News
Canadian insurers face challenging year ahead: Ernst & Young
January 30, 2012 by Canadian UnderwriterVolatile capital markets and expanding regulations will challenge Canadian property and casualty insurers in 2012, but there are opportunities for success if insurers make the right moves, Ernst & Young says.“To reposition strategically for growth and remain high performers, insurers…
IBAO launches online home inventory tool
January 30, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched a new website tool, MyInsuraceShopper Know Your Stuff-Home Inventory, a free online home inventory software for consumers. The application was designed to help consumers create and update their home inventory easily…
ICBC busts B.C. man for auto insurance fraud after he brags about it on Facebook
January 30, 2012 by Canadian UnderwriterA British Columbia man learned the hard way that if you’re going to commit insurance fraud, bragging about in on Facebook is not the wisest thing to do. Corbin Joseph was fined $2,000 and ordered to pay more than $18,000…
Advances in auto safety technology take 30 years to spread through vehicle fleets: IIHS
January 27, 2012 by Canadian UnderwriterAdvances in safety technology occur at a rapid pace, but it takes decades for these safety features to spread through entire fleets of vehicles, reports the Insurance Institute for Highway Safety (IIHS).According to the IIHS, it takes at least 30…
Canadian Underwriter and Swiss Re team up to present webinar on making overland flood insurable
January 27, 2012 by Canadian UnderwriterCanadian Underwriter and Swiss Re have teamed up to present a webinar on ‘Making Flood Insurable for Canadian Homeowners,’ on Feb. 16, 2012.The free presentation will be streamed live from 10 a.m. to 11 a.m. EST (Eastern Standard Time).Dr. Jens…
John Foreman named as interim executive director of ORBiT
January 27, 2012 by Canadian UnderwriterThe Organization of Real Time Brokers Implementing Technology (ORBiT) has appointed John Foreman as interim executive director. ORBiT Canada is a national not-for-profit organization of Canadian insurance brokers and carriers dedicated to the advancement of real time transactions in the…
Electrical issues cited in fires that gut three churches over the past two months
January 27, 2012 by Canadian UnderwriterFires have gutted three churches in Canada within the past two months, each of the fires the result of electrical issues, Ecclesiastical Insurance has reported.The churches were located in Port Alberni, British Columbia, Stoney Creek, Ontario and on Newfoundland’s Avalon…
Ontario court finds property transfers by convicted auto insurance fraudster represent an effort to put assets out of reach
January 27, 2012 by Canadian UnderwriterThe Ontario Superior Court of Justice has upheld a summary judgment that set aside two property transfers by a convicted auto insurance fraudster over to his wife, ruling that the conveyances represented an attempt to put his assets out of…
H.W. Kaufman Financial Group acquires Chesterfield Canada Inc.
January 27, 2012 by Canadian UnderwriterThe H.W. Kaufman Financial Group, parent company of wholesale broker and underwriting manager Burns & Wilcox, has acquired Chesterfield Canada Inc. as part of a broader deal announced on Jan. 27. The larger transaction involves Kaufman Financial Group purchasing Chesterfield…
FSCO seeks help from private dispute resolution companies to help clear backlogs
January 26, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is seeking help from up to four private dispute resolution companies to help eliminate a backlog of files, estimated to be more than nine months as of May 2011. FSCO posted a Request…
Appeal Court upholds judge’s decision to strike jury in auto injury trial involving pre-existing medical condition
January 26, 2012 by Canadian UnderwriterThe Ontario Court of Appeal ruled a trial judge was justified in striking a jury at the outset of an auto accident injury trial involving a pre-existing medical condition (fibromyalgia).The trial judge ruled that the anticipated complexity of the medical…
Availability and cost of coverage dominate concerns among commercial insurance buyers
January 26, 2012 by Canadian UnderwriterAn overwhelming 96% of brokerages surveyed believe their insurance buyer clients are most concerned about availability and cost of coverage, according to The Independent, a global coalition of privately owned insurance brokerages and risk management service firms.The Independents surveyed its…