News
FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market
January 19, 2010 by Canadian UnderwriterOntario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average…
Insurance contract to pay accident benefits not “a contract for peace of mind”: Ontario judge
January 19, 2010 by Canadian UnderwriterThe daughter of a woman who was injured in an auto collision and subsequently denied accident benefits is not entitled to collect benefits under her mother’s policy based on the loss of her mother’s care and guidance, the Ontario Superior…
Fraud likely to increase three-fold following the recession: Lloyd’s
January 19, 2010 by Canadian UnderwriterThe amount lost to fraud by businesses and the public sector increased by 76% in 2009, with both number and size of fraud increasing exponentially during the recession, according to research by BDO LLP. Fraud broke the £2-billion (Cdn $3.8-billion)…
Global risks persist despite reports of economic recovery
January 19, 2010 by Canadian UnderwriterThe long shadow of the global economic recession has created underlying risks in the global economy that persist despite reports of an economic recovery, according to the World Economic Forum (WEF)’s annual report, Global Risks 2010.The fifth annual report is…
Nova Scotia presses ahead with its review of minor auto injury cap
January 18, 2010 by Canadian UnderwriterNova Scotia’s government is moving ahead with its promised review of the province’s $2,500 minor auto injury cap.The government has issued a nine-page discussion paper on the cap, entitled Concerning the Cap on Pain and Suffering Awards for Minor Injuries,…
iv3 Solutions teams up with Altus Group to bring residential replacement cost solution to Canadian market
January 18, 2010 by Canadian Underwriteriv3 Solutions has teamed up with Altus Group (TSX: AIF.UN) to bring a residential replacement cost toolset to the Canadian marketplace in early 2010.iv3 Solutions has also launched residential inspection management services and loss control solutions to the North American…
Feds plan to address insurance promotion on bank Web sites “in the near future”: Flaherty
January 18, 2010 by Canadian UnderwriterBankers and insurance brokers alike can expect to see a formal government proposal “in the near future that addresses insurance promotion on bank Web sites, according to Finance Minister Jim Flaherty.Flaherty raised the issue briefly in a Jan. 15 speech…
What’s New: In Brief (January 18, 2010)
January 18, 2010 by Canadian UnderwriterTickets for the 14th annual Women in Insurance Cancer Crusade (WICC) Gala Dinner are now on sale. The event is on Apr. 14, 2010 and will be held at The Westin Harbour Castle Conference Centre – Metropolitan Grand Ballroom in…
Canadian P&C insurers, claims companies donate money to Red Cross for relief efforts in Haiti
January 15, 2010 by Canadian UnderwriterThe Co-operators, Intact Financial Corporation, AXA and Granite Global Solutions have each made individual pledges and/or donations totaling up to $240,000 to the Canadian Red Cross in support of relief efforts in Haiti. The Co-operators has pledged to provide up…
Ontario auto reforms need to clarify an ‘incurred cost’: defence lawyer
January 15, 2010 by Canadian UnderwriterThere is a need to provide a clear definition for the word “incurred” under Ontario’s Statutory Accident Benefits Scheme (SABS), said Philippa Samworth, a partner at Dutton Brock LLP.Typically, “incurred” is interpreted to mean that a person has paid for…
Proposed changes to Ontario medical and rehab benefits potentially “problematic” for brokers
January 15, 2010 by Canadian UnderwriterThe proposal to decrease Ontario’s medical and rehab benefit from $100,000 to $50,000, including an option to purchase higher limits, will place a huge onus on brokers and expose them to an increased risk of litigation, said Philippa Samworth, a…
Environment Canada’s Top 10 weather stories in 2009 include storms causing $637 million in insured damages
January 15, 2010 by Canadian UnderwriterThree weather storms that caused insurers a total of $637 million cracked Environment Canada’s list of Top Ten Weather Stories for 2009.Tornadoes in Ontario placed third on Environment Canada’s list, which was based on an assessment of the severity of…