Topic
Insurance
Rainfall warnings lifted in flooded B.C. Kootenay region
June 27, 2012 by Canadian UnderwriterRainfall warnings for a number of areas within British Columbia’s Kootenay region — which had already been dealing with the effects of rapid snowmelt and wet conditions over the past two or three weeks — ended in the early morning…
Ontario court awards punitive damages against insurer, distinguishing between fraud and maximizing insurance recovery
June 26, 2012 by Canadian UnderwriterWawanesa Mutual Insurance Company employed a high-stakes litigation strategy designed to intimidate homeowners seeking damages, a choice that demands significant, but proportionate punishment, an Ontario court has ruled. In Brandiferri v. Wawanesa Mutual Insurance, et al., Ontario Superior Court Justice…
OSFI gets solid marks in P&C industry survey
June 26, 2012 by Canadian UnderwriterThe federal regulator for financial institutions received positive feedback in a recent survey of property and casualty insurance companies. The Office of the Superintendent of Financial Institutions Canada (OSFI) commissioned the poll in late 2011 to explore perceptions of the…
Sending AB application to the wrong insurer a “reasonable explanation” for a delay in reporting the claim to the proper insurer: arbitrator
June 26, 2012 by Canadian UnderwriterAn Ontario arbitrator has awarded a $5,000 ‘special award’ against Economical Mutual Insurance Company after the company denied a claim on the basis that the claimant, Roda Egal, had not provided a reason for a delay in making her application…
Newly constructed buildings in Ontario must use heat-strengthened laminated glass
June 26, 2012 by Canadian UnderwriterOntario’s Building Code will soon require newly constructed buildings to use heat-strengthened laminated glass to prevent balcony glass from breaking and falling to roadways below. Effective July 1, construction companies must use heat-strengthened laminated glass (the same type used in…
14th Annual Crawford Contractor Connection(SM) Conference Attracts 2,500
June 26, 2012 Canadian Underwriter magazineNetworking event for managed repair vendor network sets new attendance record ATLANTA, June 26, 2012 — More than 2,500 contractors, insurance carrier representatives and service provider partners attended the recent Crawford Contractor Connection Conference, setting another attendance record for the popular…
Elliot Lake declares state of emergency after roof collapse at Algo Centre Mall
June 25, 2012 by Canadian UnderwriterA local state of emergency in Elliot Lake, Ontario remained in effect after a partial roof collapse at the Algo Centre Mall reportedly claimed at least one life, injured several others and left rescuers searching for one more. Mayor Rick…
Merchant Law Group launches $75-million class action after Alberta oil spill
June 25, 2012 by Canadian UnderwriterMerchant Law Group LLP has launched a $75-million class action lawsuit against Plains Midstream Canada ULC in connection with the oil spill near Sundre, Alberta that occurred in early June 2012. Approximately 475,000 litres of sour crude oil leaked into…
OSFI seeks comments on draft 2013 MCT guideline, reflecting adjustments based on defined benefit pension plans
June 25, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has released a draft of its 2013 Minimum Capital Test (MCT) Guideline for industry consultation. The draft guideline includes new amounts to be deducted from or adjusted within total capital available,…
Celent report analyzes how British insurers can improve claims process
June 25, 2012 by Canadian UnderwriterInsurance companies in the United Kingdom can “shift the customer satisfaction curve” in claims by focusing on big data, analytics and operational excellence, according to a recent study by Celent. “Tweaking” the claims process by ensuring that insurers communicate using…
Bermuda Monetary Authority expresses confidence that it will achieve Solvency II equivalence
June 25, 2012 by Canadian UnderwriterThe Bermuda Monetary Authority (BMA) says it is confident it will achieve equivalence with Europe’s proposed Solvency II capital provisions, following high-level talks with European officials in Brussels earlier this month. In the meantime, the BMA expressed confidence that a…
Lawyers resign from Ontario auto insurance committee
June 22, 2012 by Canadian UnderwriterSeveral lawyers are protesting recently announced changes to the definition of catastrophic injury for accident victims by quitting an auto insurance committee created by the Financial Services Commission of Ontario (FSCO). The Toronto Star reported the group of personal injury…