Topic
Insurance
Intact Financial’s 2009 profit is slightly lower than its 2008 profit
February 17, 2010 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) reported a net income of $126.7 million in 2009, a 1.2% decrease from 2008’s net income of $128.2 million.The firm’s combined ratio increased year-over-year, from 97.1% in 2008 to 98.7% in 2009.“The combined ratio in…
7 New Online Photo Gallery updates now live at canadianunderwriter.ca
February 17, 2010 Canadian Underwriter magazine7 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca and are featured in the upcoming February issue of Canadian Underwriter magazine. To view all the galleries, at canadianunderwriter.ca click Photo Gallery on the nav…
Ontario income replacement benefits can be re-calculated based on re-filed income: FSCO
February 16, 2010 by Canadian UnderwriterPeople with injuries who do not originally disclose their full incomes to tax authorities are nevertheless entitled to re-file their incomes and have that new number be included in their insurers’ recalculation of their income replacement benefits (IRBs).The Financial Services…
Conservation Area held to less onerous duty of care when skier wandered from trail
February 16, 2010 by Canadian UnderwriterWhen a cross-country skier wanders from a marked trail onto “expansive and otherwise untamed property,” a conservation authority has a less onerous duty of care, the Ontario Court of Appeal has ruled. In Schneider v. St. Clair Region Conservation Authority,…
Lawyer calls for retroactive removal of Nova Scotia cap
February 16, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor injuries was never necessary and should be removed retroactively, Richard Halpern, an Ontario personal injury lawyer, wrote in a submission to Nova Scotia’s superintendent of insurance.In January, the province’s superintendent of insurance released a…
What’s New: In Brief (February 16, 2010)
February 16, 2010 by Canadian UnderwriterMarsh won the insurance contract with the Vancouver Organizing Committee (VANOC) and placed a significant portion of the event program into the Lloyd’s market. Sums insured can range from thousands to hundreds of millions of dollars, depending on the risk,…
The Economical Insurance Group Donates to Haiti Relief Efforts
February 16, 2010 EconomicalWaterloo, ON The Economical Insurance Group (TEIG) will donate $25,000 to the disaster relief efforts underway in Haiti. TEIGs philosophy has always been Neighbours Helping Neighbours, said Noel Walpole, President & CEO of TEIG. Right now, the people of Haiti…
Claimant diagnosed with “borderline personality disorder” allowed to represent herself in accident benefits arbitration
February 12, 2010 by Canadian UnderwriterShould a woman diagnosed with a borderline personality disorder be allowed to represent herself in an arbitration concerning auto insurance accident benefits?Yes, the Financial Services Commission of Ontario (FSCO) has ruled.In L.G. and Lombard General Insurance Company of Canada, FSCO…
B.C. Supreme Court orders ICBC to indemnify stunt driver who fails to remain at the scene of a single-vehicle collision
February 12, 2010 by Canadian UnderwriterThe Supreme Court of British Columbia has ordered the B.C.’s public insurer, the Insurance Corporation of British Columbia (ICBC), to indemnify a professional stunt driver who lost control of his car on a slick, rainy surface at a Wendy’s drive-through…
What’s New: In Brief (February 12, 2010)
February 12, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and The Federation of Canadian Municipalities (FCM) have launched The Watershed Awards. The Watershed Awards recognize Canadian municipalities that have taken proactive measures to reduce their vulnerability to storm and wastewater damage. The awards will…
Class action suit seeks to have Toyota cover vehicle payments until repair is made
February 12, 2010 by Canadian UnderwriterA U.S. national class action lawsuit against Toyota Motor Corp. has been filed under the federal racketeering statute.Stanley M. Chesley of the Cincinnati-based law firm of Waite, Schneider, Bayless & Chesley Co. filed the suit in the U.S. District Court…
2010 FARM outlook projects decrease in incurred claims, marginally less premium written
February 11, 2010 by Canadian UnderwriterThe Facility Association Residual Market (FARM) is projecting premiums written and claims incurred for all FARM vehicles in 2010 — both private passenger and non-private passenger (including commercial vehicles) — that are very much in line with the projected results…