News
Soft U.S. commercial market may have finally hit rock bottom: RIMS study
November 15, 2011 by Canadian UnderwriterAn eight-year soft market in U.S. commercial lines may finally have hit rock bottom, according to The RIMS Benchmark Survey.Administered by Advisen Ltd., the survey tracks changes in average program renewal premiums for director and officers’ liability (D&O), general liability…
Norton Rose Group study finds disconnect between customers and suppliers on key outsourcing and risk management responsibilities
November 15, 2011 by Canadian UnderwriterSixty-five per cent of 76 international companies surveyed by international legal practice Norton Rose Group said they do not conduct detailed due diligence on incoming key personnel provided by their supplier.“The majority of customers assume that their suppliers will have…
Insurers more vulnerable to financial crisis as they branch out into non-insurance financial activities: IAIS
November 15, 2011 by Canadian UnderwriterThe traditional insurance model has allowed property and casualty insurers to withstand the recent financial crisis, but as insurers branch out from this model and offer more non-insurance related products, they are more vulnerable to financial risks associated with the…
Quebec auto insurer highlights guidance on use of electronic, on-board recorders in heavy vehicles
November 15, 2011 by Canadian UnderwriterThe Société de l’assurance automobile du Québec (SAAQ), the province’s auto insurer, has posted an information bulletin providing guidance on the use of electronic on-board recorders (EOBRs) used in heavy vehicles.The devices have increasingly replaced paper format daily logs with…
New Brunswick Appeal Court addresses confusion around “ownership” in a motor vehicle policy exclusion related to underinsurance coverage
November 14, 2011 by Canadian UnderwriterConfusion around the “co-ownership” of a Peterbilt truck used in a commercial trucking business and a personal Chevy pickup truck figured prominently a recent New Brunswick Court of Appeal case focused on a policy exclusion for underinsured motorist protection.The Court…
Insurer must pay special award for failing to consider the “totality” of medical evidence: FSCO arbitrator
November 14, 2011 by Canadian UnderwriterAn Ontario arbitrator has upheld a special award against an insurer in a case involving termination of Income Replacement Benefits (IRB) on the basis of conflicting medical information.The Economical Mutual Insurance Company appealed an arbitrator’s finding of a special award…
York Fire re-brands itself as Unica Insurance Incorporated
November 14, 2011 by Canadian UnderwriterYork Fire & Casualty Insurance Company has become Unica Insurance Incorporated and will operate under the Unica brand name, the company announced on Nov. 14.The re-branding of York represents a milestone in the reinvention of the company since its acquisition…
IBAO announces 2011 Awards of Excellence
November 14, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has presented its 2011 Awards of Excellence recognizing prominent insurance brokers and brokerages throughout Ontario. The awards were presented at the IBAO’s 91st Annual Convention in Toronto.The winners of the 2011 IBAO Awards…
Earthquakes have shaken up New Zealand’s insurance market: A.M. Best
November 14, 2011 by Canadian UnderwriterNew Zealand’s property and casualty insurance market is in a state of transformation as it grapples with prolonged earthquake activity and associated regulatory developments, a new special report from A.M. Best finds.The report, New Zealand’s Insurance Market on Cusp of…
FSCO to issue new guidelines intended to protect insurers from getting “papered” by health care treatment plans
November 11, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is releasing new guidelines on Dec. 1, 2011 for Health Claims for Auto Insurance (HCAI) intended to prevent insurers from getting inundated by documentation from health care providers. The revised guidelines are intended…
“Misnamed” defendant on product liability action can be corrected after limitations period expires: Ontario Court
November 11, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has allowed a plaintiff to add a defendant to a product liability action despite the expiry of a two-year limitation period, because doing so met the test that allows “the correction of a misnaming…
The Co-Operators launches sustainability toolkit
November 11, 2011 by Canadian UnderwriterThe Co-operators has launched a toolkit offering guidance for leading more environmentally sustainable lives. Sustainability at Home: Decision making help for your everyday choices was released in partnership with The Natural Step Canada.The toolkit presents Canadians with practical tips and…