News
IBAO pushes for administrative monetary penalties in Ontario
September 22, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is urging the Financial Services Commission of Ontario (FSCO) to include administrative monetary penalties (AMPs) in the Insurance Act.Currently, FSCO can issue a cease and desist order, often in conjunction with an undertaking…
Lloyd’s of London pulls deposits from some European banks to reduce sovereign debt exposure
September 22, 2011 by Canadian UnderwriterLloyd’s of London has reduced its exposure to European government debt and pulled deposits from some of the region’s banks, reports the Wall Street Journal. “Given the uncertainty around the Euro zone, it’s only natural that we would seek to…
Catlin Canada donates $17,500 to McGannon Foundation
September 22, 2011 by Canadian UnderwriterCatlin Canada donated $17,500 to the William H. McGannon Foundation to assist students entering the insurance/risk management field of study.The official cheque was presented at the annual Risk and Insurance Management Society (RIMS) Canada conference in Ottawa, Ont.The McGannon Foundation…
Health-related issues most common claims for snowbirds
September 22, 2011 by Canadian UnderwriterHealth-related issues are the most common insurance claims for travelling snowbirds, according to RSA. The three most common travel insurance claims for snowbirds are related to pneumonia, heart conditions and gastro-intestinal conditions. “With an aging baby boomer population and medical…
Women in industry still under glass ceiling: report
September 22, 2011 by Canadian UnderwriterWomen working in the insurance industry continue to fight challenges that affect their professional development, according to the Women in Insurance Leadership Insight Report.The research study was released on Sept. 21 at the Insurance Networking News Women in Insurance Leadership…
Goderich, Ontario tornado causes $75 million in insured damages
September 21, 2011 by Canadian UnderwriterA tornado that struck Goderich, Ontario in August 2011 caused at least $75 million in insured damage, according to the Insurance Bureau of Canada, citing a preliminary estimate from Property Claim Services Canada (PCS-Canada).Part of a storm front that spawned…
Proof of mental anguish enough to sustain third party actions in privacy breach
September 21, 2011 by Canadian UnderwriterVictims of a privacy breach may no longer have to rely on proving economic loss as a result of the privacy breach to sustain a third party action. They can also show the breach caused mental anguish.Aaron Konarsky, director of…
Model proposed for regulating insurance securitizations in Canada
September 21, 2011 by Canadian UnderwriterAssuming insurance-linked securities (ILS) ever take off in Canada, the country will need to develop a regulatory regime to accommodate them, according to an article in the Q2-2011 MSA/Baron Outlook Report.The article, written by Robert McDowell and Koker Christensen of…
Man injured while repairing a truck was not involved in an “accident”: Ontario arbitrator
September 20, 2011 by Canadian UnderwriterA man who sustained a head injury while repairing a truck is not eligible for accident benefits because repairing a vehicle does not constitute “the use” of a vehicle, and hence the man was not involved in a motor vehicle…
Injured insureds in Ontario worse off after auto insurance reforms, alliance of health care providers says
September 20, 2011 by Canadian UnderwriterInsureds injured in motor vehicle accidents are now worse off as a result of Ontario’s auto insurance reforms, according The Alliance of Community Medical and Rehabilitation Providers.The Alliance has 80 member companies and represents 3,500 health care providers, including physiotherapists,…
Causal link for SEC to go after Canadian companies is “minute”
September 20, 2011 by Canadian UnderwriterRegulators around the world are cracking down on corrupt practices, putting companies at increased risk of “crippling” prosecution and, in some situations, the causal link between a company and the claim need only be minute for a foreign regulator to…
Increase in cyber claims reflects increasing dependency on IT systems
September 20, 2011 by Canadian UnderwriterThere has been a 56% increase in cyber claim notifications over the last year at Willis. “The rise is reflecting the evolving regulatory environment and a growing dependency on IT systems,” Willis broker Jeremy Smith told Lloyds.com. A number of…