Topic
Insurance
IBAO urges government to ban credit score use in personal lines
November 2, 2010 by Canadian UnderwriterInsurance Brokers Association of Ontario (IBAO) is urging the Ontario government to ban the use of credit scoring to price home and personal property.IBAO president Bryan Yetman spoke at Queen’s Park as part of the association’s Awareness Day. In his…
AMF orders Trisura to cease issuing replacement guarantee insurance product
November 2, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has ordered Trisura Guarantee Insurance Company to cease distributing its replacement insurance product.GWPco Inc. and motor vehicle dealers were distributing the product, an AMF release says. GWPco is not authorized to market the replacement…
Best practices for insurers to avoid special awards in arbitration are elusive: panel speaker
November 2, 2010 by Canadian UnderwriterArbitrators are all over the map when it comes to ordering special awards, but as of late there have been more cases finding against an insurer. “There is really a subjective element that comes into it, or, as some would…
The Economical Insurance Group Enables Online Insurance Sales Through Brokers Websites
November 2, 2010 EconomicalIn support of its national broker force, The Economical Insurance Group® (TEIG®) announces the launch of Insurance On Demand, an innovative and easy-to-use broker-branded quote, purchase and self-service website. Insurance On Demand allows customers to manage their insurance online, including…
Ontario’s $2,000 cap on AB assessments could be vulnerable to Charter challenge: AB seminar panelist
November 1, 2010 by Canadian UnderwriterBy including a health practitioner’s travel and translation costs within a $2,000 limit on auto insurance accident benefits assessments, the new Ontario auto insurance reforms may be heading down the highway towards a Charter challenge.“On the issue of including the…
Accident benefits arbitrations face the same kind of backlogs seen in courts: FSCO director delegate
November 1, 2010 by Canadian UnderwriterArbitration is supposed to offer a cheaper, quicker alternative to the courts when resolving accident benefits disputes, but the current reality is completely different, Lawrence Blackman, director delegate at the Financial Services Commission of Ontario (FSCO), says.At the Canadian Defence…
Co-operators reports Q3 net loss of $11.5 million
November 1, 2010 by Canadian UnderwriterCo-operators General Insurance Company reported a net loss of $11.5 million in 2010 Q3, marking an improvement over 2009 Q3’s net loss of $16.1 million.The company’s combined ratio remained flat quarter-over-quarter, increasing slightly from 113.2% in 2009 Q3 to 113.4%…
Willis suggest risk managers take advantage of soft market conditions
November 1, 2010 by Canadian UnderwriterWillis Group Holdings is urging commercial insurance buyers to take advantage of the ongoing soft market conditions in 2011.In its report, Marketplace Realities and Risk Management Solutions, Willis notes several lines remain flat or have experienced rate reductions. These lines…
ICBC’s rate reduction on basic and optional insurance take effect
November 1, 2010 by Canadian UnderwriterICBC’s 2.4% reduction in its basic rates are officially in effect.The public insurer also implemented a 3% reduction in optional insurance premiums.This marks the third consecutive year ICBC has offered rate reductions to its insureds.“Our customers’s smart driving decisions, combined…
Kanetix allows Ontario auto insurance rate tracking service
November 1, 2010 by Canadian UnderwriterKanetix has launched a service that allows auto insurance consumers to track rate changes in Ontario.‘Rate Tracker’ is an online free service that displays the changes in rates that were approved by the Financial Services Commission of Ontario over the…
Fairfax acquires specialty commercial insurer
October 29, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) will acquire the outstanding share of specialty insurer First Mercury for approximately $294 million.The transaction is expected to close in 2011 Q1, subject to shareholder and regulatory approval.First Mercury is a Michigan-based…
Bruce Thomas honoured for 50 years of practicing insurance law
October 29, 2010 by Canadian UnderwriterThe Law Society of Upper Canada is recognizing Bruce Thomas, a founding partner of Thomas Gold Pettingill LLP, for practicing law for 50 years. Thomas specializes in insurance law and will be granted a lifetime membership in the Law Society…