Topic
Mergers and Aqcuisitions
A stroke speculatively caused by an auto collision entitles victim to accident benefits: FSCO
February 26, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has denied the appeal of an insurer that was ordered to pay auto insurance benefits to a man (now deceased) who suffered a stroke at about the same time he was involved in…
What’s New: In Brief (February 23, 2010)
February 23, 2010 by Canadian UnderwriterGreenhouse warming will cause the globally averaged intensity of tropical cyclones to shift towards stronger storms, with intensity increases of between 2% and 11% by 2100, says an article published in Nature Geoscience.“Existing modelling studies also consistently project decreases in…
What’s New: In Brief (February 22, 2010)
February 22, 2010 by Canadian UnderwriterSt. Baldrick’s day, which raises money for Canadian cancer research, is being held March. 10 at PJ O’Brien’s in Toronto. In solidarity with children fighting cancer, volunteers will shave their heads and raise money through donations. Jonathan Stephenson, managing director at…
Only one Class 4 impairment required for injury victim to be deemed catastrophically impaired: FSCO arbitrator
February 19, 2010 by Canadian UnderwriterA person injured in a motor vehicle accident requires only one marked (i.e. Class 4) impairment to be considered catastrophically impaired, a Financial Services Commission of Ontario (FSCO) arbitrator has ruled.“[FSCO] Arbitrator [Elizabeth] Nastasi in Pastore and Aviva Canada Inc…notes…
23% drop in auto insurance premiums since Nova Scotia auto cap introduced in 2003: IBC
February 19, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a…
The Co-Operators reports growth in net income in 2009
February 18, 2010 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $52.8 million.The insurer’s combined ratio dropped from 106.4% in 2008 to 103.1% last year.Its return on equity also…
What’s New: In Brief (February 17, 2010)
February 17, 2010 by Canadian UnderwriterDesigned to meet the latest federal standards, frontal airbags appear to have reduced protection of belted drivers, according to a new study by the Insurance Institute for Highway Safety. “The newest airbags appear to provide suboptimal protection for drivers who…
Intact Financial’s 2009 profit is slightly lower than its 2008 profit
February 17, 2010 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) reported a net income of $126.7 million in 2009, a 1.2% decrease from 2008’s net income of $128.2 million.The firm’s combined ratio increased year-over-year, from 97.1% in 2008 to 98.7% in 2009.“The combined ratio in…
Ontario income replacement benefits can be re-calculated based on re-filed income: FSCO
February 16, 2010 by Canadian UnderwriterPeople with injuries who do not originally disclose their full incomes to tax authorities are nevertheless entitled to re-file their incomes and have that new number be included in their insurers’ recalculation of their income replacement benefits (IRBs).The Financial Services…
Lawyer calls for retroactive removal of Nova Scotia cap
February 16, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor injuries was never necessary and should be removed retroactively, Richard Halpern, an Ontario personal injury lawyer, wrote in a submission to Nova Scotia’s superintendent of insurance.In January, the province’s superintendent of insurance released a…
Claimant diagnosed with “borderline personality disorder” allowed to represent herself in accident benefits arbitration
February 12, 2010 by Canadian UnderwriterShould a woman diagnosed with a borderline personality disorder be allowed to represent herself in an arbitration concerning auto insurance accident benefits?Yes, the Financial Services Commission of Ontario (FSCO) has ruled.In L.G. and Lombard General Insurance Company of Canada, FSCO…
B.C. Supreme Court orders ICBC to indemnify stunt driver who fails to remain at the scene of a single-vehicle collision
February 12, 2010 by Canadian UnderwriterThe Supreme Court of British Columbia has ordered the B.C.’s public insurer, the Insurance Corporation of British Columbia (ICBC), to indemnify a professional stunt driver who lost control of his car on a slick, rainy surface at a Wendy’s drive-through…