News
DAS Canada receives Letters Patent as Canada’s newest insurance company, to specialize in legal expense insurance
May 14, 2010 by Canadian UnderwriterCanada’s Minister of Finance has issued Letters Patent to DAS Legal Protection Insurance Company Limited (DAS Canada), making it the first insurer in the country to specialize in offering legal expense insurance. The company will provide customers with policies that…
Kingsway makes a 2010 Q1 profit; reports feud with Lincoln’s run-off manager
May 14, 2010 by Canadian UnderwriterKingsway Financial Services Inc. has reported a $24.1-million profit for 2010 Q1, despite sustaining a $29.5-million underwriting loss in the same quarter.Also, Kingsway has reported a new obstacle related to its run-off of Lincoln General, namely a dispute with the…
Rates need to be raised, even though pricing cycle is overlapping economic downturn: Zurich Canada executive
May 13, 2010 by Canadian UnderwriterFor the Canadian property and casualty insurance industry, the ‘new normal’ is for a hardening market cycle, characterized by higher insurance premiums, to be required during an economic downturn, when policyholders need their money the most.And yet if insurance companies…
Legacy systems, pricing cycles and policyholder expectations cited as Top 3 risks for Canadian P&C industry
May 13, 2010 by Canadian UnderwriterOutdated legacy systems, managing pricing cycles and changing policyholders’ expectations are three of the top risks facing the Canadian property and casualty industry over the next three to five years, according to Susan Meltzer, assistant vice president of risk management…
Comer v. Pilot illustrates challenges that insurers face in proving fraud
May 13, 2010 by Canadian UnderwriterCary Comer v. Pilot Insurance Company demonstrates the challenges insurers face when trying a suspected fraud claim, Richard Bickford told delegates at the ISB-U Education Series. Combat Auto Fraud, an ISB education training and resources session, was held May 12…
Recovery rate for stolen vehicles drastically reduced, suggesting organized crime involvement: OPP
May 13, 2010 by Canadian UnderwriterOntario Provincial Police jurisdictions currently have a recovery rate of about 50% for stolen vehicles, compared to a 90% recovery rate in 1990. The figures were presented by Stephen Boyd, detective sergeant and program manager for the provincial auto theft…
Insurance agent nominee has duty to end unethical practices of employer(s): B.C. Insurance Council
May 12, 2010 by Canadian UnderwriterA Level 3 general insurance agent nominee must do more than simply report regulatory concerns to her employers (the principals of the brokerage), especially when the concerns include the conduct of the principals, the Insurance Council of B.C. has ruled.Raghbir…
Ontario’s requirement for domestic content could create new risks for wind power developers
May 12, 2010 by Canadian UnderwriterOntario’s demand for domestic content may present new risks associated with insuring alternative energy sources such as wind power.Panelists at the CleanTech in Canada Breakfast Seminar in Toronto speculated the province’s demand for domestic content might mean developers of clean…
McGillivray family to raise funds for son’s intensive therapy treatment
May 12, 2010 by Canadian UnderwriterGlenn McGillivray of the Institute for Catastrophic Loss Reduction (ICLR) and his wife Sandra are planning a dinner/dance to raise funds to send their son, Spencer, to Kelowna, B.C. in July 2010 to take part in an intensive therapy developed…
BP rig explosion likely to cause hardening in offshore and onshore accounts
May 12, 2010 by Canadian UnderwriterInsurance premiums for both offshore and onshore accounts will likely increase immediately, even though it could take years to determine the total insured loss resulting from the British Petroleum oil rig explosion in the Gulf of Mexico, reports MarketScout.“British Petroleum…
IBC launches initiative to tackle insurance-to-value (ITV) issue
May 12, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.For insurers, IBC released best practice guidelines. The best practices offer…
Amendments to B.C. Insurance Act would mandate use of alternative dispute resolution
May 11, 2010 by Canadian UnderwriterProposed amendments to British Columbia’s Insurance Act include the requirement that alternative dispute resolution (ADR) be the first step in resolving insurance disputes.The amendment is intended to reduce the number of insurance disputes that end up in litigation, said the…