News
Kanetix allows Ontario auto insurance rate tracking service
November 1, 2010 by Canadian UnderwriterKanetix has launched a service that allows auto insurance consumers to track rate changes in Ontario.‘Rate Tracker’ is an online free service that displays the changes in rates that were approved by the Financial Services Commission of Ontario over the…
Fairfax acquires specialty commercial insurer
October 29, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) will acquire the outstanding share of specialty insurer First Mercury for approximately $294 million.The transaction is expected to close in 2011 Q1, subject to shareholder and regulatory approval.First Mercury is a Michigan-based…
Bruce Thomas honoured for 50 years of practicing insurance law
October 29, 2010 by Canadian UnderwriterThe Law Society of Upper Canada is recognizing Bruce Thomas, a founding partner of Thomas Gold Pettingill LLP, for practicing law for 50 years. Thomas specializes in insurance law and will be granted a lifetime membership in the Law Society…
Zurich brings spill reporting system to Canadian market
October 29, 2010 by Canadian UnderwriterZurich has launched its Spill Reporting Online System in Canada – in time for icy weather and hazardous road conditions.Zurich first launched the service in 2008 for its Environmental Transportation customers in the United States.The 24-hour service helps customers deal…
Real estate E&O cases particularly difficult to defend: lawyer
October 29, 2010 by Canadian UnderwriterInsuring real estate professionals on a E&O policy is particularly challenging for underwriters because of the vulnerability of appraisers, the fact that plaintiff’s experts are only too willing to testify against their own, and trials are highly emotionally charged and…
Canadian private companies showing signs of expansion and growth:PwC
October 29, 2010 by Canadian UnderwriterCanadian private companies are aiming for growth and expansion in the coming year, according to a PricewaterhouseCooper’s survey.The survey findings are positive for commercial insurers, which saw a decrease in demand during the financial crisis. Companies faced tighter budgets and…
E&O insurers should take an interest in inquests, disciplinary hearing “sideshows”
October 29, 2010 by Canadian UnderwriterInsurers defending professionals should be aware of inquest or disciplinary hearings involving insureds, even if these ‘sideshow’ proceedings are not covered under E&O policies, because of the potential impact the proceedings may have on a subsequent civil action that does…
Psychological and physical injuries cannot be combined to determine catastrophic impairment: Ontario Superior Court
October 28, 2010 by Canadian UnderwriterPercentage determinations of psychological impairments cannot be added to percentage determinations of physical impairments to determine whether or not a person has suffered a whole person ‘catastrophic impairment’ under the Statutory Accidents Benefits Schedule (SABS), the Ontario Superior Court of…
Bad faith no longer necessary for monetary awards for breach of Charter rights: Supreme Court of Canada
October 28, 2010 by Canadian UnderwriterBad faith is no longer a necessary requirement for awarding monetary damages for the breach of a Charter right following a recent Supreme Court of Canada decision, Blaney McMurtry LLP reported in its Insurance Observer.In Vancouver (City) v Ward, a…
Canadian businesses must incorporate water-related challenges into risk management programs: Marsh
October 28, 2010 by Canadian UnderwriterCanadian businesses must develop a strategy to better understand and prepare for water-related challenges, or they risk halting operating due to water shortages, water quality or water safety issues, according to Marsh Canada Limited.In its report, A Review of Water-Related…
Despite recession, Gen Ys still expect their employers to go green: RSA poll
October 28, 2010 by Canadian UnderwriterDespite job insecurity and shrinking disposable incomes associated with the global recession, Generation Y adults – those born in the mid-1980s and later – still expect employers to demonstrate a commitment to improving the environment, according to a Leger Marketing…
Axa SA reports overall revenue growth of 3%, gains in its Canadian P&C segment
October 28, 2010 by Canadian UnderwriterAxa SA is reporting total revenue growth of 3% during the first nine months of 2010, including gains in its Canadian property and casualty segment.Overall, Axa SA’s “property and casualty revenues increased by 0.7% to [EUR21.389 billion] as the 3.9%…