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Canadian Underwriter May 2016 issue
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The Digital Edition of Canadian Underwriter magazine’s May 2016 issue

May 26, 2016 by Canadian Underwriter

Digital 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

News AssociationsInsurance

Only 42% of polled Ontarians aware of upcoming auto insurance reforms: IBAO

May 25, 2016 by Canadian Underwriter

Consumer 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

News CatastrophesInsuranceMergers and Aqcuisitions

Fort McMurray wildfire to cost The Co-operators an estimated $70 million to $90 million

May 24, 2016 by Canadian Underwriter

The 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

News CatastrophesConstructionInsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

AIR estimates Fort McMurray wildfire insured losses at between $4.4 billion and $9 billion

May 17, 2016 by Canadian Underwriter

Industry 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

News Earnings / RatingsInsurance

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 Income

Despite 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

News AssociationsInsuranceLegislation / RegulationMergers and Aqcuisitions

Ontario auto reforms should help cut transaction costs: Cameron

May 11, 2016 by Angela Stelmakowich

If 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

News AssociationsInsuranceLegislation / Regulation

Ontario adjusters will need retraining on injury definitions as part of auto reforms taking effect in June: Walker

May 11, 2016 by Angela Stelmakowich

Insurance 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

Feature InsuranceLegalLegislation / RegulationMergers and Aqcuisitions

Function Test

May 1, 2016 Marc Smith, Principal, Forget Smith Morel

The 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.

Mandip Hullait, Director, Commercial Auto, RSA Canada
Feature Insurance

Adding Risk

May 1, 2016 Mandip Hullait, Director, Commercial Auto, RSA Canada

Modifications 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

Willie Handler, Consultant, Willie Handler and Associates
Feature InsuranceLegalLegislation / Regulation

LAT Have Mercy

May 1, 2016 Willie Handler, Consultant, Willie Handler & Associates

As 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.

News InsuranceLegalLegislation / RegulationMergers and Aqcuisitions

Supreme Court of Canada will not hear ICBC appeal over $863K award arising from fatal collision

April 15, 2016 by Greg Meckbach

Canada’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

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsTechnology

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 Stelmakowich

Despite 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