Segment
Claims
Court rules wind is specified peril, not water
March 7, 2008 by Canadian UnderwriterThe Ontario Superior Court of Justice ruled that water damage done to a policyholder’s roof which was under construction is insurable because it was wind that blew protective tarps off, exposing the roof to a rainstorm.In Vennard v. Aviva, James…
European windstorm Emma causes up to EUR1.3 billion in insured damages
March 7, 2008 by Canadian UnderwriterInitial estimates are placing insured damage caused by Windstorm Emma which tore through parts of central Europe on Mar. 1 at between EUR300 million (Cdn$455.24 million) and EUR1.3 billion (Cdn$1.973 billion). Windstorm Emma brought with it heavy rain and hurricane-force…
Insurer’s contractual obligations and auto injury negligence action can be severed, Nova Scotia court rules
March 4, 2008 by Canadian UnderwriterAn insurer’s contractual obligations in an auto injury case can be severed from the main negligence action against a driver even though the two legal proceedings share “some common question of law or fact” as long as the severance expedites…
Ontario trial lawyers poised to launch Charter challenge against Ontario’s $30,000 deductible, injury threshold
March 4, 2008 by Canadian UnderwriterThe Ontario Trial Lawyer’s Association (OTLA) is considering a court challenge similar to that of Alberta’s recent Charter challenge that overthrew the Cdn$4,000 cap on minor injuries.Patrick Brown, president-elect of the OTLA, says that in light of the recent Alberta…
Desjardins Group says housing insurance props up auto insurance results
March 3, 2008 by Canadian UnderwriterDesjardins Group announced Cdn$273 million in surplus earnings for 2007 Q4, compared to Cdn$284 million for the same quarter in 2006.Desjardins General Insurance Group (DGIG) contributed Cdn$8 million to the company’s 2007 Q4 results, compared to Cdn$18.8 million for the…
What’s New: In Brief (March 03, 2008)
March 3, 2008 by Canadian UnderwriterA Vancouver provincial court has sentenced Hiu Qin Zhang of Vancouver to nine months’ conditional house arrest for attempting to bribe an ICBC driver examiner. Zhang attended ICBC’s Point Grey Driver Service Centre on Jan. 15, 2007 to take her…
Insurers should focus on micro-solutions for adjusting to climate change
February 29, 2008 by Canadian UnderwriterIn order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian…
Insurance Institute for Highway Safety rates 2009 Nissan Murano as ‘Top Safety Pick’
February 28, 2008 by Canadian UnderwriterThe redesigned 2009 Nissan Murano has earned the ‘Top Safety Pick Award’ from the Insurance Institute for Highway Safety (IIHS), being the best overall performer in front, side and rear tests of nine four-door midsize SUV models.The Jeep Liberty, Jeep…
Damage from U.K. quake mainly due to weak building structures
February 28, 2008 by Canadian UnderwriterRisk Management Solutions (RMS) estimates insured losses from the earthquake that shook the United Kingdom this week are up to 30 million (approx. Cdn$58.3 million), a sum reflecting the vulnerability of buildings in the area.The earthquake that struck Market Rasen…
Incidental selling of insurance consultation paper meant to trigger discussions
February 27, 2008 by Canadian UnderwriterAn unsuitable product might lead consumers to pay for insurance they do not need, pay for coverage for claims for which they are not eligible, or obtain a claims result that they did not expect, according to a consultation document…
FM Global reports record profit growth
February 22, 2008 by Canadian UnderwriterFM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to…
What’s New: In Brief (February 22, 2008)
February 22, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) invested roughly Cdn$8.9 million in funding for safety improvements to roads in B.C. as part of its Road Improvement Program.The program works in partnership with municipalities and the provincial government to make roads…