News
Manitoba golf carts are ‘automobiles,’ court finds
September 9, 2010 by Canadian UnderwriterA golf cart is in fact an “automobile” under the Manitoba Public Insurance Corporation Act (MPIC), the Court of Queen’s Bench of Manitoba has ruled.Jeff Hruska sustained an injury to his right leg while a passenger in a golf cart…
Canadian P&C insurers managing underwriting expenses well
September 9, 2010 by Canadian UnderwriterCanadian property and casualty insurers have done a good job of keeping operational expenses in check, but are losing money on the claims side of the business, said Joseph Burtone, an assistant vice president at AM Best.Burtone spoke about the…
If injury is suspected to be deliberate, Manitoba claimant does not have option to go to Appeal Commission to challenge denial of injury claim: Appeal Court
September 9, 2010 by Canadian UnderwriterIf an auto injury claim in Manitoba is denied on the basis that the damage was caused by a deliberate or willful act, a claimant does not have the option to have the Automobile Injury Compensation Appeal Commission (AICAC) review…
ICBC sees claims savings derived from investments in road improvements
September 9, 2010 by Canadian UnderwriterA study examining ICBC’s investment in road improvements shows a correlation between those road investments and a reduction in fatal, severe-injury and non-injury crashes.The evaluation, conducted by Tarek Sayed, a civil engineering professor at University of British Columbia, and Paul…
Reinsurers’s ERM capabilities outpace those of primary insurers: S&P’s
September 9, 2010 by Canadian UnderwriterReinsurers and groups with reinsurance as a key component tend to have more advanced enterprise risk management (ERM) capabilities than purely primary insurers, reports Standard & Poor’s (S&P’s).In its report, Global Reinsurers Lead the Way in Enterprise Risk Management, S&P’s…
Insured Chilean quake costs now between $8 billion and $12 billion: S&P’s
September 8, 2010 by Canadian UnderwriterThe global reinsurance industry has shouldered an estimated $8 billion-$12 billion in insured losses arising from the powerful earthquake that struck Chile on Feb. 27, 2010, according to Standard & Poor’s Ratings Services. “These losses put a significant dent in…
New Brunswick’s opposition parties call for tripling of province’s auto insurance cap
September 8, 2010 by Canadian UnderwriterOpposition parties in New Brunswick are promising to follow Nova Scotia’s lead and increase the amount of New Brunswick’s cap on minor auto injuries from $2,500 to $7,500.The New Democrats made the announcement on Sept. 6 in the throes of…
Hub acquires P&C operations of Sinclair Cockburn Financial Group
September 8, 2010 by Canadian UnderwriterHub International Limited (Hub) has acquired the shares of Sinclair Cockburn Financial Group (SCFG), a Toronto, Ontario-based insurance and financial services firm with approximately $11 million in annual revenues. Under the terms of the acquisition, Hub has acquired the property…
Reserve releases masking deteriorating results in reinsurance sector
September 8, 2010 by Canadian UnderwriterReserve releases are masking deteriorating results in the U.S. and Bermuda reinsurance market, said Greg Reisner, a senior financial analyst at AM Best.Reisner offered delegates of AM Best’s ‘Market Briefing: Canada’ an overview of the U.S. and Bermuda reinsurance markets…
Ontario’s personal auto accident loss ratio surpasses 140% in 2010
September 8, 2010 by Canadian UnderwriterOntario’s personal auto is driving the Canadian property and casualty market’s underwriting loss, said Joseph Burtone, assistant vice president at A.M. Best.Burtone offered a summary of the Canadian property and casualty market at A.M. Best’s ‘Market Briefing: Canada’ in Toronto…
Halifax restores power, continues clean-up after visit from Earl
September 7, 2010 by Canadian UnderwriterPower has been restored and clean-up continues in the south and west ends of Halifax, which bore the brunt of Hurricane Earl’s 130 km-h winds on Sept. 4Hurricane Earl was a Category 1 storm when the eye made landfall near…
Co-founder of Integro, Ironshore, Robert Clements, passes away at age 77
September 7, 2010 by Canadian UnderwriterA key rainmaker in the insurance industry, Robert Clements, died of cancer at the age of 77 on Sept. 4.Clements was co-founder and non-executive chairman of insurance broker and risk management firm Integro, and most recently founded and was a…