News
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…
Fire damage increases by US$2,400 for each additional minute of response time, New Zealand study finds
October 5, 2010 by Canadian UnderwriterFire damage increases at a rate of approximately US$2,400 for each minute it takes fire services to respond to a call, according to a study of fire service response times in New Zealand.The Relationships Between Fire Service Response Time and…
Severe weather and hail dampen MPI’s 2010 Q2 results
October 5, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) is reporting a net loss of $35.5 million for 2010 Q2.“This net loss reflects an increase in severe weather, including hail-related claims,” said Don Palmer, MPI’s vice president of finance and chief financial officer.MPI reported a…
Lower discount rate in Ontario means adjourning trials into 2011 could cost insurers “several hundred thousand dollars”: lawyer
October 4, 2010 by Canadian UnderwriterThe reduction of Ontario’s discount rate for catastrophic injury trials could significantly increase the future care and future loss of income costs for insurers, warns Stephen R. Moore, a lawyer with Blaney McMurtry.In the bulletin, Don’t Adjourn This Fall’s Large…