Topic
Insurance
What’s New: In Brief (December 03, 2007)
December 3, 2007 by Canadian UnderwriterMore than 125 RCMP and municipal police officers, in addition to members of the integrated road safety units, set up roadchecks from Whistler to Boston Bar on Dec. 1 to kick off this year’s Drinking Driving CounterAttack campaign. Insurance Corporation…
Transport Canada to relax rules on importing cars without immobilizers (December 03, 2007)
December 3, 2007 by Canadian UnderwriterTransport Canada is proposing an amendment to the Motor Vehicle Safety Regulations (MVSR) to make it easier for Canadians to import vehicles from the United States that are either already equipped with an electronic immobilization system “or can be fitted…
Umbrella endorsement covers occurrence, not claims made coverage
December 3, 2007 by Canadian UnderwriterOntario’s Court of Appeal has affirmed that an endorsement contained in a commercial umbrella liability policy provided by Liberty Mutual Insurance Company provided coverage on an occurrence basis rather than on the basis of when the claim was made.The case…
What’s New: In Brief (December 03, 2007)
December 3, 2007 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating of ACE INA Insurance (Canada) to A+ (Superior) from A (Excellent).The ratings reflect A.M. Best’s view that the company maintains excellent capitalization, has delivered consistently strong operating performance for several years…
York Fire & Casualty pulls rates from online quoting engine
November 30, 2007 by Canadian UnderwriterIn a move to support the independent broker distribution channel, York Fire & Casualty Insurance removed its rates from Belair Direct Insurance’s online quoting engine, according to a release from the Insurance Brokers Association of Ontario (IBAO). The IBAO notes…
S&P’s: Improve pricing on commercial lines or downgrade sector
November 30, 2007 by Canadian UnderwriterIf evidence continues to mount in the next six months that North American commercial insurers will not be able to avoid another price war, Standard & Poor’s (S&P’s) may revise the sector outlook to negative.Barring a major negative “surprise” in…
ICLR to host international disaster research program
November 30, 2007 by Canadian UnderwriterLloyd’s has dedicated Cdn$100,000 a year, for the next ten years to help sponsor the Institute for Catastrophic Loss Reduction (ICLR)’s latest endeavour hosting and managing an international Integrated Research on Disaster Risk program. The announcement was made at a…
What’s New: In Brief (November 30, 2007)
November 30, 2007 by Canadian UnderwriterCARSTAR Automotive Canada has opened two new locations, one in London, Ont. and one in Richmond Hill, Ont. The two new franchises are part of a network of more than 115 CARSTAR locations across the country, dedicated to providing the…
What’s New: In Brief (November 29, 2007)
November 29, 2007 by Canadian UnderwriterThe Loyalist Insurance Group Limited reported a Q3 2007 net loss of Cdn$94,143 compared to a net income of Cdn$143,953 for the same period in 2006.The decrease in revenue was due to the non-renewal of a few commercial accounts in…
Supreme Court to hear case on Hutterian photo i.d. requirement
November 29, 2007 by Canadian UnderwriterThe Supreme Court of Canada has agreed to hear the appeal of an Alberta court decision in which the court decided that photo i.d. for a driver’s licence is not mandatory.In a 2-1 decision the Alberta Court of Appeal ruled…
Canadian insurers reported increase in premiums, claims costs for first nine months of 2007
November 29, 2007 by Canadian UnderwriterCanadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period last year.OSFI’s recent quarterly filings…
ICBC targets high-risk drivers
November 29, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is targeting high-risk drivers with a premium that will be paid in addition to the cost of insurance that is linked to the offender’s license. The Driver Risk Premium will have to be…