News

The Economical Mutual Insurance Company is planning to become the first property and casualty insurance company in Canada to demutualize. The company is aiming for the conversion to be completed in 2011, subject to approval by mutual policyholders and the…

The Ontario Court of Appeal has confirmed in a slip-and-fall case that the knowledge of the existence – rather than the specific identity – of a potential party invokes the discoverability principle and postpones the expiry of applicable limitation periods.Roseanna…

The Office of the Privacy Commissioner in Alberta says it’s “incomprehensible” why data encryption was not used in seven self-reported breaches of personal information over the past three months, each involving a stolen or lost laptop or digital device. “Encryption…

The Office of the Superintendent of Financial Institutions (OSFI)’s proposed changes to the 2012 Minimum Capital Test (MCT) would decrease federally-regulated Canadian P&C insurers’ aggregate MCT ratio by 14%, to 212.6%.When applied to the Branches Adequacy of Assets Test (BAAT),…

An overcapitalized U.S. commercial insurance market and weak demand will continue to drive down rates in 2011, eliminating any chance of a market hardening, Advisen reported.In its most report, The Insurance Market in 2011: The Lingering Effects of the Recession…

The Nova Scotia Utility and Review Board says the province’s decision to triple its minor auto injury cap from $2,500 to $7,500 will result in a 17% increase in third party liability-bodily injury claims costs, and the industry-wide rates are…

The Manitoba Public Utilities Board (PUB) has approved Manitoba Public Insurance (MPI)’s overall 4% premium reduction for 2011-12, but has called on MPI to offer better vehicle premium discounts for drivers with the “best” experience.The board also “direct(ed) a change…

For many insurers, large portions of their business processes are still ill-defined, poorly documented (or not documented), and labor-intensive, according to a new report from Boston-based research firm Celent.The name of the report is Creating Business Value from Business Process…

Core underwriting results of the U.S. property and casualty insurance industry are expected to deteriorate in 2011, with net income dropping 30% and industry return on surplus sinking to 4.9%, Fitch reported.In its 2011 outlook, Fitch made the following projections:…

Next year will likely see nine hurricanes in the Atlantic basin, five of which will be major, predicted scientists at Colorado State University.“We foresee an above-average Atlantic basin tropical cyclone season in 2011 and anticipate an above-average probability of U.S.…

Drivers seeking auto insurance in Manitoba, Saskatchewan, and British Columbia are confronted with limited choice, uncompetitive rates, and some of the most highly regulated markets in all North America, according to a new study released by the Fraser Institute.“B.C., Saskatchewan,…

Greg Thierman, branch manager of Crawford & Company (Canada) Inc.’s Kelowna, B.C. branch, is a recipient of the CIP Society’s 2010 Established Leadership Award. The award recognizes individuals who have shown exceptional leadership abilities and a strong commitment to upholding…