News
Intact closes deal with AXA Canada, announces sale of AXA Life Insurance to SSQ Life Insurance
September 26, 2011 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has officially completed its $2.6-billion acquisition of AXA Canada, the country’s sixth-largest provider of home, auto and business insurance in the country. “The completion of this transaction represents a defining milestone in the history of…
IBAC president Dale Rempel calls for brokers to reach out to new MPs
September 26, 2011 by Canadian UnderwriterCanada has a new majority government, and the challenge now is for brokers to make themselves known to the new Members of Parliament, Insurance Brokers Association of Canada (IBAC) president Dale Rempel says.Rempel succeeded IBAC past president Fraser Lyle at…
Ontario declines to import U.S. Stonewall principle in a Canadian asbestos product liability case
September 23, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has declined to import the U.S. court’s Stonewall decision into an asbestos claims case launched in Ontario, meaning insurers are not the hook for asbestos claims made against Goodyear Canada after 1986, when insurance…
Alberta 4H Council adopts mandatory helmet rule for young and beginning horse riders
September 23, 2011 by Canadian UnderwriterAlberta 4H Council has approved a change that requires mandatory helmets for all beginning horse riders and any horse riders born in 2000 or later (11 years and younger).The main goal of the new rule is rider safety, including an…
CCIR revises mission statement to reflect its role as advisor, not policy maker
September 23, 2011 by Canadian UnderwriterThe Canadian Council of Insurance Regulators has revised its mission statement to reflect the fact that its role is not to create harmonized laws across Canada, but rather to serve as advisors to the policy makers in the various jurisdictions…
The Co-operators offers tips to lessen risk of home theft and invasion
September 23, 2011 by Canadian UnderwriterThe Co-operators has released a list of tips for homeowners to reduce the risk of home invasion or theft. The tips include:•Give your home the lived-in look, set automatic timers for lights and radios, for periods when no one is…
Nova Scotia’s utility board approves Facility Association’s request for cost of capital provision
September 23, 2011 by Canadian UnderwriterNova Scotia’s Utility and Review Board has granted the Facility Association permission to modify its rates and risk-classification system for miscellaneous vehicles.Miscellaneous vehicles include motorcycles, mopeds, and all-terrain and snow vehicles.The Facility Association had applied to the board in August…
Crashes number one cause of work-related deaths in BC
September 22, 2011 by Canadian UnderwriterCrashes are the number one cause of work-related deaths in British Columbia, according to WorkSafeBC statistics. Approximately 30 workers, on average, in B.C. are killed each year while driving, and distracted driving, such as cellphone use, is a key factor…
IBAO pushes for administrative monetary penalties in Ontario
September 22, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is urging the Financial Services Commission of Ontario (FSCO) to include administrative monetary penalties (AMPs) in the Insurance Act.Currently, FSCO can issue a cease and desist order, often in conjunction with an undertaking…
Lloyd’s of London pulls deposits from some European banks to reduce sovereign debt exposure
September 22, 2011 by Canadian UnderwriterLloyd’s of London has reduced its exposure to European government debt and pulled deposits from some of the region’s banks, reports the Wall Street Journal. “Given the uncertainty around the Euro zone, it’s only natural that we would seek to…
Catlin Canada donates $17,500 to McGannon Foundation
September 22, 2011 by Canadian UnderwriterCatlin Canada donated $17,500 to the William H. McGannon Foundation to assist students entering the insurance/risk management field of study.The official cheque was presented at the annual Risk and Insurance Management Society (RIMS) Canada conference in Ottawa, Ont.The McGannon Foundation…
Health-related issues most common claims for snowbirds
September 22, 2011 by Canadian UnderwriterHealth-related issues are the most common insurance claims for travelling snowbirds, according to RSA. The three most common travel insurance claims for snowbirds are related to pneumonia, heart conditions and gastro-intestinal conditions. “With an aging baby boomer population and medical…