News
MPI files suit against “chronic” teenage car thieves
August 24, 2010 by Canadian UnderwriterManitoba Public Insurance has filed a lawsuit against a pair of teenage “chronic” car thieves, dubbed ‘Bonnie and Clyde’ by some local justice officials and media.The suit is a $53,000 statement of claim against a 16-year-old girl and an 18-year-old…
Fix Auto announces series of appointments
August 24, 2010 by Canadian UnderwriterFix Auto Ontario, Alberta and Atlantic Canada has announced a series of appointments within the organization.These appointments include:• Athena Hilts, managing director;• Tony Desantis; senior insurance account executive; • Kelly Polito, insurance account executive for Fix Auto Alberta;• Peter Polito,…
Canadian offshore petroleum boards’ liability limits woefully out-dated: Senate report
August 23, 2010 by Canadian UnderwriterCanadian offshore petroleum boards have not increased their liability limits for third party damages or clean-up in the event of a spill for 24 years, and as such should consider bringing them in-step with “current economic realities,” according to a…
CRTC refuses insurance brokers exemption to unsolicited telemarketing rules
August 23, 2010 by Canadian UnderwriterThe Canadian Radio and Telecommunications Commission (CRTC) decided its unsolicited telemarketing rules apply equally to insurance agents and brokers and investment and financial advisors. The commission’s Unsolicited Telecommunications Rules include the National Do Not Call List and the Automatic Dialing-Announcing…
P&C reserve redundancies likely to weaken, but remain adequate: Fitch
August 23, 2010 by Canadian UnderwriterFitch estimates that U.S. property and casualty industry reserves at year-end 2009 are between 1% deficient and 2% redundant.In its report, Are Redundancies Exhausted?, Fitch noted that the hard market years of the mid-2000s continued to prove more profitable than…
FSCO releases new HCAI guideline in time for auto reform implementation
August 23, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) released an updated guideline with respect to Health Claims for Auto Insurance (HCAI) to reflect the new Statutory Accident Benefits Schedule effective Sept. 1, 2010. The Health Claims for Auto Insurance September 2010…
AMF extends transition period for ban on sale of replacement guarantees by unlicensed agents
August 20, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has extended the transition period for the sale of replacement guarantees by two months to Sept. 30, 2010.As a result, the date set for full and final implementation of the new rules governing replacement…
Canadian consumers wary of conducting financial transactions on mobile devices
August 20, 2010 by Canadian UnderwriterCanadians appear to be very wary of using their mobile devices for making online purchases and conducting financial transactions, according to KPMG.In its report, Consumers & Convergence IV survey, KPMG compared the habits and concerns around the world regarding the…
The Weather Network launches lightening strike database
August 20, 2010 by Canadian UnderwriterInsurance companies can now validate lightning strikes using the lightning strike data archive launched by The Weather Network. In Canada, lightning is responsible for more than $5 billion in total insurance industry losses annually, The Weather Network reports. The archive…
New coverage enhances coverage to standard property policies
August 20, 2010 by Canadian UnderwriterChesterfield Canada Inc., a specialist independent wholesale broker, has launched home appliance and systems warranty covers. The new products serve as endorsements to standard buildings and contents policies. It’s designed to ease the worries surrounding moving into a newly purchased…
Canadian P&C brokerages increased average operating profitability, despite recession
August 19, 2010 by Canadian UnderwriterCanadian property and casualty insurance brokerages increased operating profitability by roughly 5% between 2007 and 2009, reports Berris Mangan Consulting Inc.In its study, Property & Casualty Insurance Brokerage Industry Report, Berris Mangan Consulting surveyed 285 Canadian P&C brokerages. In 2009,…
Competitive advantage for collision repair centres that demonstrate knowledge of auto insurance reforms: Insurer
August 19, 2010 by Canadian UnderwriterCollision repair centres demonstrating a broad understanding of Ontario’s reformed auto insurance product will have a competitive advantage over centres that don’t, The Dominion president and CEO George Cooke said at the 20-20 Vision CARSTAR industry conference in Huntsville, Ontario.…