Segment
Claims
What’s New: In Brief (January 29, 2009)
January 29, 2009 by Canadian UnderwriterHKMB HUB International Insurance Brokers is hosting the 4th annual Hockey Challenge for Charity On March 11. The event will be held at the Air Canada Centre from 3-6pm. The annual Claims vs. Underwriting game, will feature players from sponsoring…
Court allows insurer to reject claim without obligation to void or cancel policy
January 28, 2009 by Canadian UnderwriterThe Ontario Court of Appeal has confirmed that if an insured fails to disclose a material change in a risk to a commercial insurance policy, the insurance company may reject the claim without being obligated to void or cancel the…
Feds to create Cdn$4-billion fund for infrastructure improvements
January 27, 2009 by Canadian UnderwriterThe Canadian government is poised to create a new Cdn$4-billion Infrastructure Stimulus Fund as part of its 2009 federal budget, Transport Minister John Baird has indicated to the Canadian Press.The money is part of Cdn$7-billion in infrastructure spending to be…
ING 2008 Q4 loss reflects prolonged drop in value of Canadian equities
January 26, 2009 by Canadian UnderwriterING Canada has reported a 2008 Q4 net loss of Cdn$64.1 million, compared to a gain of Cdn$95.8 million over the same period last year. The decline in net income reflects the impairment of Cdn$185.8 million of common equities as…
Personal injury/B.I. claims frequencies down slightly, but severity highest in a year
January 26, 2009 by Canadian UnderwriterCanadian 2008 Q3 casualty statistics show a slight decrease in Personal Injury Protection (PIP) claims — i.e. no-fault claims for medical expenses and payments for wage losses — and yet the severity of such claims was the highest recorded in…
Manitoba court dismisses claim for delay
January 23, 2009 by Canadian UnderwriterNearly fifteen years after a fire damaged an insured’s home, the Court of Queen’s Bench of Manitoba has dismissed the claim for delay.In Martin et al v. The Portage La Prairie Mutual Insurance Company, Wayne and Diane Martin owned a…
Court can’t split trial if jury notice is served and one of the parties objects
January 21, 2009 by Canadian UnderwriterThe Ontario courts have no jurisdiction to split a trial in which a jury notice is already filed and one of the parties to the action objects, the Ontario Superior Court of Justice has found.The case arose out of a…
Scourge of piracy of concern to insurers
January 19, 2009 by Canadian UnderwriterThe scourge of piracy on the international high seas in 2008 reached a new, alarming dimension, according to recent reports by Munich Re and the Piracy Reporting Centre (PRC).The PRC is part of the International Maritime Bureau (IMB) of the…
What’s New: In Brief (January 19, 2009)
January 19, 2009 by Canadian UnderwriterSovereign General Insurance Company is offering a new form of insurance coverage intended to help British Columbians upgrade to ‘environmentally-responsible’ building products when repairing or rebuilding their home after an insured loss.The new insure2green coverage allows British Columbians whose homes…
Alleged ‘Ponzi’ scheme could result in US$3.8 billion in direct insured losses: Aon Benfield
January 15, 2009 by Canadian UnderwriterAon Benfield estimates the range of direct insured losses resulting from the alleged Bernard Madoff ‘Ponzi’ scheme to be between US$760 million and US$3.8 billion, with a best estimate of US$1.8 billion, according to a preliminary forecast.A ‘Ponzi’ scheme is…
Nova Scotia court throws out Charter challenge against cap for minor auto injuries
January 13, 2009 by Canadian UnderwriterIn Hartling v. Nova Scotia, the Supreme Court of Nova Scotia has thrown out a Charter challenge to the province’s Cdn$2,500 cap for minor auto injuries, saying the cap does not discriminate on the basis of either sex or disability.In…
What’s New: In Brief (January 09, 2009)
January 9, 2009 by Canadian UnderwriterPreliminary assessments place the claims costs of insurable losses related to the recent winter storms in British Columbia at Cdn$39 million. Thus far, 4,300 claims have been received, according to the Insurance Bureau of Canada. As a result of this…