Segment
Claims
Insurers can examine insureds under oath, even after litigation commenced
December 5, 2007 by Canadian UnderwriterInsurers are entitled to conduct an examination under oath of an insured, pursuant to the Insurance Act, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced, Ontario’s Court of Appeal…
Study finds homeowners perceive low risk of sewer backups
December 5, 2007 by Canadian UnderwriterInsurers need to work to improve homeowners’ risk perception of sewer backups in order to increase their mitigative efforts, says new research from the Institute for Catastrophic Loss Reduction (ICLR).The ICLR surveyed 805 homeowners in Edmonton and Toronto with the…
Climate change will triple number of people exposed to flooding by 2070
December 4, 2007 by Canadian UnderwriterAs a result of climate change and urban development, as many as 150 million people in the world’s major cities could be reliant on flood defenses by 2070 more than three times the 40 million people who face such exposure…
Umbrella endorsement covers occurrence, not claims made coverage
December 3, 2007 by Canadian UnderwriterOntario’s Court of Appeal has affirmed that an endorsement contained in a commercial umbrella liability policy provided by Liberty Mutual Insurance Company provided coverage on an occurrence basis rather than on the basis of when the claim was made.The case…
What’s New: In Brief (November 30, 2007)
November 30, 2007 by Canadian UnderwriterCARSTAR Automotive Canada has opened two new locations, one in London, Ont. and one in Richmond Hill, Ont. The two new franchises are part of a network of more than 115 CARSTAR locations across the country, dedicated to providing the…
South Barrie Collision Centre goes “green”
November 30, 2007 bySouth Barrie Collision Centre in Barrie, Ont. held a launch reception on Nov. 8, 2007 to celebrate that the facility has ‘gone green’ and is now using environmentally compliant waterborne paint. The state-of-the-art 40,000 sq. ft. collision centre, which is…
Canadian insurers reported increase in premiums, claims costs for first nine months of 2007
November 29, 2007 by Canadian UnderwriterCanadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period last year.OSFI’s recent quarterly filings…
Ontario urged to review Cdn$30,000 claims deductible, verbal thresholds for auto injury
November 27, 2007 by Canadian UnderwriterOntarios superintendent of financial services should review the use of the verbal threshold for establishing serious and permanent injury and/or the use of a Cdn$30,000 deductible to discourage plaintiffs from pursuing smaller auto negligence claims, according to the summary of…
Crawford & Company reports 2007 Q3 profit of US$3.5 million
November 27, 2007 by Canadian UnderwriterCrawford & Company reported a 2007 Q3 net income of US$3.5 million, as compared to 2006 Q3s US$6.2 million. Profits for the first nine months of 2007 totalled US$12.8 million, a decrease from US$16.3 million over the same period last…
Reinsurers see property lines portfolios increase, casualty lines decrease
November 26, 2007 by Canadian UnderwriterReinsurers are shuffling the mix of their property and casualty lines in an environment of declining catastrophes and deteriorating rates, according to A.M. Best.As our casualty lines have shrunk, property has become a larger part of the portfolio than in…
Fatal stabbing of cabbie not an accident: FSCO
November 23, 2007 by Canadian UnderwriterAn insurer was right to deny accident benefits to the widow of a taxi cab driver whose husband was stabbed to death while on duty, ruled a Financial Services Commission of Ontario (FSCO) arbitrator.Morteza Khorasani died as a result of…
Canadian P&C insurers’ profits predicted to fall Cdn$1 billion between 2006 and 2007
November 22, 2007 by Canadian UnderwriterPricing and claims trends in Canadas property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1-billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow.Speaking at KPMGs 16th annual…