The 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 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 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…
The 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…
New 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…
The 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…
Auto 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-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…
A 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…
The threshold in Ontario for determining whether injuries are “serious” enough to warrant jury awards are not supposed to be treated as barriers by insurance defence counsel, an Ontario Superior Court Justice remarked in the threshold case, Nicolas v. Bowers.“I…
A recent Ontario Superior Court decision suggests that, depending on the wording of a policy and what is alleged, an insurer may be obliged to defend insureds who have made misrepresentations with respect to the sale of an item —…
The Nova Scotia government has inked a deal with RSA Canada that will provide the insurer with up to a $2.7-million payroll rebate.The company and the province, through Nova Scotia Business Inc. (NSBI), have signed a six-year payroll rebate of…