News
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)…
Telematics could replace the need for credit scoring in the future: industry analyst
October 28, 2011 by Canadian UnderwriterAs the insurance industry’s use of predictive analytics evolves, product innovations such as telematics – described as “pay as you drive” auto insurance – may reduce the need for proxy underwriting factors such as credit scoring.In the auto insurance context,…
Forthcoming changes to federal Privacy Act allow insurers to share information without a person’s consent for the purpose of suppressing fraud
October 28, 2011 by Canadian UnderwriterIntended to help insurers suppress fraud, Bill C-29 amends Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) to allow disclosure of personal information without a person’s consent under certain circumstances.PIPEDA generally prohibits companies from releasing a person’s private information…
Access to private Facebook pages a question of logistics, not privacy
October 28, 2011 by Canadian UnderwriterDefence counsel’s use of private Facebook pages in litigation is not an issue of breaching the plaintiff’s privacy so much as it’s an issue of logistics and the timing associated with accessing information on private pages, Kadey B.J. Schultz, a…
Bangkok flooding expected to result in international supply chain interruptions
October 28, 2011 by Canadian UnderwriterHistorically high floodwaters in Thailand are threatening the capital city of Bangkok, as record water levels flowing through the capital’s river towards the Gulf of Thailand are to be met by high spring tides on Oct. 29 and 30.Cat modeler…
SPECS Limited announces joint leadership of Ontario region
October 28, 2011 by Canadian UnderwriterDavid Wallace, president of SPECS Limited, and Dave Riddell, SPECS’ Toronto branch manager, will take over, in partnership, the management of the property evaluation control company’s Ontario region.Rob Reynolds, SPECS’ most recent Ontario regional manager, chose to part ways with…
Regulatory tweaks required to prevent ‘papering’ of Ontario auto insurers with treatment plan submissions
October 27, 2011 by Canadian UnderwriterThe Statutory Accident Benefits Schedule (SABS) in Ontario is in need of further refinement to prevent insurers from getting “papered over” with an overwhelming number of treatment plans and assessments — a major component of auto insurance fraud.“There are still…
IBC launches major initiative designed to help Canada prepare for major earthquake
October 27, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a major research initiative intended to help Canada prepare for a devastating earthquake in B.C. and eastern Canada.IBC president Don Forgeron outlined the bare bones structure of the initiative in a speech outlining…