Topic
Insurance
Allstate Canada partners with Breakfast for Learning to launch Nutrition Month
March 2, 2011 by Canadian UnderwriterAllstate Insurance Company of Canada partnered with Breakfast for Learning on Mar. 2, 2011 to launch Nutrition Month.The national awareness campaign is designed to bring attention to the importance of providing youth with the proper nutrition they need to thrive,…
Ontario Court of Appeal holds up marijuana exclusion clause
March 2, 2011 by Canadian UnderwriterThe Ontario Court of Appeal has upheld a marijuana exclusion clause when landlords tried to make a claim for damages arising from an explosion on their property caused by a tenant running a marijuana grow-up.In Pietrangelo v. Gore Mutual Insurance…
Swiss Re estimates paying $800 million for claims related to New Zealand earthquake
March 2, 2011 by Canadian UnderwriterSwiss Re estimates its claims costs arising from the Feb. 22, 2011 earthquake in Christchurch, New Zealand will be approximately $800 million, net of retrocession and before tax.Swiss Re estimated total insured claims for the insurance sector for the earthquake…
FSCO settlement related to IRBs can be deducted from a court award, not a settlement related to disability benefits: Ontario court
March 2, 2011 by Canadian UnderwriterThe Ontario Court of Justice has ruled that a FSCO settlement for income replacement benefits (IRBs) counts as a “collateral benefit” and is therefore deductible from a court award, but a settlement from the Ontario Superior Court related to short-…
Insurance Institute for Highway Safety calls for better underride guards on trucks
March 1, 2011 by Canadian UnderwriterUnderride guards on tractor trailers can fail in relatively low-speed crashes, increasing the risk of a smaller vehicle lodging under the truck in the event of a collision, reported the Insurance Institute for Highway Safety (IIHS).Rear guards are the main…
IBC warns against high flood risk in Manitoba and Saskatchewan
March 1, 2011 by Canadian UnderwriterManitoba and Saskatchewan are facing a high probability of a spring flood, cautions the Insurance Bureau of Canada (IBC).Since overland flooding is generally not covered by home insurance, homeowners are urged to take preventive action now, an IBC release says.“The…
FM Global’s profits shrink in 2010, but surplus expands
March 1, 2011 by Canadian UnderwriterFM Global reported a net income of $687 million in 2010, marking a decrease from 2009’s net income of $840 million.The mutual insurer also reported a 16% increase in policyholder surplus to $7.3 billion in 2010 despite an uptick in…
Insurers should think beyond compliance and remediate fuel spills to pre-spill conditions: environmental lawyer
March 1, 2011 by Canadian UnderwriterInsurers should consider the multiple benefits of remediating fuel spills to pre-spill conditions, even if new Canadian regulatory guidelines for handling and cleaning fuel spill sites apply to contaminated and Brownfield sites and not to domestic fuel spills.John Tidball, environmental…
EU high court bans actuarial factors related to sex in calculating insurance premiums; market to adapt by December 2012
March 1, 2011 by Canadian UnderwriterThe European Union’s highest court has outlawed any discrimination between men and women as actuarial factors when calculating premiums for life and property and casualty insurance policies. “The use of actuarial factors related to sex is widespread in the provision…
EGI Financial Holdings cites success of “remedial actions” in boosting net and underwriting income in 2010 Q4
February 28, 2011 by Canadian UnderwriterEGI Financial Holdings reported a boost in its 2010 Q4 net income, which the company attributes to “remedial actions” taken over the past six to 12 months to restore profitability.The company reported a 2010 Q4 net income of $3.3 million…
Travelers Canada promotes Francine Armel, welcomes Sally Turney
February 28, 2011 by Canadian UnderwriterTravelers Canada has promoted vice president Francine Armel to lead its financial and professional services division. Armel joined Travelers Canada in 2005 in the financial and professional services division, which offers management liability and professional indemnity products for public, private…
Optimum West teams with Offsetters to offer carbon-neutral home insurance policy
February 28, 2011 by Canadian UnderwriterOptimum West Insurance Company and Offsetters, a carbon management solutions provider based in Vancouver, B.C., have teamed up to bring a home insurance policy to the B.C. marketplace that offsets a household’s annual greenhouse gas emissions.Called the Optimum Green-Home Extension,…