Keyword
Auto
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…
Global insurance telematics market expected to grow to US$2.21 billion in 2020 from US$857.2 million in 2015
April 5, 2016 by Canadian UnderwriterThe global insurance telematics market size is expected to grow from US$857.2 million in 2015 to US$2.21 billion in 2020, at a compound annual growth rate (CAGR) of 20.9%, according to a report by ReportLinker, a market research technology company…
Auto insurers face long-term challenges from self-driving cars; avoidance technologies to benefit insurers: Moody’s
March 29, 2016 by Canadian UnderwriterSelf-driving cars could translate into significantly lower premiums and profits in the long-term for auto insurers as the number of accidents declines dramatically, Moody’s Investors Service said on Tuesday. A new report from Moody’s – titled P&C Insurance – Global:…
Rock and a Hard Place
March 1, 2016 The CIP Society Insurance Institute of CanadaAdjusters are required to juggle multiple tasks. But a busy environment, demanding workload and unexpected meetings should not influence interactions with clients. As the first points of customer contact, adjusters must maintain a professional demeanour by listening, showing empathy and putting clients at ease.