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Claims
Recruiter in staged collision ring sentenced to three-and-a-half years in jail, ordered to pay $375,000 in restitution
May 24, 2012 by Canadian UnderwriterA man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered…
NDP bill would ban territory as auto insurance rating factor
May 23, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas…
Hurricane season to mirror normal averages: Forecast
May 23, 2012 by Canadian UnderwriterThe 2012 Atlantic hurricane season should be close to long-term norms, although the U.S. is “overdue” for a major landfall strike, notes a study released today by Tropical Storm Risk (TSR). The climatological research group, which is backed by Aon…
Reshuffling of market share anticipated: Intact’s Gagnon
May 23, 2012 by Canadian UnderwriterIntact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of…
RSA places global specialty business into three divisions
May 23, 2012 by Canadian UnderwriterRSA has re-organized its international specialty business into three key divisions, as it seeks to connect brokers and customers who are seeking global expertise and capacity. As of June 1, the U.K.-based insurer’s regional specialty business will be organized according…
Employers increasingly held liable for crashes involving employees’ use of cellphones while driving: U.S. report
May 22, 2012 by Canadian UnderwriterU.S. corporations are increasingly being held liable for crashes involving employees using their cellphones while driving, signalling the need for companies to ban cellphone use while behind the wheel, a recent National Safety Council (NSC) study says. Appendix B of…
Slave Lake, Alberta fire may not be the last of its kind: expert
May 22, 2012 by Canadian UnderwriterAlberta’s fire season last year, which included more than $700 million in insured damages in Slave Lake, may not be the last of its kind. “The 2011 fire season may well be the forerunner of future fire seasons,” wildlife behaviour…
Manitoba requiring liability insurance as part of proposed groundwater requirements
May 22, 2012 by Canadian UnderwriterNew rules proposed in May would replace Manitoba’s almost 50-year-old groundwater regulations as part of the provincial strategy to better protect the 25% of Manitobans who rely on well water, conservation and water stewardship minister Gord Mackintosh has announced. The…
Using your captive to release escrow funds
May 18, 2012 by Canadian UnderwriterFrequently formed to ensure sufficient capital during hard insurance markets, captive insurance companies can also be used creatively to facilitate business opportunities, noted Paula Gentile of MGM Resorts International. Gentile, senior vice president of risk management and general counsel for…
Establishing a multi-year government captive program in the context of an annual budget appropriation cycle
May 18, 2012 by Canadian UnderwriterHow do you establish and operate a multi-year government captive insurance program within the context of a government’s annual budget appropriation cycle? This was the biggest challenge in establishing the British Columbia government’s risk-pooling programs through a captive, said Phil…
Dog bite claims in 2011 cost about $1 million: State Farm Canada
May 18, 2012 by Canadian UnderwriterDog bites in the three Canadian provinces in which State Farm operates chewed up slightly more than $1 million in claims costs last year. In 2011, State Farm paid out $917,670 for 25 claims in Ontario, $99,800 for the two…
Captives should plan for ‘black swan’ events
May 17, 2012 by Canadian UnderwriterCaptives would be wise to plan for ‘black swan’ events, William Montanez, director of risk management for Ace Hardware Corporation, said during his presentation at the Captives & Corporate Insurance Strategies Summit in Toronto on May 16. These worst-case scenarios…