News
About 44% of young Canadians go to the United States without travel insurance
August 30, 2011 by Canadian UnderwriterJust under half (44%) of young Canadians polled in May 2011 say they rarely or never purchase travel insurance when traveling to the United States.Furthermore, more than half (56%) of young travelers said they don’t take the time to understand…
Irene “weakened considerably” as it crossed into Canada: AIR
August 30, 2011 by Canadian UnderwriterHurricane Irene likely caused between $3 billion and $6 billion in insured losses to onshore properties in the United States, according to AIR Worldwide. AIR’s preliminary estimate includes wind and storm surge damage to onshore residential, commercial and industrial properties…
Distracted driving is as risky as drinking and driving: ICBC survey
August 30, 2011 by Canadian UnderwriterTexting or emailing while driving is just as dangerous as drinking and driving, according to 76% of those surveyed on behalf of ICBC.In the Ipsos Reid poll, 917 adults drivers in British Columbia were polled on their views of distracted…
Debate about public/private auto insurance finds way into Manitoba election
August 30, 2011 by Canadian UnderwriterThe longstanding and ongoing debate about public and private auto insurance surfaced during the Manitoba election in May, when Gordon Steeves, now a Tory political candidate, suggested the private sector should be providing auto insurance in the province.Steeves made his…
Post-tropical storm Irene lashes eastern and Maritime Canada
August 29, 2011 by Canadian UnderwriterThe verdict is still out on insured losses caused by Hurricane Irene’s three landfalls, but loss estimates for the Caribbean range as high as $1.1 billion. The remnants of Hurricane Irene – which had weakened to a post-tropical storm –…
Ontario court rules gas station attack constitutes an accident under SABS
August 29, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has found that a man attacked and beaten in his car while parked at a gas station was involved in an “accident” under the Statutory Accident Benefits Schedule (SABS). In Downer v. Personal Insurance,…
IBAC asks feds to take a cautious approach to demutualization
August 26, 2011 by Canadian UnderwriterCanadian brokers have asked the federal government to take a cautious approach to demutualization.In a submission to the federal government, the Insurance Brokers Association of Canada (IBAC) has asked the Department of Finance to keep in mind the important role…
Thieves target pick-up trucks: Highway Loss Data Institute
August 26, 2011 by Canadian UnderwriterThe Cadillac Escalade is more than six times as likely as the average vehicle to be targeted by thieves, and has overall theft losses more than 10 times as big, according to the Highway Loss Data Institute (HLDI).The HLDI analysed…
Willis launches business interruption cover for businesses affected by nuclear exclusion zones
August 26, 2011 by Canadian UnderwriterWillis Group Holdings plc has developed an insurance product to cover business interruption costs for companies affected by a nuclear exclusion zone.Willis Global Markets International developed the cover for businesses with key locations, suppliers or customers situated in the vicinity…
Hamilton cops execute warrants against two collision centres, charge three in connection with insurance fraud investigation
August 26, 2011 by Canadian UnderwriterHamilton police have executed search warrants against two collision centres in the city for allegedly perpetrating insurance fraud. So far, three local men aged 39, 48 and 67 have been arrested. Police believe local collision repair shops were hiring “chasers”…
Hurricane Irene’s tentative path tracks towards North Carolina, New York and Canadian Maritimes
August 26, 2011 by Canadian UnderwriterHurricane Irene is currently tracking towards the coast of North Carolina and could approach New York as a Category 1 hurricane on Aug. 28, before heading towards New England and the Canadian Maritimes as a tropical storm by Aug. 29.Currently,…
Insurers should be able to offer comprehensive earthquake, fire following coverage: Fraser Institute
August 25, 2011 by Canadian UnderwriterAllowing Canadian insurers to offer comprehensive coverage for ground shaking due to an earthquake and fire following an earthquake will prevent problems of the type that U.S. insureds faced following Hurricane Katrina, the Fraser Institute contends.In its report, Preventing a…