News
Canadian Hurricane Centre warns 2010 season may bring increased number of storms
May 27, 2010 by Canadian UnderwriterThe Canadian Hurricane Centre (CHC) is cautioning East coasters that the 2010 hurricane season may bring above average activity. “A number of international hurricane authorities are predicting that this year will be an active hurricane season in the Atlantic basin,”…
Canada proposing new legislation to ban non-authorized insurance from bank Web sites
May 27, 2010 by Canadian UnderwriterCanada is formally proposing new legislation that would prohibit banks from promoting “non-authorized insurance from all banking Web pages.”This includes banning the display of online links to Web pages that promote non-authorized insurance. The proposed regime would allow the “corporate…
IBAC welcomes regulations banning promotion of insurance on banking Web sites
May 27, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Canada is pleased with federal Finance Minister Jim Flaherty’s proposed regulations that would ban banks from promoting insurance on their banking Web sites. Flaherty proposed the regulations on May 27, 2010. Steve Masnyk, IBAC’s manager…
Supreme Court dismisses final appeal against Nova Scotia’s injury cap
May 27, 2010 by Canadian UnderwriterThe Supreme Court of Canada has effectively upheld Nova Scotia’s $2,500 cap on minor auto injury claims.The Supreme Court on May 27 dismissed leave to appeal a December 2009 decision by the Nova Scotia Court of Appeal, which confirmed the…
Insurance sector well on its way to IFRS conversion: PwC survey
May 26, 2010 by Canadian UnderwriterIn Canada, large public companies and those in rate-regulated sectors – including the insurance industry – are closer to completing conversion to International Financial Reporting Standards (IFRS) than their smaller counterparts, according to a PricewaterhouseCooper’s sponsored survey.Conducted by the Canadian…
iClarify services fully available to Ontario brokers; to be piloted in June with B.C. and Quebec brokers
May 26, 2010 by Canadian UnderwriterOntario brokers using Compu-Quote will have all of the services of SCM Risk Management Services’ iClarify insurance-to-value (ITV) solution offered to them by mid-June 2010.Furthermore, iClarify will be piloted with B.C. and Quebec insurance brokers starting next month, with the…
Alberta insurers report strong gains in 2010 Q1
May 26, 2010 by Canadian UnderwriterAlberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.The figures include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance…
Re-opened Hurricane Katrina claims speak to overworked adjusters: BestWeek
May 26, 2010 by Canadian UnderwriterRe-opened Hurricane Katrina claims demonstrate what can happen when an overwhelming catastrophic event causes beleaguered adjusters to bite off more than they can chew, according to a report by A.M. Best/Week.The May 17 BestWeek article, ‘Katrina Claims a Lesson for…
City of Toronto could not have foreseen bizarre archery injury: Ontario judge
May 25, 2010 by Canadian UnderwriterThe Ontario Superior Court of Justice has found that the City of Toronto was not negligent in its operation of a public archery range, at which one friend catastrophically injured another in a bizarre plan to retrieve arrows.The two friends…
Oil spill likely won’t affect ratings, capital positions: S&P’s
May 25, 2010 by Canadian UnderwriterLosses resulting from the Gulf oil spill will likely be contained within 2010 Q2 results and not affect ratings, suggests Standard & Poor’s (S&P’s).In its report, Despite Significant Environmental Damage, The Gulf Oil Spill Losses to Re/Insurers are Expected to…
AIG’s former reinsurer, Transatlantic Re, seeks arbitration related to AIG’s subprime securities lending
May 25, 2010 by Canadian UnderwriterAmerican International Group (AIG)’s former reinsurer, Transatlantic Holdings Inc., has filed a demand for arbitration seeking $350 million related to AIG’s subprime mortgage securities lending prior to 2008 Q4.“Transatlantic Holdings Inc. and its subsidiaries, Transatlantic Reinsurance Company and Trans Re…
Four-alarm fire causes more than $600,000 damage in Toronto
May 25, 2010 by Canadian UnderwriterA four-alarm fire in Toronto’s west end has caused more than $600,000, reports the Toronto Star.It is not yet known how much of the damage is insured.The fire occurred on the evening of May 24, severely damaging 791-797 Queen Street…