Topic
Insurance
Notification period doesn’t depend on insured’s co-operation
December 17, 2007 by Canadian UnderwriterIn an insurer’s investigation of an accident benefit claim, the non-cooperation of an insured accident victim doesn’t necessarily determine whether or not an insurer had sufficient time to serve notice on other insurers to dispute benefit payment obligations.The Ontario Superior…
ATV owners may qualify for tax refund
December 17, 2007 by Canadian UnderwriterOntario’s Ministry of Revenue has informed the Insurance Brokers Association of Ontario (IBAO) that all-terrain (ATV) owners might be eligible for a tax refund based on the classification under which they may have insured their vehicles. Prompted by an IBAO…
Alberta insurer pays out Cdn$150 million for 2007 hailstorm claims
December 14, 2007 by Canadian UnderwriterAgriculture Financial Services Corp. an Alberta crown corporation (with a private-sector board of directors) that provides farmers and agribusinesses with crop insurance and farm income disaster assistance paid out a record of more than 7,200 hail-related claims this year.The Edmonton…
Beware of business interruption goblins
December 14, 2007 by Canadian UnderwriterUnderwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re…
What’s New: In Brief (December 14, 2007)
December 14, 2007 by Canadian UnderwriterTemple Insurance Company has affirmed the company’s financial strength rating of A. The outlook for the company’s financial strength rating has been revised to positive. According to A.M. Best Co. the ratings and outlook reflect its “view that Temple maintains…
Court of Appeal remits vicarious liability matter to trial
December 14, 2007 by Canadian UnderwriterTwo men struggling for control of a rented vehicle made it difficult to assess vicarious liability in a case involving the interpretation of an Insurance Act exclusion, and a motions judge erred in deciding the factual issues by means of…
Facultative reinsurers looking to capital markets
December 13, 2007 by Canadian UnderwriterFacultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac…
What’s New: In Brief (December 13, 2007)
December 13, 2007 by Canadian UnderwriterThe Loyalist Insurance Group Limited has sold its retail insurance brokerage asset to Brownstone Holdings Inc.The estimated proceeds to Loyalist will be approximately Cdn$5 million in cash, according to a Loyalist release. This transaction is expected to close in January…
Only small portion of flood loss ceded to UK reinsurers
December 13, 2007 by Canadian UnderwriterOnly a small proportion of the 2007 flood losses in the United Kingdom was ceded to reinsurers, while most of the damage losses were absorbed by the direct insurance industry, a Guy Carpenter report says.According to the report, Wrong Type…
Insurer has duty to defend on ’30-minutes-or-its-free’ corporate policy
December 13, 2007 by Canadian UnderwriterAn Ontario Superior Court judge has ordered an insurer to defend a pizza company on allegations that the company’s “30-minutes-or-it’s-free” delivery policy caused driver negligence leading to a collision.Pizza Pizza Limited faces court allegations of negligence in relation to its…
Kanetix study suggests hardening of soft market
December 12, 2007 by Canadian UnderwriterA kanetix.ca study suggests that the soft market in auto insurance is hardening, and that consumers may soon get hit with higher auto insurance premiums, according to a company release. Rates quoted for auto insurance over the past year have…
Operations of EDC should be streamlined, C.D. Howe reports
December 12, 2007 by Canadian UnderwriterThe federal government should streamline the operations and priorities of Export Development Canada (EDC) by narrowing EDC’s activities to improve competition in the export insurance business, according to a recent report by C.D. Howe Institute.C.D. Howe also advocated the privatization…