News
Risk managers in UK receive more contract certainty than European counterparts: FERMA
October 7, 2010 by Canadian UnderwriterRisk managers in the United Kingdom enjoy greater contract certainty than their European counterparts, according to a Federation of European Risk Management Associations (FERMA) survey.The survey results were presented at a recent FERMA conference in London, as reported by the…
Insurer’s exemption ruled invalid because it is written in the present tense
October 7, 2010 by Canadian UnderwriterThe Ontario Court of Appeal has ordered The Personal Insurance Company to defend two homeowners accused of negligently representing the condition of their home in a sale to others, because the exclusion meant to cover ‘breach of contract’ was written…
Security National receives approval to set Nova Scotia motorcycle, trailer rates with reference to IAO 2006 rates
October 7, 2010 by Canadian UnderwriterSecurity National Insurance Company has received the blessing of the Nova Scotia Utility and Rate Review Board to align its rates for motorcycles and trailers using the 2006 rate analysis of the Insurers Advisory Organization (IAO).Security National plans to combine…
23% of Canadians don’t know what their insurance policies cover: TD Insurance poll
October 7, 2010 by Canadian UnderwriterAlmost one-quarter of Canadians admit they’re unsure or have no idea what they’re covered for in their insurance policies, according to TD Insurance’s Coverage Uncovered Poll.The poll quizzed 1,503 Canadians about what they knew about their insurance policies during the…
Fix Auto adds three new Ontario locations
October 6, 2010 by Canadian UnderwriterFix Auto has added three new locations to the network’s roster – Fix Auto Sarnia, Fix Auto Vars and Fix Auto Rockland.Located at 778 Confederation Street, Fix Auto Sarnia has been in operation since 1991. Fix Auto Vars is the…
Alberta drivers need refresher on the basic rules of the road: survey
October 6, 2010 by Canadian UnderwriterAlmost 90% of respondents in a 2010 University of Calgary study failed a basic, rules-of-the-road test modeled after the province’s Class 7 learner’s permit exam.“It’s shocking,” says Sabreena Anowar, an engineering graduate student who specializes in road safety and analyzed…
Co-operators launch application for Apple hand-held devices
October 6, 2010 by Canadian UnderwriterThe Co-operators has launched an application enabling insureds to submit home and auto insurance claims using their iPhone, iPad or iPod Touch.After downloading ‘Mobile Assist,’ insureds can input their basic home and auto insurance information into their profile so it’s…
Letting AIG go bankrupt in 2008 would have resulted in a “catastrophic” impact on entire insurance market: U.S. Treasury report
October 6, 2010 by Canadian UnderwriterThe U.S. government did not allow American International Group (AIG) to go bankrupt in part because AIG’s failure would have been “catastrophic” to the insurance industry as a whole, according to the U.S. Treasury’s Two-Year Retrospective Report on the Troubled…
Canadian P&C industry’s 2009 operating results still not indicative of a post-meltdown recovery: OSFI
October 6, 2010 by Canadian UnderwriterThe operating results of Canada’s federally licensed property and casualty insurers still have not recovered to pre-financial crisis levels, Canada’s federal solvency regulator notes in its 2009-10 annual report.“The operating results of the property and casualty (P&C) insurance sector have…
Alberta and Ontario drivers see rate increases, Quebec sees decrease: Kanetix
October 5, 2010 by Canadian UnderwriterAuto insurance rate quotes obtained on kanetix.ca increased in both Ontario and Alberta, but decreased in Quebec in 2010 Q3.Ontario saw the sharpest increase, with quote rates increasing 19.3% between 2009 Q3 and 2010 Q3. Some consumers saw multiple rate…
FSCO discontinues paper insurance licenses, issues electronic licenses now
October 5, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has discontinued mailing paper licences.As of Oct.1, 2010, FSCO provides electronic versions of insurance licences. There is no requirement under the Insurance Act for licensees to carry or maintain a printed version of…
Adjusters must ensure claimant is paying income tax before approving IRBs
October 5, 2010 by Canadian UnderwriterIt is important for adjusters to determine whether or not a claimant has been scamming Revenue Canada when considering the claimant’s entitlement to income replacement benefits (IRBs), according to Donna Ford, an investigator with Northwood & Associates. “If a person…