News
B.C. court fines man $1,750 for identity theft
January 16, 2012 by Canadian UnderwriterThe B.C. Provincial Court has fined a man $1,750 to send a message to the public about the seriousness of identity theft.In R. v. Mahovlich, the court found the accused, Mark Clayton Mahovlich, applied to obtain a British Columbia identity…
CSIO calls for nominations for 2011 CSIO Annual Award
January 16, 2012 by Canadian UnderwriterThe Centre for Study in Insurance Operations (CSIO) is seeking nominations for its fifth annual CSIO Annual Award, which recognizes the most innovative use of CSIO standards for the benefit of the broker distribution channel.Nominations for the 2011 award are…
Large earthquake could strike in Manitoba or Saskatchewan
January 16, 2012 by Canadian UnderwriterEastern Ontario and Quebec and the West Coast aren’t the only parts of Canada that have an earthquake risk. Research shows that while the probability is quite low, Saskatchewan and Manitoba also have some risk of experiencing a large quake,…
Microzonation facilitates earthquake assessment on a property-by-property basis
January 16, 2012 by Canadian UnderwriterAdvances in ‘seismic microzonation’ allow underwriters to assess earthquake risk on a property-by-property basis based on a soil analysis of the site, delegates heard at the Canadian Seismic Research Network’s Workshop on Seismic Hazard and Microzonation. Professor Luc Chouinard of…
Just under half (42%) of all Saskatchewan collisions happened at an intersection: SGI
January 16, 2012 by Canadian UnderwriterJust under half of all 2010 collisions in Saskatchewan occurred at intersections, prompting Saskatchewan police to undertake Operation Crossroads on Jan. 18-19 with the support of Saskatchewan Government Insurance (SGI). “Forty-two per cent of all collisions in the province in…
Court finds direct writer didn’t explain optional benefits properly, but dismisses action against Meloche Monnex
January 13, 2012 by Canadian UnderwriterThe Ontario Superior Court has found that a direct writer breached its duty of care in offering optional benefits to a consumer. Nevertheless, the court dismissed the claim against Meloche Monnex because it found the claimant would not have purchased…
New Brunswick court finds plaintiff entitled to Section B benefits because of his inability to concentrate, process information quickly
January 13, 2012 by Canadian UnderwriterA New Brunswick court has found that a man who suffered a closed head injury in a 2005 auto accident – which resulted in a lack of concentration, an inability to process information quickly and mental fatigue – is unable…
IBC reminds Atlantic policyholders to inform their insurers about home renovations
January 13, 2012 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is reminding homeowners to inform their insurers about their renovation plans, adding that many homeowners do not consider adding more liability to their coverage when doing renovations or upgrades.“Consider outdoor cosmetic changes, like adding…
Winmar opens new location in Victoria, B.C.
January 13, 2012 by Canadian UnderwriterWinmar Franchise Corporation, a nationwide franchisee network of property restoration specialists, is opening a new location in Victoria, B.C.Winmar Victoria is located at 340 Mary St. Its owner, Andrew Edwards, has been successfully operating Winmar Vancouver for the past five…
New insurance registrations in Bermuda increased 50% in 2011: Bermuda Monetary Authority
January 13, 2012 by Canadian UnderwriterThe Bermuda Monetary Authority (BMA) is reporting a 50% year-on-year increase in new insurance registrations for Bermuda.Fifty-four new insurers registered with the BMA in 2011, compared to 36 new registrations in 2010.“The 2011 increase included the majority of classes in…
Hard market in Canadian P&C industry is not likely in 2012: CEO
January 12, 2012 by Canadian UnderwriterA hard market cycle will not likely happen in Canada’s property and casualty insurance industry in 2012, according to Philip Cook, president and CEO of Omega Insurance Holdings.Hard insurance markets are characterized by reduced capacity for insurers, resulting in higher…
Social media could be used to focus protests against the insurance industry
January 12, 2012 by Canadian UnderwriterSocial media could be used to harm the Canada’s property and casualty industry as much as help it, according to Philip Cook, president and CEO of Omega Insurance Holdings.Specifically, Cook referred to the power of social media to mobilize public…