Segment
Claims
Provincially regulated insurers in Alberta report claim ratio increase in 2008
December 15, 2009 by Canadian UnderwriterProvincially regulated property and casualty insurers in Alberta wrote Cdn$8.04 billion in premium in 2008, marking an increase from 2007’s Cdn$7.5 billion, according to the Superintendent of Insurance’s Annual Report.The direct claims ratio in 2008 rose to 61.3% from 56.9%…
Ontario government green lights HST
December 11, 2009 by Canadian UnderwriterThe Ontario government has passed legislation to create a harmonized sales tax of 13%.The HST will be implemented on July 1, 2010.The implementation of the tax will result in a one-time hit of $250 million for the insurance industry at…
More signs that organized crime is involved in auto theft: IBC
December 9, 2009 by Canadian UnderwriterThe 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime…
What’s New: In Brief (December 09, 2009)
December 9, 2009 by Canadian UnderwriterConsumers made 1,312 calls to the General Insurance OmbudService (GIO) with concerns regarding claims in 2010, according to statistics released in the GIO’s 2008-09 Annual Report. The GIO received 313 calls related to policy cancellation or non-renewal, 368 about coverage…
25% of students report being a passenger in a car driven by a drunk driver
December 7, 2009 by Canadian UnderwriterTwenty-five per cent of students surveyed by the Centre for Addiction and Mental Health reported being a passenger in a car driven by a drunk driver, and 17% said they drive after smoking cannabis. These survey statistics are part of…
Victims of catastrophic auto injuries in Manitoba see Cdn$ 14-million worth of increased benefits after Bill 36
December 3, 2009 by Canadian UnderwriterAbout 120 Manitobans catastrophically injured in vehicle crashes have received a share of Cdn$14 million in additional benefits arising from Bill 36, enacted in October 2009.Bill 36 was first introduced in the spring to strengthen Manitoba’s Personal Injury Protection Plan…
Report highlights emerging insurance issues arising from climate change in Canada’s North
November 26, 2009 by Canadian UnderwriterPollution liability arising from permafrost degradation, climate change disclosure and risks associated with new shipping lanes are among the emerging insurance implications of climate change in Canada’s North, according to a report by the National Round Table on the Environment…
Insurer’s subrogation right under Standard Mortgage Clause must establish no liability to the insured: Ontario court
November 26, 2009 by Canadian UnderwriterThe subrogation right of an insurer under the Standard Mortgage Clause in an insurance policy cannot be exercised simply upon the insurer paying the loss award to a mortgagee without the insurer also establishing — as opposed to merely asserting…
Ontario insurer not obliged to pay for assessments that it did not pre-approve: FSCO
November 25, 2009 by Canadian UnderwriterAn Ontario woman who unilaterally sought Cdn$18,073 worth of medical assessments is not entitled to recoup the money from her insurer, since she did not obtain her insurer’s approval in advance of the assessments, the Financial Services Commission of Ontario…
Insurance-linked securities (ILS) rebounding from bad press related to asset-backed securities: Swiss Re executive
November 23, 2009 by Canadian UnderwriterInsurance-linked securities (ILS) are already bouncing back from a tough sell, Michel Liès, the head of the client markets business function at Swiss Re says.After the subprime debacle in the United States, in which bad mortgage debt was bundled and…
OSFI Q3 figures show losses continue to increase dramatically in auto lines
November 23, 2009 by Canadian UnderwriterCanadian and foreign insurers licensed with the Office of the Superintendent of Financial Institutions (OSFI) continued to take a beating in the auto-personal accident category (which includes accident benefits), according to OSFI’s 2009 Q3 results.Canadian insurers saw their collective claims…
Expect “sustained negative press” as auto reform churns through the system, auto insurers cautioned
November 19, 2009 by Canadian UnderwriterOntario’s auto reforms probably won’t make their mark until the third quarter of 2010, insurance company executives said at a luncheon sponsored by the Conestoga Chapter of the Insurance Institute of Ontario.Due to the delay, the industry must now be…