News
Privacy Commissioner’s authority questioned by insurer, private investigators
November 11, 2009 by Canadian UnderwriterInsurers and private investigators are challenging the authority of the Office of the Privacy Commissioner (OPC) to intervene in claims investigations.The insurance industry yielded 17% of the complaints lodged in 2008 under the Personal Information Protection and Electronic Documents Act…
BC expands regulations governing use of off-road recreational vehicles
November 11, 2009 by Canadian UnderwriterBritish Columbia off-road vehicle (ORV) riders will be required to wear a helmet, register their ORVs and display license plates when operating their vehicles on Crown land.The proposed new regulations would define ORVs as including dirt bikes, all-terrain vehicles and…
Transportation Safety Board cites risk management failures in review of 2007 private jet accident
November 11, 2009 by Canadian UnderwriterCritical risk management failures played a major part in a 2007 landing accident in Fox Harbour, Nova Scotia, where a Jetport private jet skidded off the runway and stopped close to neighbouring homes, injuring 10 passengers (two seriously), the Transportation…
Intact says summer storms contribute to 2009 Q3 loss of Cdn$8 million
November 11, 2009 by Canadian UnderwriterThanks in part to an unusual number of summer storms, Intact Financial Corporation (TSX: IFC) reported a net loss of Cdn$8 million in 2009 Q3, compared to a profit of Cdn$57.3 million in the same period last year.“While the pace…
Pirate attacks on the rise again
November 10, 2009 by Canadian UnderwriterAfter weather kept them onshore for a few weeks, Somali pirates have resumed their attacks on vessels in the Gulf of Aden. Global piracy statistics reveal that in the first nine months of 2009, 114 vessels were boarded, 34 vessels…
What’s New: In Brief (November 10, 2009)
November 10, 2009 by Canadian UnderwriterCrawford & Company (NYSE: CRDA and CRDB) reported a net loss of US$39.5 million in 2009 Q3, compared to a net income of US$6.9 million in 2008 Q3.The net loss includes a non-cash impairment charge of US$46.9 million, primarily related…
B.C. Insurance Council concerned about confidentiality breaches
November 10, 2009 by Canadian UnderwriterThe Insurance Council of British Columbia, which licenses and regulates the province’s insurance agents, salespersons and adjusters, says it is concerned about the number of breaches in confidentiality it has encountered over the last 12 to 18 months.“Licensees handle and…
What’s New: In Brief (November 10, 2009)
November 10, 2009 by Canadian UnderwriterThe 2010 Subaru Legacy is the first car tested by the Insurance Institute for Highway Safety to earn damage estimates under US$1,000 for all four of the institute’s bumper tests.“Bumpers that don’t bump,” resulting in costly damage in what should…
Hurricane Ida downgraded to tropical storm
November 9, 2009 by Canadian UnderwriterHurricane Ida is losing momentum as it heads towards the Gulf Coast, with hurricane warnings for U.S. gulf coast states being changed to tropical storm warnings. The National Hurricane Center issued an advisory on Nov. 6 indicating that Ida had…
Hub buys brokerage from Aviva Canada
November 9, 2009 by Canadian UnderwriterHub International Limited has acquired Mones & Associates Insurance Brokers Inc. from Aviva Canada Inc. Mones also operates under the name of Arctic Insurance Brokers Ltd. in select markets. It has approximately $10 million in annual revenue in personal and…
What’s New: In Brief (November 09, 2009)
November 9, 2009 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has hired Ralph Palumbo as vice president for Ontario.Also, Jim Rivait, vice president for Alberta and the North, has left IBC to pursue other opportunities. The bureau has created a new senior vice president policy…
What’s New: In Brief (November 09, 2009)
November 9, 2009 by Canadian UnderwriterSCOR recorded a net income of EUR 278 million (Cdn$440.3 million) in the first nine months of 2009, stable from EUR 280 million (Cdn$443.6 million) in last year’s published figures for the first nine months.The reinsurer’s profit remained stable “despite…