News
Bad driving could be in the genes
November 3, 2009 by Canadian UnderwriterGenetics might be to blame for poor driving, according to a new study from the University of California Irvine. People with a gene variant performed 20% worse on a driving test than those without the variant, neuroscientists at the University…
What’s New: In Brief (November 03, 2009)
November 3, 2009 by Canadian UnderwriterNo processing issues have arisen after five weeks of active participation in the Health Claims for Auto Insurance (HCAI) pilot phase.Two insurers, Gore Mutual and State Farm Mutual Auto, and nine health care facilities began their participation in this voluntary…
Ontario follows FSCO’s lead on auto reform, waters down proposed cap on non-catastrophic injuries
November 2, 2009 by Canadian UnderwriterOntario’s long-awaited reforms to the auto insurance product follow closely along the lines of what the Financial Services Commission of Ontario (FSCO) recommended in March 2009, except on one major point important to insurers — FSCO’s proposed cap on medical/rehab…
What’s New: In Brief (November 02, 2009)
November 2, 2009 by Canadian UnderwriterAon reported a net income attributable to stockholders of US$120 million for 2009 Q3 as compared to US$117 million for 2008 Q3. Total operating expenses for the third quarter were similar to the same quarter in 2008 at US$1.6 billion,…
Swiss Re calls for country risk officers to coordinate international responses to risk
November 2, 2009 by Canadian UnderwriterIn response to risks that span across geo-political boundaries — climate change, global economic recession, political risks, etc. — Swiss Re is calling for the establishment of ‘country risk managers’ to help prioritize and co-ordinate holistic risk management approaches.Country risk…
Co-Operators cite increase in claims costs for dramatic drop in Q3 net income
November 2, 2009 by Canadian UnderwriterCo-Operators General Insurance Company announced a net loss of Cdn$16.1 million for 2009 Q3, compared to a net profit of Cdn$22.2 million for the same quarter in 2008.The combined ratio for the quarter was 113.2%, compared to 103.5% in 2008…
Fairfax reports US$94.8-million increase in Q3 profit
October 30, 2009 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) reported net earnings of US$562.4 million for 2009 Q3, marking an increase from 2008 Q3’s net income of US$467.6 million.The company cites the following factors that contributed to the year-over-year increase in…
Hope fading for exemption to federal privacy legislation related to insurance investigations
October 30, 2009 by Canadian UnderwriterFor insurance defence counsel, hope is receding that federal privacy legislation related to insurance investigations and surveillance will be aligned in the future with the comparatively more straightforward provincial privacy legislation found in B.C. and Alberta.John Beardwood, partner in Fasken…
ICBC to appeal Cdn$12.5-million jury award
October 30, 2009 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is appealing a B.C. Supreme Court decision to award a woman Cdn$12.5 million in damages, an ICBC representative has told Canadian Underwriter.After a five-day trial, a jury awarded the insured Cdn$6.5 million in…
IBC to pilot new tool to assess municipal climate change risks
October 30, 2009 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has approved Cdn$1-million pilot project for a new municipal risk assessment tool that will help insurers assess climate change risks.The new tool is intended to collect key data that will help insurers better understand the…
Travel insurance is the best way to handle H1N1-related trip cancellations, airlines say
October 29, 2009 by Canadian UnderwriterThe Public Health Agency of Canada has issued travel guidance asking Canadians sick with the H1N1 virus to postpone their travel plans — and has requested that airlines make it easier for travelers to re-book their flights.The airlines have responded…
What’s New: In Brief (October 29, 2009)
October 29, 2009 by Canadian UnderwriterWith the 2010 Olympic and Paralympic Winter Games fast approaching, Insurance Bureau of Canada (IBC) is reminding B.C. homeowners to make sure they are properly insured before renting out their property to visitors.Since last year, IBC has been encouraging B.C.…