Topic
Mergers and Aqcuisitions
Vehicle owners who cannot drive for medical reasons still qualify for a discount: SGI
April 20, 2010 by Canadian UnderwriterVehicle owners who are unable to drive due to medical reasons should apply for a non-driver medical discount, SGI urges. The corporation provides a 20% discount to those who are of driving age and own vehicles, but do not meet…
Ontario auto insurers approved for rate increases averaging 5.61% in 2010 Q1
April 19, 2010 by Canadian UnderwriterOntario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%,…
Ontario Court of Appeal finds trial judge did not ‘double deduct’ IRBs from jury award
April 19, 2010 by Canadian UnderwriterAs long as a trial judge has not directed a jury to deduct income replacement benefits (IRBs) from their jury award, the trial judge may deduct IRBs from the jury award without fear of “double deduction,” the Ontario’s Court of…
The Co-operators reports $74-million profit in 2009
April 16, 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 $53 million.The insurer’s combined ratio improved in 2009 to 103.1% from 106.4% in 2008.Gross written premium increased from…
Manitoba proposes to make immobilizer/airbag tampering an offence
April 16, 2010 by Canadian UnderwriterManitoba is proposing changes to its Highway Traffic Act that would make it an offence to tamper with anti-theft immobilizers and airbag systems. The maximum fine for those in violation of the proposed legislation would be $5,000.“We believe it is…
ICBC profit increases in 2009, despite decrease in underwriting profit
April 16, 2010 by Canadian UnderwriterICBC reported a net income of $563 million in 2009, up from $497 million for 2008. Underwriting income dropped from $321 million in 2008 to $135 million in 2009.Claims and related costs increased to $2.97 billion in 2009 from $2.82…
FSCO orders claimant to produce medical records of alleged prior accidents
April 15, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has ordered a claimant to produce OHIP records and the clinical notes of his family doctor dating back to motor vehicle accidents that allegedly occurred up to five years prior to the 2005…
Alberta introduces bill to tighten restrictions on distracted drivers
April 15, 2010 by Canadian UnderwriterNew legislation proposed by the Alberta government would restrict a vast number of activities behind the wheel, including personal grooming, manually inputting information into GPS or audio devices, CB radios (excluding commercial or search-and-rescue use) and texting. Bill 16, the…
OSFI issues guidelines on how to determine the actual cost of mortgage insurance
April 14, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has issued guidelines on implementing a new regulation that is designed to make sure that borrowers “do not pay a price for mortgage insurance that exceeds the true cost to the…
Ontario quoted auto rates soar in 2010 Q1: Kanetix
April 13, 2010 by Canadian UnderwriterAuto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases…
Start-ups require extra attention from solvency regulators: PACICC report
April 13, 2010 by Canadian UnderwriterStart-up companies deserve special supervisory attention from solvency regulators, the Property and Casualty Insurance Compensation Corporation (PACICC) concluded in its assessment of the failure of Advocate General in the late 1980s.PACICC was on the hook for $45 million in claims…
Motorcycle accident victims are getting older: medical study
April 12, 2010 by Canadian UnderwriterA study by the University of Rochester Medical Centre shows the average age of the typical injured motorcyclist in the United States has increased from 34 years to 39 years between 1996 and 2005.The study reviewed the hospital records of…