News
Ontario’s P&C industry contributes $7.5 billion, directly and indirectly, to the province’s economy: report
November 9, 2011 by Canadian UnderwriterOntario’s property and casualty industry contributed a total of $7.5 billion to the province’s economy either directly or indirectly (through ‘spin-off’ contributions), according to a Conference Board of Canada study released on Nov. 9 by the Insurance Bureau of Canada…
Nova Scotia introduces new auto insurance reform package
November 9, 2011 by Canadian UnderwriterNova Scotia unveiled its proposed auto insurance reforms, which will be implemented in two phases over the next two years.The key aspects of the reforms contained few surprises, including enhanced no-fault, mandatory med-rehab limits of up to $50,000; a new…
Nova Scotia opts not to remove gender as a rating factor, continues discussing framework for optional tort
November 9, 2011 by Canadian UnderwriterRemoving gender as a rating factor is not included in the 2011 auto insurance reforms released by Nova Scotia’s government. During a press conference, Graham Steele, the minister responsible for the province’s Insurance Act, said gender is a factor that…
IBC launches fire safety campaign with New Brunswick fire officials
November 8, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has partnered with fire officials in New Brunswick to promote fire safety and preparedness in homes.The ‘Alarmed and Ready’ campaign will see the province’s firefighters going door-to-door providing free smoke alarms to households that don’t…
B.C. insurance agent’s license suspended for two years due to misuse of ICBC insurance decal
November 8, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia has suspended the license of insurance agent April Dawn Fraser for two years after finding that she had misused an ICBC insurance decal for her own personal benefit.Fraser had allowed her car insurance to…
Oklahoma city experiences magnitude 5.6 quake
November 8, 2011 by Canadian UnderwriterOklahoma experienced the strongest earthquake ever recorded in the state’s history on Nov. 5, AIR Worldwide reported. With a magnitude of 5.6 and a focal depth of just three miles below the surface, the earthquake was centred about 44 miles…
Trust Insurance Company not to be trusted: FSCO
November 8, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Trust Insurance Company is not licensed to do insurance business in Ontario as either an insurer or insurance agency. “If consumers purchase insurance from agents or insurers that are…
Insurer has a duty to inform a policyholder about what it considers to be a “material change” to a risk: New Brunswick Appeal Court
November 8, 2011 by Canadian UnderwriterPrior to a loss, an insurer has a duty of good faith to advise a policyholder in plain language about what the insurer considers a “material change” to a risk, the New Brunswick Court of Appeal has ruled. In Aviva…
Lana Wood resigns as president of Western Financial Group
November 8, 2011 by Canadian UnderwriterLana Wood is resigning as president of Western Financial Group (Network) Inc., effective Nov. 30, for undisclosed reasons.President and CEO Scott Tannas will assume Wood’s responsibilities on an interim basis. The company will be conducting an executive search both externally…
Nearly $10 million in fraud savings for MPI
November 7, 2011 by Canadian UnderwriterManitoba Public Insurance announced total fraud savings of $9.4 million in the last fiscal year. “This financial figure is based on an estimate of money recovered and fraudulent claims denied,” said Ted Hlynsky, vice-president claims control and safety operations with…
Granite Claims Solutions acquires Advance Claims Services
November 7, 2011 by Canadian UnderwriterGranite Claims Solutions has purchased Vancouver-based Advance Claims Service Ltd.This is the company’s fifth acquisition in the past twelve months. Advance Claims is an independent adjusting firm in British Columbia, with offices in Vancouver, Abbotsford, Chilliwack, Kelowna, Penticton, Vancouver Island…
Severity of vehicle repair appraisals decreases in 2011 Q3: Mitchell
November 7, 2011 by Canadian UnderwriterThe severity of first and third-party repairable vehicle appraisals decreased to $3,036 in 2011 Q3 from 2010 Q3’s $3,408, according to Mitchell’s Canadian Collision Summary.The Canadian Collision Summary is included in Mitchell’s Industry Trends Report.“The average gross initial Appraisal Value,…