News
The Dominion launches Web site to educate consumers about Ontario auto reforms
June 22, 2010 by Canadian UnderwriterThe Dominion of Canada General Insurance Company has launched a Web site ‘MyChoiceCarInsurance.ca’ to help Ontario auto insurance consumers understand the coverage options that will become available to them after the Sept. 1, 2010 auto reform implementation date.MyChoiceCarInsurance.ca features:• an…
P&C impairments tripled last year in the United States: A.M. Best
June 22, 2010 by Canadian UnderwriterU.S. property and casualty insurer financial impairments have more than tripled since 2007, reports A.M. Best.In contrast, regulators have not closed a Canadian insurance company during that time frame, confirms the Property and Casualty Insurer Compensation Corporation (PACICC).Eighteen property and…
ClearRisk launches version 2.0 of Manager application
June 22, 2010 by Canadian UnderwriterClearRisk has launched version 2.0 of its Manager application, intended to add speed and functionality.ClearRisk Manager (ClearRiskManager.com) was created to provide insurance brokers with an affordable way to provide clients with risk management plans, risk maps and risk management resources.…
Canada’s Competition Act negates dream of a single cost calculator: IBC
June 21, 2010 by Canadian UnderwriterCanada’s Competition Act is the main reason why the Insurance Bureau of Canada (IBC) will have nothing to do with the idea of insurers requiring brokers to use a single cost calculator for the purpose of calculating the reconstruction costs…
Home and Garden TV and Home Depot cited as “culprits” in the escalation of water damage claims
June 21, 2010 by Canadian UnderwriterHome and Garden Television (HGTV) and Home Depot are two main culprits responsible for the escalation of water damage claims costs, according to Will Cook, president of Belfor Restoration Services.These two cultural icons are fuelling the impulse to undertake an…
Deepwater Horizon could have long-term impact on D&O market of up to $500 million
June 21, 2010 by Canadian UnderwriterThe Deepwater Horizon disaster could have a long-term impact on directors and officers’ lines in the range of $250 million to $500 million, suggests EWI Risk Services. In addition, in the immediate future, carve-out exclusions and coverage grants currently afforded…
Summary judgement motion not considered a “mini-trial”: Ontario Superior Court
June 21, 2010 by Canadian UnderwriterA motion for summary judgement to dismiss a liability case does not constitute a “mini-trial” and split a case so that it becomes a trial within a trial, the Ontario Superior Court ruled under the new Rules for Civil Procedure.In…
Banks shifting terrain, now promoting insurance on mobile devices: IBAC
June 18, 2010 by Canadian UnderwriterHaving secured Finance Minister Jim Flaherty’s commitment to prevent banks from selling unauthorized insurance on their Web sites, the Insurance Brokers Association of Canada (IBAC) is concerned that banks have already responded by trying to promote insurance on consumer’s cell…
B.C. brokers working with ICBC to transform the public insurer’s rating system
June 18, 2010 by Canadian UnderwriterThe Insurance Brokers Association of B.C. (IBABC) is collaborating with the province’s public insurer, the Insurance Corporation of British Columbia (ICBC), to introduce ‘Vision 2014,’ a plan to upgrade the public insurer’s technology and change its rating system from a…
IBAC gears up for 2012 Bank Act review, calls on brokers to get politically active
June 18, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) is gearing up for the 2012 Bank Act review, urging brokers to get politically involved in advance of the federal government’s mandatory five-year review of the legislation.“We have to be ready to represent…
Saskatchewan brokers concerned about SGI’s proposed 35% reduction in commissions
June 18, 2010 by Canadian UnderwriterThe Insurance Broker Association of Saskatchewan (IBAS) is concerned about SGI’s proposed 35% reduction in broker commissions for online vehicle renewals.The public insurer has taken the position that online self-service or payment on any other transaction should result in savings…
A finding of fraud not needed to determine claimant was not involved in an accident: FSCO
June 18, 2010 by Canadian UnderwriterA claimant does not have to be found to have engaged in fraud in order for a Financial Services Commission (FSCO) arbitrator to determine that the claimant lied about being in an automobile accident.In Azimi v Economical Mutual Insurance Company,…