Keyword
Auto
The Digital Edition of Canadian Underwriter magazine’s May 2016 issue
May 26, 2016 by Canadian UnderwriterDigital Edition below ↓ Cover Story – ‘Tired of Losses’ Distraction and driver fatigue are high on the radar screen for commercial auto insurers, and while drunkeness may not account for a significant percentage of losses, one insurance expert contends guidance…
Only 42% of polled Ontarians aware of upcoming auto insurance reforms: IBAO
May 25, 2016 by Canadian UnderwriterConsumer awareness of auto insurance reforms in Ontario – many of which come into force June 1 – is far from complete, with just four in 10 survey respondents reporting they are aware of the changes. Based on feedback from…
Fort McMurray wildfire to cost The Co-operators an estimated $70 million to $90 million
May 24, 2016 by Canadian UnderwriterThe Co-operators General Insurance Company has estimated that the Fort McMurray wildfire will cost it between $70 million and $90 million. While access to the affected area remains restricted, The Co-operators’ preliminary estimate indicated that the after-tax cost of the…
AIR estimates Fort McMurray wildfire insured losses at between $4.4 billion and $9 billion
May 17, 2016 by Canadian UnderwriterIndustry insured losses from the Fort McMurray wildfire that began May 1 and is still being fought today is estimated at $4.4 billion to $9.0 billion, AIR Worldwide reported late Monday. The catastrophe modelling firm notes the estimate reflects insured…
Desjardins General Insurance Group posts net income of $31.5 million in 2016 Q1, less than half the amount in 2015 Q1
May 16, 2016 Net IncomeDespite an increase in direct premiums written, Desjardins General Insurance Group (DGIG) saw net income for the first quarter of 2016 drop to about $31.5 million compared to the prior-year quarter. At $31.5 million, net income for 2016 Q1 was…
Ontario auto reforms should help cut transaction costs: Cameron
May 11, 2016 by Angela StelmakowichIf things unfold as intended, Ontario’s auto insurance reforms should help reduce transaction costs that have long been an issue for the entire system, James Cameron, president of Cameron & Associates, suggested during an industry event Tuesday. “The goal of…
Ontario adjusters will need retraining on injury definitions as part of auto reforms taking effect in June: Walker
May 11, 2016 by Angela StelmakowichInsurance adjusters will likely need to be re-educated and retrained on new medical terminology when the latest batch of Ontario auto insurance reforms – which include a revised definition catastrophic impairment – comes into force June 1, Laurie Walker, president…
Function Test
May 1, 2016 Marc Smith, Principal, Forget Smith MorelThe criteria to obtain a catastrophic impairment designation, in Ontario, will be narrower as of June 1, as the Glasgow Coma Scale will be replaced with the Glasgow Outcome Scale.
Adding Risk
May 1, 2016 Mandip Hullait, Director, Commercial Auto, RSA CanadaModifications to commercial vehicles, especially involving the transportation of hazardous substances, can affect both safety and insurance coverage. When vehicles are carrying cargo such as fuel, fleet managers need to consider the risk of long-tail liability in the event of…
LAT Have Mercy
May 1, 2016 Willie Handler, Consultant, Willie Handler & AssociatesAs of April 1, the Financial Services Commission of Ontario stopped accepting applications for mediation and arbitration of auto accident benefits insurance claims disputes. That responsibility now rests with the Licence Appeal Tribunal.
Supreme Court of Canada will not hear ICBC appeal over $863K award arising from fatal collision
April 15, 2016 by Greg MeckbachCanada’s highest court will not hear an appeal from Insurance Corporation of British Columbia, which was ordered to indemnify the estate of a passenger who caused an accident by grabbing the steering wheel of a vehicle. The Supreme Court of…
Canada’s p&c industry sees big jump in underwriting income, big drop in nat-cat losses in 2015: IBC
April 6, 2016 by Angela StelmakowichDespite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for…