News
TIRF to study behavioural patterns of interlocked DUI offenders
November 2, 2011 by Canadian UnderwriterThe Traffic Injury Research Foundation (TIRF) will conduct a study on the behavioural patterns of interlocked offenders and on the features of effective programs.Under an interlock program, a small, hand-held, breath-testing device is fitted to a vehicle’s ignition. A driver…
New Brunswick Auto Insurance Working Group recommends increasing minor injury cap to between $4,000 and $6,000
November 2, 2011 by Canadian UnderwriterNew Brunswick’s Auto Insurance Working Group has recommended that the government increase its minor injury auto cap from $2,500 to between $4,000 and $6,000.Also, the cap should be subject to annual indexing to CPI, the working group also recommended. New…
FSCO arbitrator orders claimant to produce photos from private Facebook, Hi5 profiles
November 2, 2011 by Canadian UnderwriterAn Ontario arbitrator has ordered an insurance claimant to produce photographs of herself, which she posted on private portions of her Facebook and Hi5 social networking sites, to help assess her entitlement to income replacement and other statutory accident benefits.…
U.S. snowstorm could generate “thousands” of insurance claims: I.I.I.
November 1, 2011 by Canadian UnderwriterA snowstorm along the East Coast of the United States in late October “could generate thousands of insurance claims,” according to the U.S. Insurance Information Institute (III).Bloomberg reported on an email exchange it had with cat modeler Kinetic Analysis Corporation,…
The Dominion issues bulletin clarifying position on tech issues
November 1, 2011 by Canadian UnderwriterThe Dominion has sent out a bulletin to brokers indicating the company’s support for e-document technology and the data exchange project launched by the Insurance Brokers Association of Canada (IBAC).“The broker-company technology touch point is an area that has seen…
SCM Insurance Services enters medical evaluation market segment
November 1, 2011 by Canadian UnderwriterSCM Insurance Services has acquired Riverfront Medical Services, a provider of independent medical evaluations.The acquisition signals SCM’s entrance into a product and market segment that is “complimentary to the continuum of insurance and risk management services it currently offers its…
LARAQ elects new board of directors
November 1, 2011 by Canadian UnderwriterL’Association de la relève en assurance du Québec has elected a new board of directors.The new board consists of: •Mathieu Brunet (chair);•Anne-Marie Deschênes;•Caroline Cormier;•Andréanne Paquet;•Vincent Lessard-Phillips;•Genevieve Ducharme;•Benoit Tessier;•Marie-Josée Lefebvre;•Mathieu Villemure; and•Michael Leveille. “With our new team, LARAQ will continue its…
Slave Lake fire likely caused by arson: Alberta government
November 1, 2011 by Canadian UnderwriterOfficials believe the Slave Lake fires were caused by arson, based on Alberta’s investigation. On May 14 the community of Slave Lake, Alta was gutted by a wildfire, resulting in more than $700 million in damages – the second costliest…
Cloudbursts in urban areas underestimated: Swiss Re
October 31, 2011 by Canadian UnderwriterInsurers underestimating the risk of cloudbursts, particularly in urban areas, are putting themselves at risk, Swiss Re cautioned in a release. A cloudburst is a sudden, very heavy rainfall. In a posting on its Web site, ‘The ripples of heavy…
Fairfax reports nearly $1 billion in Q3 profit, despite underwriting losses
October 31, 2011 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH and FFH.U) reported a net income of $973.9 million in 2011 Q3, marking a drastic improvement from the 2010 Q3 income of $388.1 million. The company cites net gains on investment of $1.6 billion in…
Insured has right to control a subrogation claim until fully indemnified, Ontario courts confirm
October 31, 2011 by Canadian UnderwriterAn insured has a right to control a subrogation claim until such time as it has been fully indemnified, notwithstanding language in a subrogation clause that gives an insurance company the right to be “subrogated to the rights of the…
OSFI advises against early adoption of some new or amended IFRS standards
October 31, 2011 by Canadian UnderwriterCanada’s financial solvency regulator has advised against early adoption of some new or amended International Financial Reporting Standards (IFRS) issued in May and June 2011, including the IFRS 13 Fair Value Measurement.The Office of the Superintendent of Financial Institutions (OSFI)…