Segment
Claims
Axa, Ogilvy Renault identify risks for directors of insolvent companies
February 28, 2011 by Canadian UnderwriterDirectors of insolvent or bankrupt corporations may be held liable for a multitude of sums whose payment to the government is required by law, including non-remitted sales tax and unpaid deductions on employee wages, cautions Ogilvy Renault and Axa Insurance…
Ontario Divisional Court allows IMAX shareholder certification suit to proceed to trial
February 25, 2011 by Canadian UnderwriterA motion for leave to appeal Silver v. IMAX Corporation to the Ontario Divisional Court has been denied. IMAX is the first case to consider leave to proceed and class certification tests set forth in Bill 198.A lower court decision…
Long-term disability benefits with a long waiting period still “continuing income” to be deducted from IRBs: FSCO
February 25, 2011 by Canadian UnderwriterA long-term monthly disability payment featuring a significant waiting period is still an income continuation plan under Ontario’s Statutory Accident Benefits Schedule (SABS), and is therefore deductible from income replacement benefits (IRBs) paid to auto injury victims, an Ontario arbitrator…
Insurer not obliged to pay for independent counsel retained by insured to defend against damages beyond coverage limits: Ontario court
February 25, 2011 by Canadian UnderwriterAn insurance company does not have to pay for counsel retained by an insured to defend the insured’s interests in the event that damages exceed prescribed policy coverage limits, the Ontario Superior Court has ruled. In 137328 Canada Inc. (Alliance…
Saskatchewan government creates flood damage reduction program
February 24, 2011 by Canadian UnderwriterSaskatchewan’s provincial government is launching a $22-million emergency flood damage reduction program to help communities, rural municipalities and individuals prepare for spring flooding.The Emergency Flood Damage Reduction Program is a joint effort between Saskatchewan’s Watershed Authority and the Ministry of…
U.S. sees 24% increase in ‘suspicious’ insurance claims between 2008 and 2010
February 24, 2011 by Canadian UnderwriterThe U.S. National Insurance Crime Bureau (NICB) reported a 24% spike in ‘questionable claims’ being referred to it by its member insurance companies between 2008 and 2010.NICB member insurance companies refer questionable claims to NICB for closer review and investigation…
Canadian P&C industry sees underwriting income erode on a quarter-by-quarter basis: Statistics Canada data
February 24, 2011 by Canadian UnderwriterThe Canadian property and casualty insurance industry has seen a reversal of fortune in its quarterly underwriting income, which plummeted from a profit of $592 million in 2009 Q4 to an underwriting loss of $308 million in 2010 Q4, according…
Insured losses from Christchurch quake could reach $8 billion: AIR
February 23, 2011 by Canadian UnderwriterInsured losses from the Feb. 22 earthquake in Christchurch, New Zealand will likely range from $3.5 billion and $8 billion, AIR Worldwide reported.Experts warn similar factors that contributed to the massive damage in Christchurch also exist in British Columbia cities…
ICBC praises the role of facial recognition technology in obtaining convictions in identity theft cases
February 23, 2011 by Canadian UnderwriterTwo years after B.C.’s public insurer introduced facial recognition technology, the Insurance Corporation of B.C. (ICBC) says the new technology has had a dramatic impact on obtaining convictions for identity theft and fraud.“In 2010, the technology – which enables ICBC…
IBAO issues reminder of risks associated with distracted driving
February 23, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is reminding the province’s drivers about the risks associated with distracted driving.“A recent study on the Ontario Ministry of Transportation’s Web site states that when a motorist is distracted for more than two…
Quebec auto insurance protection agency ordered to pay $5,000 to auto injury victim for medical use of marijuana
February 22, 2011 by Canadian UnderwriterA Quebec administrative tribunal has ordered the province’s auto insurance protection agency to pay $5,000 to a Quebec man so he can grow and smoke marijuana in his home to help treat injuries he suffered as a result of a…
Damages from New Zealand aftershock to eclipse losses from Sept. 2010 quake
February 22, 2011 by Canadian UnderwriterAn earthquake that struck the New Zealand’s city of Christchurch on Feb. 21, 2011 was smaller in magnitude than the quake that struck the area in September 2010, but damages from the recent quake will eclipse those of the 2010…