Keyword
liability
Amendment to Ontario’s Forest Fires Prevention Act takes aim at railway liability
May 26, 2017 by Canadian UnderwriterA recent amendment to Ontario’s Forest Fires Prevention Act now stipulates that railway corporations are liable for damages related to fires originating within 15 metres of the centre line of their tracks, while members of the Ontario Securities Commission are…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats…
Non-approved Ontario auto forms do not always render insurance contracts void: Court of Appeal
May 10, 2017 by Canadian UnderwriterIf an Ontario auto insurer uses a form that is not approved by the province’s Superintendent of Financial Services, this does not necessarily render the contract of insurance void, the province’s appeal court suggested in a ruling released Wednesday. On…
Q1 revenues up 5% at Aon
May 9, 2017 by Canadian UnderwriterAon plc reported Tuesday its commercial risk solutions revenue of $984 million in the three months ending March 31, up 2% from $961 million during the same period in 2016, while net income, company wide, dropped 9% due in part…
‘No active deals on the table’ to sell minority interest in SGI Canada
May 7, 2017 by Canadian UnderwriterSaskatchewan has a new law allowing for the sale of up to 49% of crown corporations, but the provincial government will continue to have a monopoly on compulsory auto insurance, a spokesperson for Saskatchewan Government Insurance told Canadian Underwriter Friday.…
Echelon reports Canadian combined ratio of 94% for Q1 2017, down 6% from Q1 2016
May 4, 2017 by Canadian UnderwriterMississauga, Ont.-based Canadian P&C insurer Echelon Financial Holdings Inc. has reported a Canadian combined operating ratio of 94% for the three months ending March 31, down from 100% in Q1 2016 and driven by strong results in both personal and…
‘Fresh approach’ needed for Ontario auto insurance: IBC CEO
April 25, 2017 Greg Meckbach, Associate EditorA report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s…
Global organizations spending almost four times more budget on property-related risks than cyber risks: Aon/Ponemon report
April 25, 2017 by Canadian UnderwriterGlobal organizations are spending nearly four times more budget on property-related risks than cyber risks, according to a report released on Tuesday by the Ponemon Institute and sponsored by Aon plc. The 2017 Cyber Risk Transfer Comparison Global Report also…
Exclusion clause for ‘conversion’ in comprehensive auto policy ‘does not come close’ to being easily intelligible: Court
April 24, 2017 by Canadian UnderwriterAn exclusion in an auto insurance policy for loss or damage caused by “conversion,” by someone in lawful possession of a vehicle does not apply to a truck tractor badly damaged by fire, a Supreme Court of British Columbia judge…
Justices turn away GM appeal over ignition switches
April 24, 2017 The Associated PressWASHINGTON – The Supreme Court on Monday turned away an appeal from General Motors Co. seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices without…
Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker
April 17, 2017 by Angela StelmakowichAutonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian…
Ontario should create ‘list of documents that must be produced’ in personal injury auto lawsuits: Marshall
April 13, 2017 by Canadian UnderwriterThe Ontario government should consider allowing auto insurers to offer consumers more choices and come up with new rules for the tort system bearing in mind that personal injury auto lawsuits “seldom involve complex issues of law,” a special adviser…