Claims
The definition of catastrophic impairment for people injured in vehicle accidents has proved to be a complex and contested subject over the past three years. Insurance Bureau of Canada contends an urgent need exists to update an outmoded definition that no longer reflects current medical science. Injured victims' rights groups, trial lawyers and some medical professionals argue that court decisions have provided ample clarity on the matter. Can regulators in Ontario get the definition right?
By Craig Harris | April 30, 2013
12 min read
There is a need to build community resiliency and awareness in light of the apparent link between climate change and the rise in disaster relief spending in the United States, concludes the Washington, D.C.-based Center for American Progress (CAP). “As extreme weather events due to climate change increase in frequency and/or ferocity, it is critical […]
By Canadian Underwriter | April 30, 2013
3 min read
A recent court ruling against a Perth, Ont. mutual insurance firm has made at least one insurance lawyer nervous. Last Wednesday, the Ontario Superior Court of Justice ruled that Arthur Matheson and his family are not barred from making a claim against Lanark Mutual Insurance Company and a driver over an accident in 2008 when […]
By Canadian Underwriter | April 29, 2013
5 min read
An Ontario court ruled last week in favour of the Royal & Sun Alliance Insurance Company of Canada and Jones Brown Insurance Brokers & Consultants over a liability policy with an organization that spent more than $100,000 defending itself from a human rights complaint that resulted in an order, which was later quashed, to pay […]
4 min read
Australia’s Actuaries Institute projects the premium increase from climate change will not be significant to 2070 – with hikes being small relative to the annual insurance industry premium pool and the impact of inflation – but government should take a long-term view on how to provide solutions. The projections are included in the institute’s submission […]
By Canadian Underwriter | April 26, 2013
While many American homeowners are aware that their standard policies don’t cover flood damage, the majority also haven’t taken any action to protect their homes, a recent poll suggests. Roughly four out of five (81%) of those included in a poll by Bankrate.com said they know that a standard homeowner’s insurance policy doesn’t cover flood […]
By Canadian Underwriter | April 25, 2013
2 min read
MADD Canada, along with a group of impaired driving victims, are sharing concerns with some members of Parliament in Ottawa Thursday, particularly their issues with a lack of progress in implementing a federal committee’s recommendations on ending impaired driving. The June 2009 report from the Federal Standing Committee on Justice and Human Rights, Ending Alcohol-Impaired […]
The risk for directors and officers to be in hot water is especially high right now, as regulators and other authorities are increasingly scrutinizing those at the top of the ladder, according to a new report from Willis. In a survey of 120 individuals from both the public and private sector, more than one in […]
By Canadian Underwriter | April 24, 2013
Residents in the United States’ Midwest states are still feeling the effects of flooding, after heavy rainfall and severe thunderstorms occurred in the region last week. While much of the rainfall events have passed, many rivers in the region are still swollen, and flood warnings are still in effect from Michigan to northern Arkansas and […]
By Canadian Underwriter | April 23, 2013
A new report from catastrophe modeling firm EQECAT Inc. suggests there is “large potential” for damage to manufacturing plants in China’s Sichuan province, where an earthquake occurred last Saturday. The epicenter of the April 20 earthquake, which measured measured 6.6 on the Richter scale, was about 115 kilometres west southwest of Chengdu, EQECAT’s CatWatch service […]
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