News

The 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…

There 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…

The 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…

Three 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…

More companies are employing mature enterprise risk management practices to enhance organizational value and resiliency, according to the findings of Aon’s 2010 Global Enterprise Risk Management Survey. “Organizations in the more mature stages of ERM report they are able to…

As of the end of October 2009, Facility Association (FA) has paid and incurred more than $11.5 million in statutory accident benefit claims connected to insolvent insurer Markham General Insurance Company.Markham General was ordered wound-up under the provisions of the…

Financial service institutions’ spending on global information technology is expected to reach US$357.4 billion in 2010, according to a new Celent report.This is an increase of 2.9% over 2009, and substantially higher than the 2.5% decline in growth experienced last…

Kenneth V. Lavigne has been appointed senior vice president and manager of FM Global’s Canada division.Lavigne replaces Perry Brazeau, who retired at the end of 2009 after 33 years with the company. Lavigne joined FM Global in 1980 as a…

Premiums continued to tumble for commercial insurance buyers in 2009 Q4, with few signs that the soft phase of the pricing cycle is nearing the end, according to the RIMS Benchmark Survey. The survey, administered by Advisen Ltd., tracks changes…

A.S.A.P. Secured Inc. has launched a mobile command centre for easy deployment to large loss sites across Ontario. The centre will allow adjusters and other insurance industry professionals to offer immediate assistance and support to their customers in the midst…

A severe earthquake hitting near Haiti’s capital city of Port-au-Prince has likely caused economic damages in the “hundreds of millions of dollars,” catastrophe-modelling firm EQECAT says in a press release.Nevertheless, because of Haiti’s weak economic conditions, private insurers will likely…

The lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should…