News
Ontario auto reforms produced a switch from accident benefits to tort
January 23, 2013 by Angela Stelmakowich, EditorThe Greater Toronto Area (GTA) remains Ontario’s trouble spot for auto despite the fact that the September 2010 reforms are working well on the accident benefits side, Brigid Murphy, president and CEO of The Dominion, said during a speech on…
Catastrophe losses including Sandy affect Travelers’ fourth-quarter financials
January 23, 2013 by Canadian UnderwriterThe Travelers Companies Inc. of New York released Tuesday its financial results for 2012, recording a 73% year-over-year increase in net income and a 1% increase in revenues. Net income for 2012 was $2.473 billion on revenues of $25.74 billion.…
FSCO warns consumers about insurance scam involving unlicensed person
January 23, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that an individual who goes by the name Sally Brown is not licensed to do insurance business in Ontario. Sally Brown claimed to sell auto insurance on behalf of…
Canadian Underwriter and Swiss Re team up for webinar on Canadian risk landscape
January 22, 2013 by Canadian UnderwriterCanadian Underwriter and Swiss Re have teamed up to host a live webinar, entitled the Changing Canadian Risk Landscape, reflecting on natural hazards throughout the country and what Canada can expect for the future. The free webinar, scheduled for Feb.…
Insurance industry achieves change to provincial building code aimed at limiting damage
January 22, 2013 by Canadian UnderwriterCanadian insurers have successfully lobbied a change to the Ontario Building Code regarding roofing on new homes, after research suggested damage following several Ontario tornadoes could have been minimized by some small changes. The Institute for Catastrophic Loss Reduction (ICLR)…
Majority of U.K. insurance respondents somewhat pessimistic about investment outlook
January 22, 2013 by Canadian UnderwriterInsurance respondents taking part in an investment outlook survey in the United Kingdom were least optimistic about global financial markets in 2013, reports CAMRADATA Analytical Services Limited, an investment information specialist. “It was the insurance respondents who were the gloomiest…
Californians urged to update preparedness plans
January 22, 2013 by Canadian UnderwriterThe recent 19th anniversary of California’s catastrophic Northridge Quake served as an opportunity for state insurance commissioner Dave Jones to remind homeowners and renters, the vast majority of whom do not have earthquake insurance, to beef up preparedness. On Jan.…
Ontario government proposes regulatory changes to fight auto insurance fraud
January 22, 2013 by Canadian UnderwriterThe Ontario government is proposing several regulatory amendments as part of ongoing efforts to fight auto insurance fraud in the province. The proposed regulatory changes include: Requiring insurers to provide claimants all reasons for denying a claim. Giving claimants the…
Swiss Re analyzes insurable risks from carbon emission reduction technologies
January 21, 2013 by Canadian UnderwriterAs investment in energy-saving technologies and renewable power sources increases, the demand for improved risk management and insurance will also increase, according to a report from Swiss Re. The reinsurance firm released Monday a report, titled Building a Sustainable Energy…
New cat risk insurance pilot program launched for Pacific island nations
January 21, 2013 by Canadian UnderwriterSwiss Re is among the insurance industry players signed on to a public-private partnership to provide a catastrophe risk insurance program for several Pacific island countries. The Pacific Catastrophe Risk Insurance Pilot program, launched last Friday, provides protection for The…
Non-profit aims to improve catastrophe modelling
January 21, 2013 by Canadian UnderwriterA London-based non-profit firm is aiming to provide a “new method of catastrophe modelling” this year, according to Lloyd’s. Oasis Modelling Framework LP, which is “supported” by insurers including Lloyd’s, will let insurance firms “undertake full uncertainty calculations within a…
B.C. court rules in favour of Lombard over auto insurance lawsuit for leased vehicle
January 21, 2013 by Canadian UnderwriterThe British Columbia Supreme Court recently dismissed an application by Canadian Direct Insurance Inc. (CDI) to order Lombard General Insurance Company of Canada to reimburse CDI for costs to defend a driver involved in an accident. The central issue in…