Segment
Claims
New Ontario regulations to eliminate delays in benefit payments due to insurer disputes, ban credit scoring in auto lines
March 3, 2010 by Canadian UnderwriterNew auto insurance regulations to take effect in Ontario in September 2010 are designed to make it impossible for insurers to place an accident benefits claim on hold in order to resolve a dispute between insurers.In addition, Ontario regulations now…
Earthquake in Chile could exceed $2 billion in insured losses
March 1, 2010 by Canadian UnderwriterAn 8.8-magnitude earthquake struck central Chile on Feb. 27, leaving behind more than $2 billion in insured losses, according to AIR Worldwide. Total economic damages are anticipated to be between $15 and $20 billion — roughly 10% to 15% of…
Rising claims loss costs fueled by economy
February 26, 2010 by Canadian UnderwriterThe economy is a relevant factor in rising claims loss costs, according to property and casualty claims officers surveyed by Tower Watson.The poor economy seems to have stimulated third-party losses, and a number of survey respondents reported increases in general…
A stroke speculatively caused by an auto collision entitles victim to accident benefits: FSCO
February 26, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has denied the appeal of an insurer that was ordered to pay auto insurance benefits to a man (now deceased) who suffered a stroke at about the same time he was involved in…
What’s New: In Brief (February 25, 2010)
February 25, 2010 by Canadian UnderwriterEighty-three per cent of British Columbians are concerned about fraud, and 95% have taken preventative steps to avoid becoming a victim, according to the TD Canada Trust Fraud Prevention Month Poll.Conducted by Angus Reid, the survey asked questions of 1,059…
What’s New: In Brief (February 23, 2010)
February 23, 2010 by Canadian UnderwriterGreenhouse warming will cause the globally averaged intensity of tropical cyclones to shift towards stronger storms, with intensity increases of between 2% and 11% by 2100, says an article published in Nature Geoscience.“Existing modelling studies also consistently project decreases in…
What’s New: In Brief (February 22, 2010)
February 22, 2010 by Canadian UnderwriterCEP Forensic Engineering Inc. an engineering company based in Quebec, has expanded into the Toronto market. The new Toronto office will be headed up by Michael Fulcher, an electrical engineer with 30 years of experience in power equipment maintenance and…
Only one Class 4 impairment required for injury victim to be deemed catastrophically impaired: FSCO arbitrator
February 19, 2010 by Canadian UnderwriterA person injured in a motor vehicle accident requires only one marked (i.e. Class 4) impairment to be considered catastrophically impaired, a Financial Services Commission of Ontario (FSCO) arbitrator has ruled.“[FSCO] Arbitrator [Elizabeth] Nastasi in Pastore and Aviva Canada Inc…notes…
23% drop in auto insurance premiums since Nova Scotia auto cap introduced in 2003: IBC
February 19, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a…
What’s New: In Brief (February 18, 2010)
February 18, 2010 by Canadian UnderwriterTracey Drew has been appointed director of sales for Cunningham Lindsey, where she will be expanding the firm’s customer base across the country and increasing awareness of specialized claim solutions. Drew brings with her more than 25 years experience in…
What’s New: In Brief (February 17, 2010)
February 17, 2010 by Canadian UnderwriterDesigned to meet the latest federal standards, frontal airbags appear to have reduced protection of belted drivers, according to a new study by the Insurance Institute for Highway Safety. “The newest airbags appear to provide suboptimal protection for drivers who…
Ontario income replacement benefits can be re-calculated based on re-filed income: FSCO
February 16, 2010 by Canadian UnderwriterPeople with injuries who do not originally disclose their full incomes to tax authorities are nevertheless entitled to re-file their incomes and have that new number be included in their insurers’ recalculation of their income replacement benefits (IRBs).The Financial Services…