News
IBC accuses critics of proposed CAT definition of “fear-mongering”
June 12, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) laid down the gauntlet against critics of the province’s recommended catastrophic (CAT) impairment definition, accusing them on June 12 of “fear-mongering.” IBC responded quickly to a media campaign mounted by trial lawyers and medical and…
Trial lawyers and rehab groups speak out against recommended catastrophic impairment definition
June 12, 2012 by Canadian UnderwriterThe Ontario Trial Lawyers Association (OTLA) and Alliance of Community Medical and Rehabilitation Providers are launching a media campaign against proposed changes to the definition of a catastrophic impairment for victims injured in car accidents. Currently, accident victims who are…
New CAT definition should not combine psychiatric or mental/behavioural impairments with physical impairments: FSCO
June 12, 2012 by Canadian UnderwriterOntario’s regulator is recommending to the finance minister that physical impairments should not be combined with psychiatric or mental/behavioural impairments for the purpose of determining a catastrophic injury. Ontario’s regulatory superintendent has thus adopted the recommendations of an expert medical…
Canadian travelers concerned about safety, but many don’t purchase travel insurance: Desjardins survey
June 12, 2012 by Canadian UnderwriterAbout 66% of Canadians surveyed by Desjardins Financial Security expect to travel within Canada in 2012 and yet almost one-quarter of these travelers aren’t planning on purchasing travel insurance. The 2012 Desjardins Financial Security national health survey surveyed 1,529 Canadians…
Applied Systems announces Epic 7 broker management system will come to Canada in 2013 Q1
June 12, 2012 by Canadian UnderwriterInsurance software company Applied Systems has announced it will release Epic 7, the upcoming version of the insurance industry’s agency and brokerage management system, in 2013 Q1. “The release of Epic 7 marks the first time the Epic system will…
Canada’s P&C industry should be discussing earthquake preparedness with consumers
June 11, 2012 by Canadian UnderwriterProperty and casualty insurers frequently talk about their financial wherewithal to make claims payments following a major earthquake in Canada, but industry rarely mentions if it is prepared to deliver on the promise underlying its earthquake insurance policies, an audience…
Canada needs to prepare infrastructure for future precipitation fluctuations: climate change research
June 11, 2012 by Canadian UnderwriterCanada will continue to warm by as much as 2 C by 2020 and 4 C by 2050, prompting variable fluctuations in precipitation across the country, notes climate change research presented on June 11 by Intact Financial Corporation and the…
Italian earthquake causes $6.25 billion in economic losses: Aon Benfield
June 11, 2012 by Canadian UnderwriterEarthquakes that devastated northern parts of Italy caused $6.25 billion in total economic losses, but the insured damages are still being tabulated, notes a recent catastrophe report from Aon Benfield. “The Italian earthquakes resulted in the largest natural disaster loss…
Toronto police charge woman for driving a e-bike while over the legal blood alcohol limit
June 8, 2012 by Canadian UnderwriterToronto police have charged a 27-year-old woman with operating an e-bike with a blood alcohol level of over 80 milligrams. The charge has not been proven in court. An e-bike is capable of being propelled by muscular power and is…
B.C. conservation officers concerned about number of people driving ATVs without insurance
June 8, 2012 by Canadian UnderwriterConservation officers in Vernon, B.C. are reportedly concerned about the number of people riding All Terrain Vehicles (ATVs) without insurance. Vernon media quote conservation officers saying a recent enforcement sweep in Noble Canyon, B.C. found 25 individuals were discovered to…
Ontario’s Bill 45 defeated at second reading
June 8, 2012 by Canadian UnderwriterA controversial private member’s bill designed to prevent insurers from using granulated geographical areas for underwriting auto insurance was defeated in second reading in Ontario’s provincial legislature on June 7. Bill 45, brought forward by Brampton NDP MPP Jagmeet Singh,…
Allstate writes $10,000 cheque in support of Thunder Bay residents affected by flooding
June 8, 2012 by Canadian UnderwriterAllstate Insurance Company of Canada today presented The Salvation Army with a $10,000 cheque in support of efforts to assist residents affected by flooding in Thunder Bay, Ontario. “This is a difficult time for the community, and we wanted to…