Topic
Insurance
MPI requests 4% overall average decrease in auto insurance premiums
June 11, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) has proposed a 4% overall average rate decrease for auto insurance rates next year. This is in addition to providing customers with a $92-million rebate in the spring. The 12.9% rebate would amount to roughly $115…
RIBO warns brokers about ‘negative option billing’ in the context of Ontario auto reforms
June 10, 2010 by Canadian UnderwriterOntario’s broker regulator is cautioning brokers who are about to sell the province’s new auto insurance product about ‘negative option billing,” which is illegal in Ontario. Specifically, RIBO’s Ontario Auto Reform 2010 Best Practices Guideline observes that a number of…
U.S. energy insurance market could not afford proposed $10-billion liability limit, insurers tell Congress
June 10, 2010 by Canadian UnderwriterEnergy insurers and reinsurers would not be able to provide the capacity required under the proposed $10-billion legal liability limits in the United States, the U.S. Insurance Information Institute (III) testified before Congress.Currently the legal liability under the Oil Pollution…
Ontario broker regulator issues best practices guide related to province’s auto reforms
June 10, 2010 by Canadian UnderwriterOntario’s insurance brokers should be establishing procedures for educating all of their clients about Ontario’s upcoming auto insurance reforms, according to the Ontario Auto Reform 2010 Best Practices Guideline posted by the province’s broker regulator.The Registered Insurance Brokers of Ontario…
Ongoing trend toward higher costs for natural catastrophes: Munich Re
June 10, 2010 by Canadian UnderwriterA long-term trend toward higher natural catastrophe costs is continuing, according to Munich Re. The first few months of 2010 were marked by a significantly large number of natural catastrophes, in contrast to 2009 with substantially lower natural catastrophe losses…
SPECS Limited Opens New Branch Office in Lethbridge, AB
June 10, 2010 SPECS (Specialized Property Evaluation Control Services)Edmonton, AB– June 10th, 2010 – SPECS Limited, the country’s leading provider of independent property damage valuations and cost control services has opened a new office in Lethbridge, AB. The strategic location and the placement of Neal Thunder Chief, Office…
Quebec court affirms “considerable” burden of proof on plaintiffs in oppression actions: Ogilvy Renault
June 9, 2010 by Canadian UnderwriterQuebec’s Superior Court has confirmed that plaintiffs launching oppression actions against company board members bear a “considerable” burden of proof to prove their thwarted expectations were “reasonable.” Ogilvy Renault made the observation in an online published comment on Brassard c.…
Health of Canadian fishing industry and marine claims are correlated: RSA
June 9, 2010 by Canadian UnderwriterRSA and the World Wildlife Fund (WWF) are working together to help create a network of Marine Protection Areas (MPAs) in order to protect fish stocks and coastal communities’ livelihoods.In a global report on emerging environmental risks, RSA notes a…
Claims personnel deployed to assist in Leamington
June 9, 2010 by Canadian UnderwriterInsurance companies and independent adjusters have been deployed to handle claims caused by an F1 tornado that hit Leamington, Ontario on June 6. RSA has its Emergency Claims Response Vehicle on scene in Leamington assisting customers with claims. “Members of…
Break-ins increase in summer months
June 9, 2010 by Canadian UnderwriterBurglaries peak in the summer months, with a 4% increase in June, 9% in July and 20% in August, according to Aviva Canada claims data. The number of break-ins increases towards the end of week, the company notes. Friday has…
Crawford & Company (Canada) introduces mobile tablets to speed up claims handling
June 9, 2010 by Canadian UnderwriterCrawford & Company (Canada) Inc. has launched Crawford CMS Property Advantage in Canada. The new system uses tablet and wireless technology, allowing adjusters to complete site visits and subsequent reports right at the claims scene. More then 300 tablets will…
Tornado damage in Leamington, Ontario could run into “tens of millions of dollars”: former IBC president
June 8, 2010 by Canadian UnderwriterStanley Griffin, a former president and CEO of the Insurance Bureau of Canada (IBC), suggests the damage caused by an F1 tornado that hit his hometown of Leamington, Ontario on June 7 might run into “tens of millions of dollars.”No…