Topic
Insurance
Forward collision warning systems show greatest potential
April 22, 2008 by Canadian UnderwriterNew technologies including forward collision warning and lane departure warning show more potential to avoid or mitigate crashes, including fatal ones, according to research by the Insurance Institute for Highway Safety (IIHS).In its latest Status Report, IIHS researchers categorized the…
Canadian companies lagging in move to IFRS
April 22, 2008 by Canadian UnderwriterMany companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS), a survey by the Chartered Accountants of Canada (CA) has found.Just over…
Ontario auto rates increase in 2008 Q1
April 21, 2008 by Canadian UnderwriterOntario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the regulator of the province’s insurers.Rate applications approved for 2008 Q1 averaged +1.05%, based on the entire market, FSCO noted in…
B.C. insurers may be on hook for all heath care costs in bodily injury claims
April 21, 2008 by Canadian UnderwriterIf Bill 22 is passed in British Columbia, insurers will be on the hook for all health care costs related to bodily injury claims, warns Jonathan Hodes of Clark Wilson, LLP.Since the 1950s, the insurance industry in British Columbia had…
What’s New: In Brief (April 21, 2008)
April 21, 2008 by Canadian UnderwriterDesjardins Group and recycling company Cascades have teamed up to support each other’s sustainable development and business reciprocity initiatives. Under the agreement, according to a joint release, the two companies will collaborate in:developing a preferred partnership for the Desjardins Paper…
What’s New: In Brief (April 21, 2008)
April 21, 2008 by Canadian Underwriter**CORRECTION: This news brief corrects an error contained in a news brief posted on April 21, 2008**. Lloyd’s of London has appointed LoriAnn Lowery as its new president of Lloyd’s North America and Deborah Moor as president of Lloyd’s Canada.Lowery…
Canadian class action litigation beginning to resemble that of the United States
April 18, 2008 by Canadian UnderwriterCanada’s class action plaintiff bar is becoming more sophisticated as it adopts U.S.-style litigation practices, delegates of the AIG Canada Product Symposium were told. Canadian plaintiff lawyers are increasingly seeking contingency fees in class action cases, Alan D’Silva, partner at…
Court distinguishes between pollution-related losses and claims
April 18, 2008 by Canadian UnderwriterIn a commercial D&O policy, exclusions for “pollution-related losses” are not the same thing as exclusions for “pollution-related claims,” the Ontario Court of Appeal has ruled.In Boliden Ltd. v. Liberty Mutual Insurance Company, Liberty issued a directors’ and officers’ liability…
New technology allows insight into driving habits
April 18, 2008 by Canadian UnderwriterTechnologies such as event data recorders, telematics, and on-board video recorders offer an unprecedented level of insight into drivers’ behaviors, potentially leading to a more personalized approach to assessing risk, a report by Celent says. Telematics and event data recording…
IBC image rating matches all-time high
April 18, 2008 by Canadian UnderwriterInsurance Bureau of Canada’s public image rating has matched its all-time high of 5.8 out of 10, according to Mike Donoghue, chair of the IBC board of directors. The improved perception of the industry boosts the Bureau’s credibility when speaking…
The Co-operators increases profit by $21 million in 2007
April 17, 2008 by Canadian UnderwriterThe Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year. “The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators…
What’s New: In Brief (April 17, 2008)
April 17, 2008 by Canadian UnderwriterLast year proved to be a buyer’s market for the insurance industry; barring any catastrophes in 2008, the price of premiums will likely continue to trend downwards, according to the Risk and Insurance Management Society (RIMS) 2008 Benchmark Survey.The survey…