News
Fair value accounting shouldn’t be blamed for economic crisis: KPMG panel
November 27, 2008 by Canadian UnderwriterFair value accounting (FVA) is the innocent bystander hurt by the current financial crisis, not the villain perpetrating market volatility, panelists at a KPMG seminar said.“Fair value is not responsible for where we are today,” panelist John Reucassel of BMO…
Regulators may tend towards rule-based certainty during uncertain economic times
November 27, 2008 by Canadian UnderwriterAlthough the trend towards principles-based regulation will soldier on, companies may find the regulatory pendulum swinging back somewhat more to rules-based regulation in light of the current financial crisis, panelists told a KPMG ‘Regulatory Update’ seminar.“It will be interesting to…
Supreme Collision Centre opens
November 27, 2008 by Canadian UnderwriterSupreme Collision Centre has opened a fourth location — this one in Bolton, Ontario — and the PPG CertifiedFirst Network member is taking extra steps to create a ‘green,’ environmentally-friendly shop and reduce cycle times. Ron Doering, general manager and…
Canadian auto insurance rate regulators establish CARR Association
November 26, 2008 by Canadian UnderwriterAuto insurance rate regulators across the country have established the Canadian Auto Insurance Rate Regulators (CARR) Association.“Our vision is to be a recognized inter-jurisdictional Canadian association for automobile insurance rate regulators working together to improve rate regulation processes,” said association…
Addition of plaintiff falls within limitation period, Saskatchewan courts say
November 26, 2008 by Canadian UnderwriterSaskatchewan’s Court of Appeal has denied leave to appeal to a group of insurers that argued the addition of a plaintiff to a case fell outside of a two-year limitation period. The Appeal Court agreed with the decision of the…
More than double 2009 vehicle models earn safety award over 2008 models
November 26, 2008 by Canadian UnderwriterSeventy-two vehicles earned the Insurance Institute for Highway Safety (IIHS) Top Safety Pick award for 2009, more than double the number of 2008 recipients and more than three times the number of 2007 winners.Top Safety Pick recognizes vehicles that do…
Facility Association makes provisions for Alberta, Nova Scotia cap claims
November 26, 2008 by Canadian UnderwriterAlberta’s Grid Risk-Sharing pool is reporting Cdn$171.1 million in total claims incurred but not reported (IBNR) as of Oct. 31, 2008, including a provision of about Cdn$81.5 million for claims liability related to Alberta’s court’s cap decision.Alberta’s Non-Grid Risk-Sharing Pool…
Ontario Appeal Court upholds duty to defend where work horeseplay injury is “unintentional” (November 25, 2008)
November 25, 2008 by Canadian UnderwriterThe Ontario Court of Appeal has upheld an insurer’s duty to defend in a commercial liability case in which a No Frills grocery store employee was injured while engaged in horseplay at work.Dan Mitsios and Kevin Walters both worked at…
Reinsurers’ excess capital cushion rapidly depleting, price increases needed
November 25, 2008 by Canadian UnderwriterGlobal reinsurers have had excessive capital available to absorb the shocks of the past year, but much of that cushion has eroded, likely triggering price increases during the Jan. 1, 2009 renewals, says Standard & Poor’s (S&P’s).S&P’s predicts an average…
Insurers’ core business model likely to withstand credit crisis
November 25, 2008 by Canadian UnderwriterInsurers’ core business models — underwriting risks — will likely not be changed as a result of the ongoing credit crisis, asserts Patrick Liedtke, secretary general and managing director of The Geneva Association.The Geneva Association, also known as the International…
IBC approves plans to reintroduce HCAI sometime after Summer of 2009
November 25, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has approved plans to move forward with the re-introduction of the Health Claims for Auto Insurance (HCAI) electronic data-exchange system, although re-introduction will not happen before testing begins in the summer of 2009.HCAI is…
Ontario Appeal Court upholds duty to defend where work horeseplay injury is “unintentional” (November 25, 2008)
November 25, 2008 by Canadian UnderwriterThe Ontario Court of Appeal has upheld an insurer’s duty to defend in a commercial liability case in which a No Frills grocery store employee was injured while engaged in horseplay at work.Dan Mitsios and Kevin Walters both worked at…