News
Axa, Ogilvy Renault identify risks for directors of insolvent companies
February 28, 2011 by Canadian UnderwriterDirectors of insolvent or bankrupt corporations may be held liable for a multitude of sums whose payment to the government is required by law, including non-remitted sales tax and unpaid deductions on employee wages, cautions Ogilvy Renault and Axa Insurance…
Ontario Divisional Court allows IMAX shareholder certification suit to proceed to trial
February 25, 2011 by Canadian UnderwriterA motion for leave to appeal Silver v. IMAX Corporation to the Ontario Divisional Court has been denied. IMAX is the first case to consider leave to proceed and class certification tests set forth in Bill 198.A lower court decision…
Long-term disability benefits with a long waiting period still “continuing income” to be deducted from IRBs: FSCO
February 25, 2011 by Canadian UnderwriterA long-term monthly disability payment featuring a significant waiting period is still an income continuation plan under Ontario’s Statutory Accident Benefits Schedule (SABS), and is therefore deductible from income replacement benefits (IRBs) paid to auto injury victims, an Ontario arbitrator…
Desjardins Group see total income increase in 2010
February 25, 2011 by Canadian UnderwriterThe property and casualty insurance segment of Desjardins Group reported a total income of $1.6 billion in 2010, an increase of $97 million from 2009.The combined ratio for the segment stood at 94.7% at year-end 2010, marking a 0.3% increase…
Insurer not obliged to pay for independent counsel retained by insured to defend against damages beyond coverage limits: Ontario court
February 25, 2011 by Canadian UnderwriterAn insurance company does not have to pay for counsel retained by an insured to defend the insured’s interests in the event that damages exceed prescribed policy coverage limits, the Ontario Superior Court has ruled. In 137328 Canada Inc. (Alliance…
RSA Canada in 2010 reports best financial results in 20 years
February 24, 2011 by Canadian UnderwriterRSA Canada’s 2010 financial results were the best in 20 years, the company announced in a press release.“RSA had an exceptional year in 2010,” RSA Canada CEO Rowan Saunders said in a press release. “We’ve delivered a consistently strong performance…
Saskatchewan government creates flood damage reduction program
February 24, 2011 by Canadian UnderwriterSaskatchewan’s provincial government is launching a $22-million emergency flood damage reduction program to help communities, rural municipalities and individuals prepare for spring flooding.The Emergency Flood Damage Reduction Program is a joint effort between Saskatchewan’s Watershed Authority and the Ministry of…
A.M. Best upgrades Peace Hills General Insurance Company
February 24, 2011 by Canadian UnderwriterA.M. Best has upgraded Peace Hills General Insurance Company’s financial strength rating from B (fair) to B+ (good). In addition, its issuer credit rating has been upgraded to ‘bbb-‘ from ‘bb.’ The outlook for both ratings is positive.The rating actions…
U.S. sees 24% increase in ‘suspicious’ insurance claims between 2008 and 2010
February 24, 2011 by Canadian UnderwriterThe U.S. National Insurance Crime Bureau (NICB) reported a 24% spike in ‘questionable claims’ being referred to it by its member insurance companies between 2008 and 2010.NICB member insurance companies refer questionable claims to NICB for closer review and investigation…
Canadian P&C industry sees underwriting income erode on a quarter-by-quarter basis: Statistics Canada data
February 24, 2011 by Canadian UnderwriterThe Canadian property and casualty insurance industry has seen a reversal of fortune in its quarterly underwriting income, which plummeted from a profit of $592 million in 2009 Q4 to an underwriting loss of $308 million in 2010 Q4, according…
Insured losses from Christchurch quake could reach $8 billion: AIR
February 23, 2011 by Canadian UnderwriterInsured losses from the Feb. 22 earthquake in Christchurch, New Zealand will likely range from $3.5 billion and $8 billion, AIR Worldwide reported.Experts warn similar factors that contributed to the massive damage in Christchurch also exist in British Columbia cities…
ICBC praises the role of facial recognition technology in obtaining convictions in identity theft cases
February 23, 2011 by Canadian UnderwriterTwo years after B.C.’s public insurer introduced facial recognition technology, the Insurance Corporation of B.C. (ICBC) says the new technology has had a dramatic impact on obtaining convictions for identity theft and fraud.“In 2010, the technology – which enables ICBC…