News
European economic turmoil creating Solvency II turmoil as well
November 24, 2011 by Canadian UnderwriterRecent economic turmoil in Europe has further exacerbated the delay and uncertainty of the implementation date of Solvency II, potentially creating a huge strain on companies during 2013, said Nick Dexter, a partner in KPMG’s UK operations.Dexter offered a Solvency…
Ontario Risk Sharing Pool shows signs of improved results in 2011 H1, a possible indicator of effectiveness of auto reforms
November 24, 2011 by Canadian UnderwriterOntario’s Risk-Sharing Pool (RSP) and Facility Association Residual Market’s auto loss ratios showed signs of improvement in the first half of 2011, possibly indicating a positive effect of the 2010 auto reforms, said Graham Gersdorff, senior valuation analyst at the…
Quebec P&C insurers list top risks related to severe weather and climate change
November 24, 2011 by Canadian UnderwriterSevere weather and climate change can call insurers’ pricing assumptions into question, create work overloads in response to large claims events and potentially lead insurers to cut back on offering certain forms of coverage, according to a survey conducted by…
Consolidating two actions can’t lead to consolidated arbitration being statute-barred: Ontario court
November 24, 2011 by Canadian UnderwriterConsolidating a court case concerning income replacement benefits (IRB) with a related arbitration matter on catastrophic injury determination, each of which was filed within their respective limitation periods, cannot result in the consolidated arbitration being statute-barred, the Ontario Superior Court…
Vast majority of Canadian drivers admit to risky driving behaviours: Kanetix survey
November 23, 2011 by Canadian UnderwriterTalking on a mobile phone or texting behind the wheel may be the most recent targets of legislative action in Canada, but plenty of other distractions exist for drivers – including eating and drinking behind the wheel, speeding and following…
Insured damage arising from Thailand flooding reaches between $15 billion and $20 billion: A.M. Best
November 23, 2011 by Canadian UnderwriterTwo typhoons and unusually heavy monsoon rains in Thailand since July 2011 have caused estimated insured damage of between $10 billion and $20 billion, with a significant portion of that related to business interruption losses, according to a Nov. 23…
Alberta P&C insurers see net income drop in first nine months of 2011
November 23, 2011 by Canadian UnderwriterA group of six Alberta incorporated property and casualty insurers reported a consolidated net income of $23.4 million for the first nine months of 2011, marking a drop from the $43.7 million reported during the same period of 2010. The…
Saskatchewan police blitz results in 200 drivers being fined for cell phone use
November 23, 2011 by Canadian UnderwriterA Saskatchewan law enforcement traffic blitz resulted in more than 200 drivers being fined for using a cell phone while driving.Operation HandsFree was held on Nov. 17 and 18 across Saskatchewan. Traffic enforcement officers watched for drivers talking or texting…
Reinsurance capital levels suggest hardening reinsurance market: Guy Carpenter
November 23, 2011 by Canadian UnderwriterHistorical capital levels of Guy Carpenter’s Global Reinsurance Composite between 1998 and 2011 Q2 suggest reinsurance rates may soon be on the rise.As of 2011 Q2, the capital level of reinsurers grouped in Guy Carpenter’s Reinsurance Composite approached just over…
Auto claims increase almost 50% during the winter months: Aviva Canada
November 23, 2011 by Canadian UnderwriterAuto claims increase 49% during the winter months between December and February, according to Aviva Canada’s annual statistics. Slippery roads, whiteout conditions and other weather-related factors contributed to more than $37.1-million auto collision claim payments made by the insurer during…
Private, non-for-profit and public organizations partner to better protect Toronto residents from severe weather
November 22, 2011 by Canadian UnderwriterMore than 50 public, private and not-for-profit organizations from across Toronto region have banded together to better protect the region’s residents, organizations, infrastructure and environment from extreme weather. The WeatherWise Partnership, convened by the City of Toronto and CivicAction, will…
FSCO announces 2012 indexation percentages
November 22, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released the 2012 indexation percentages for the Optional Indexation Benefit Guideline under both the old and new Statutory Accident Benefits Schedule (SABS). Under the new SABS (effective Sept. 1, 2010), the indexation…