages totalling Cdn$637 million: IBC

December 22, 2009 by Canadian Underwriter

Three separate severe weather events occurring in Alberta and Ontario in 2009 caused insured damages totalling Cdn$637 million, according to figures released by the Insurance Bureau of Canada (IBC) IBC says the various storms highlight the need for urgent action

News AssociationsInsurance

Ontario government green lights HST

December 11, 2009 by Canadian Underwriter

The Ontario government has passed legislation to create a harmonized sales tax of 13%.The HST will be implemented on July 1, 2010.The implementation of the tax will result in a one-time hit of $250 million for the insurance industry at

News AssociationsInsurancePersonal Lines

What’s New: In Brief (December 11, 2009)

December 11, 2009 by Canadian Underwriter

A severe winter storm in central Ontario has prompted CAA to warn motorists to stay off of the roads in that area.Eighty centimetres of snow is expected to fall throughout Dec. 11 in the Huntsville and Bracebridge areas, Environment Canada

News AssociationsInsurancePersonal Lines

More signs that organized crime is involved in auto theft: IBC

December 9, 2009 by Canadian Underwriter

The 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime

News AssociationsInsurance

HCAI information site launched

November 13, 2009 by Canadian Underwriter

As the Health Claims for Auto Insurance (HCAI) pilot is re-launched,  so too has the newly updated information site — www.hcaiinfo.ca. During the last rollout, the site did exist, but was only intended to be used as an update to

News AssociationsInsurancePersonal Lines

IBC urges insurers to talk to each other to prevent organized crime

November 12, 2009 by Canadian Underwriter

Insurance companies must recognize ‘red flags’ indicating the presence of organized crime and better co-ordinate communications between them when such signs arise, according to IBC investigator Kathy Metzger.Insurers must be vigilant in preventing organized crime, Metzger told delegates attending the

News AssociationsInsurancePersonal Lines

What’s New: In Brief (November 09, 2009)

November 9, 2009 by Canadian Underwriter

Insurance Bureau of Canada (IBC) has hired Ralph Palumbo as vice president for Ontario.Also, Jim Rivait, vice president for Alberta and the North, has left IBC to pursue other opportunities. The bureau has created a new senior vice president policy

News AssociationsInsurancePersonal Lines

Insurance industry responds favourably to Ontario auto reforms

November 3, 2009 by Canadian Underwriter

Canadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of

News AssociationsInsurancePersonal Lines

What’s New: In Brief (November 03, 2009)

November 3, 2009 by Canadian Underwriter

No processing issues have arisen after five weeks of active participation in the Health Claims for Auto Insurance (HCAI) pilot phase.Two insurers, Gore Mutual and State Farm Mutual Auto, and nine health care facilities began their participation in this voluntary

News AssociationsClimate ChangeInsurance

IBC to pilot new tool to assess municipal climate change risks

October 30, 2009 by Canadian Underwriter

Insurance Bureau of Canada (IBC) has approved Cdn$1-million pilot project for a new municipal risk assessment tool that will help insurers assess climate change risks.The new tool is intended to collect key data that will help insurers better understand the