News
Poll suggests Canadians don’t understand the basics of insurance
March 5, 2008 by Canadian UnderwriterA surprising number of Canadians lack a basic understanding of some of the most fundamental concepts of insurance, according to research conducted on behalf of the Insurance Bureau of Canada (IBC).In a study of 3,220 Canadians, undertaken by the research…
What’s New: In Brief (March 05, 2008)
March 5, 2008 by Canadian UnderwriterRoyal & SunAlliance (R&SA) has continued its investment as a full partner of the Broker Identity Program for 2008, the Insurance Brokers Association of Canada (IBAC) announced in a release. “For many years, R&SA has sponsored IBAC’s broker education campaign…
What’s New: In Brief (March 05, 2008)
March 5, 2008 by Canadian UnderwriterAviva Canada Inc. has been awarded a three-year accreditation for its injury claims management programs from the Commission on Accreditation for Rehabilitation Facilities (CARF). Aviva is the first insurer in North America to receive this internationally recognized accreditation. CARF accreditation…
Insurer’s contractual obligations and auto injury negligence action can be severed, Nova Scotia court rules
March 4, 2008 by Canadian UnderwriterAn insurer’s contractual obligations in an auto injury case can be severed from the main negligence action against a driver even though the two legal proceedings share “some common question of law or fact” as long as the severance expedites…
Fitch gives Bermuda (re)insurance market a ‘stable’ rating
March 4, 2008 by Canadian UnderwriterFitch Ratings has given the Bermuda property and casualty insurance and reinsurance market a ‘stable’ outlook, drawing attention to the challenges the market will face in the near future as a result of the current soft market.“Scenarios that could lead…
Ontario trial lawyers poised to launch Charter challenge against Ontario’s $30,000 deductible, injury threshold
March 4, 2008 by Canadian UnderwriterThe Ontario Trial Lawyer’s Association (OTLA) is considering a court challenge similar to that of Alberta’s recent Charter challenge that overthrew the Cdn$4,000 cap on minor injuries.Patrick Brown, president-elect of the OTLA, says that in light of the recent Alberta…
What’s New: In Brief (March 04, 2008)
March 4, 2008 by Canadian UnderwriterRebecca Ritchey has joined The Applied Systems Client Network (ASCnet) as director of communications.Ritchey joins ASCnet with 14 years of experience in communications, including marketing, sales, public relations and training while specializing in strategic marketing partnerships. She has hosted, produced…
Desjardins Group says housing insurance props up auto insurance results
March 3, 2008 by Canadian UnderwriterDesjardins Group announced Cdn$273 million in surplus earnings for 2007 Q4, compared to Cdn$284 million for the same quarter in 2006.Desjardins General Insurance Group (DGIG) contributed Cdn$8 million to the company’s 2007 Q4 results, compared to Cdn$18.8 million for the…
The party is over for record profits, warns Buffet
March 3, 2008 by Canadian Underwriter“The party is over” and insurance industry-wide profit margins will tumble in 2008, Berkshire Hathaway CEO Warren Buffet warned in an annual letter to shareholders. “It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008,” Buffet…
What’s New: In Brief (March 03, 2008)
March 3, 2008 by Canadian UnderwriterA Vancouver provincial court has sentenced Hiu Qin Zhang of Vancouver to nine months’ conditional house arrest for attempting to bribe an ICBC driver examiner. Zhang attended ICBC’s Point Grey Driver Service Centre on Jan. 15, 2007 to take her…
RIBO supports risk-based approach to regulation (March 03, 2008)
March 3, 2008 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) supports the plan to move forward with a risk-based approach to regulation, as outlined in the Canadian Council of Insurance Regulators’ (CCIR) paper, An Approach to Risk-Based Market Conduct Regulation. The CCIR released…
Insurers should focus on micro-solutions for adjusting to climate change
February 29, 2008 by Canadian UnderwriterIn order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian…