News
Cat model updates increase demand surge assumptions
June 15, 2007 by Canadian UnderwriterThe catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell…
What’s New: In Brief (June 15, 2007)
June 15, 2007 by Canadian UnderwriterVito Pisano, an agent with Allstate Insurance Company of Canada, spoke recently at Alexander MacKenzie High School as part of MADD Canadas Mind Controla multimedia show for the Youth Assembly Program being presented at high schools across the country.The program…
Alberta introduces Insurance Act amendments, changes limitation periods
June 15, 2007 by Canadian UnderwriterThe Alberta government on June 12 introduced Bill 42, which contains a number of changes to the provinces Insurance Act including an extension of the limitation period for a policyholder to claim against an insurer from one to two years.The…
Insurance agents challenge RIMS on contingent commissions
June 14, 2007 by Canadian UnderwriterThe National Association of Professional Insurance Agents (PIA) in the United States has criticized a statement issued by the Risk and Insurance Management Society (RIMS), saying the groups position on incentive compensation undermines the free enterprise system.RIMS, the nations largest…
MPI to hold the line on auto rates
June 14, 2007 by Canadian UnderwriterManitoba Public Insurance (MPI) is proposing to hold the line on auto insurance rates next year and provide its customers with a Cdn$49-million rebate in the spring.The public insurer has filed an application with the Public Utilities Board (PUB) proposing…
What’s New: In Brief (June 14, 2007)
June 14, 2007 by Canadian UnderwriterGreg Knowles has been appointed to vice president, marine manager for Canada at CNA. In addition to leading the marine book of business, Knowles will be responsible for developing, supporting and executing new initiatives including construction and HealthPro. He has…
Obesity epidemic could weigh heavily on insurers
June 14, 2007 by Canadian UnderwriterExperts at Lloyds are warning that the global obesity epidemic could have hefty implications for insurers claims payouts. Some jurisdictions are attempting to hold fast food restaurants liable for the epidemic, causing pre-emptive obesity legislation to be passed, particularly in…
IBAC stresses importance of brokers to Members of Parliament
June 13, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) went to Parliament Hill on June 12 to emphasize the importance of more than 30,000 independent brokers across the country.Members of Parliament and Senators met with 50 insurance brokers across the country, as…
What’s New: In Brief (June 13, 2007)
June 13, 2007 by Canadian UnderwriterTravelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer.…
Alberta storms cause more than Cdn$42 million in insured damages
June 13, 2007 by Canadian UnderwriterStorms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of…
FSCO increases service rendered rates for whiplash injuries
June 13, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released an adjustment to its PAF Guideline WAD I and its PAF Guideline WAD II that will see the fees for services rendered (as outlined in Appendix A of the respective guidelines)…
RMS predicts increased storm activity in 2007
June 12, 2007 by Canadian UnderwriterRisk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007…