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Estimated $50 million in damage in January storm

January 21, 2008 by Canadian Underwriter

A storm that hit Ontario at the beginning of January is estimated to have resulted in roughly Cdn$50 million in insured damage, according to the Insurance Bureau of Canada (IBC). The majority of the damage is due to sewer backup,

News Climate ChangeInsuranceMergers and Aqcuisitions

UK brokers call on government to establish independent agency for flooding

January 17, 2008 by Canadian Underwriter

The British Insurance Brokers’ Association (BIBA) is encouraging the UK government “to appoint one single body with the authority to take responsibility for the risk of flooding,” as well as to co-ordinate discussions with various stakeholders to reduce the risk

News InsuranceMergers and Aqcuisitions

Canadian insurance industry could lose up to Cdn$1 billion in profits in 2008

January 16, 2008 by Canadian Underwriter

The Canadian insurance industry’s financial health will start to decline in 2008, and there may be “financial failures this year” if companies don’t rely on solid underwriting results to bail them out, warns Chubb Insurance Company of Canada CEO Ellen

News Climate ChangeInsuranceMergers and Aqcuisitions

Fire chief lobbies for mandatory residential sprinkler systems

January 16, 2008 by Canadian Underwriter

Ontario should learn from the experience in Vancouver, where installation of residential sprinkler systems contained roughly 90% of fires, and reduced average property damage to a fraction of the average fire loss per unsprinkled incident (Cdn$1,065 from Cdn$13,937), Toronto fire

News Insurance

Ontario court allows plaintiff lawyers to switch class-action representatives mid-stream

January 15, 2008 by Canadian Underwriter

The Ontario Superior Court has denied an appeal by a defendant in a class action liability case that essentially allowed a trial lawyer to switch representative plaintiffs in mid-stream.The decision raised the issue of whether defence lawyers were, as a

News Insurance

What’s New: In Brief (January 15, 2008)

January 15, 2008 by Canadian Underwriter

Rod Hancock has officially assumed his new role as president of the Insurance Brokers Association of Ontario (IBAO). After a career as a psychology professor at the University of Western Ontario, Hancock launched a career in the insurance brokerage business

News Climate ChangeInsurance

2007 cat claims likely US$6.5 billion for P&C insurers

January 14, 2008 by Canadian Underwriter

Property and casualty insurers in the United States are expected to pay US$6.5 billion to homeowners and business for property losses from 23 catastrophes in 2007, according to preliminary analysis by ISO’s property claim services (PCS) unit. This is the

News Insurance

Ontario Superior Court slashes injury claim from Cdn$4 million to Cdn$518,132

January 11, 2008 by Canadian Underwriter

An Ontario Superior Court justice has slashed a plaintiff’s claim for Cdn$4 million in damages and lost wages related to an accident at an Ottawa Home Depot down to Cdn$518,132.“It is clear that the plaintiff was injured in the accident

News Insurance

Saskatchewan declares snowmobile safety week

January 11, 2008 by Canadian Underwriter

Ken Cheveldayoff, minister of crown corporations, has proclaimed Jan. 13 to Jan. 19 Snowmobile Safety Week in Saskatchewan. “Snowmobiling is one of the province’s most popular activities,” Cheveldayoff said in a press release. “Unfortunately, unsafe snowmobiling can result in serious

News InsuranceMergers and Aqcuisitions

104 Ontario insurers enrolled in HCAI as of Jan. 2

January 11, 2008 by Canadian Underwriter

**CLARIFICATION** This story includes information omitted from first publication on Jan. 11 The new Health Claims for Auto Insurance (HCAI) system for electronically submitting accident benefit health care claims forms in Ontario has 104 insurance companies enrolled as of Jan.

News InsuranceMergers and Aqcuisitions

Correction: Sovereign General Insurance not entitled to void policy in B.C. wine collection case

January 11, 2008 by Canadian Underwriter

**CORRECTION**Yesterday, Canadian Underwriter reported that the B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up. This was

News Insurance

D&O rates expected to rise after subprime mortgage crisis

January 10, 2008 by Canadian Underwriter

The subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in