Topic
Insurance
Changes to Rules of Civil Procedure create new opportunity for AB litigation
February 3, 2010 by Canadian UnderwriterMore accident benefits (AB) claimants will likely find themselves in small claims court as a result of the Jan. 1, 2010 changes to Rules of Civil Procedure, said Kadey Shultz, an associate at Hughes Amys, LLP.Shultz spoke on recent decisions…
Re/insurers ponder what to do with capital that is returning to the market “with a vengeance”
February 3, 2010 by Canadian UnderwriterCapital has come back to the global re/insurance market “with a vengeance” in 2009, and the debate is on as to whether companies will try to reduce some of their capital through share buybacks or mergers and acquisitions activity in…
Claims industry at odds with Privacy Commissioner over masking of third parties in surveillance video
February 2, 2010 by Canadian UnderwriterA recent guideline issued by the Office of the Privacy Commissioner of Canada states that third parties must be blurred out in surveillance footage. The OPC published guidelines on covert surveillance in the private sector in May of 2008. By…
RIMS opposes bid to withdraw $250 million from terrorism insurance backstop program
February 2, 2010 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is publicly opposing two aspects of the Obama Administration’s budget blueprint.Specifically, RIMS opposes a budget proposal to roll back the government’s terrorism insurance backstop by $250 million.Secondly, it is concerned about a proposal…
CSA reports decrease in enforcement activities for 2009
February 2, 2010 by Canadian UnderwriterCanadian Securities Administrators (CSA) commenced 124 securities proceedings in 2009, marking a decrease from the 171 proceedings commenced in 2008, according to the CSA’s 2009 Enforcement Report.The 124 matters were commenced against a total of 154 individuals and 112 companies.The…
Munich Re forecasts surge in 2009 profits
February 2, 2010 by Canadian UnderwriterMunich Re increased its 2009 profit to €2.56 billion (about Cdn$3.78 billion), marking an increase from 2008’s profit of €1.58 billion, according to the reinsurer’s preliminary calculations.The profit for 2009 Q4 was €780 million (about Cdn$1.15 billion), marking an increase…
PCUC 5th Annual Curling Bonspiel – still time to register but almost sold-out, so register today!
February 2, 2010 The Property Casualty Underwriters Club (PCUC)Attention all curlers! The PCUC committee would like to invite you to join us and your colleagues this coming March 12th for the PCUC 5th Annual Curling Bonspiel. The details were released approximately two weeks ago and we are already…
CCIR revises undertaking “to allow companies more flexibility in their business models”
February 1, 2010 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has revised its December 2009 voluntary consent and undertaking, eliminating portions that specified how insurers were to be conducting their business in Canada.“After consultations with industry stakeholders, regulators have revised the consent and…
Personal and commercial lines headed in opposite directions in 2009 Q3: MSA/Baron Outlook
February 1, 2010 by Canadian UnderwriterThe 2009 Q3 results of the Canadian property and casualty industry represented a tale of two cities, including the “worst of times” for personal and multi-lines insurers and the “best of times” for commercial insurers, according to the latest data…
IBC launches new corporate brand
February 1, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has rebranded itself.The new logo prominently features a dark red maple leaf and identifies IBC as a national trade organization and as “Canada’s trusted voice in insurance,” a release says.Within the maple leaf are three…
Solvency II implementation in UK may dramatically increase capital requirements
February 1, 2010 by Canadian UnderwriterThe implementation of Solvency II could result in a minimum capital requirement increase of 62% for United Kingdom insurers, according to EMB, a UK-based actuarial consulting firm.EMB studied 49 companies, covering a broad range of non-life insurance sectors —including personal…
No requirement for policyholder to sue insured, potentially liable third parties before resorting to uninsured coverage
January 29, 2010 by Canadian UnderwriterAn insurance company has been found liable to pay a policyholder injured in an auto collision under the uninsured provisions of the policy, even though the policyholder failed to sue potentially negligent and/or liable insured third parties. The Supreme Court…