Topic
Insurance
The Co-Operators reports growth in net income in 2009
February 18, 2010 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $52.8 million.The insurer’s combined ratio dropped from 106.4% in 2008 to 103.1% last year.Its return on equity also…
Canadian P&C insurers’ financial results rebounding after 2008, SCOR Report suggests
February 17, 2010 by Canadian UnderwriterAfter the market crash that was 2008, financial results published in the SCOR Report 2009 suggests nine Canadian property and casualty insurers appear to be very much on the rebound in 2009.The SCOR Report 2009 shows both the individual and…
What’s New: In Brief (February 17, 2010)
February 17, 2010 by Canadian UnderwriterDesigned to meet the latest federal standards, frontal airbags appear to have reduced protection of belted drivers, according to a new study by the Insurance Institute for Highway Safety. “The newest airbags appear to provide suboptimal protection for drivers who…
AMF reports its monetary penalties represent more than 50% of penalties imposed in Canada
February 17, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) laid a total of 855 charges in 2009 under the Securities Act and under An Act Respecting the Distribution of Financial Products and Services.The regulator obtained $81.6 million in sanctions, including administrative penalties imposed…
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…