Claims
A recent court decision means that directors of corporations regulated by the federal government could, in some cases, be held liable for unpaid wages even if they delivered a resignation letter, a blog post from law firm Heenan Blaikie LLP suggests. “Directors of a corporation cannot generally avoid liability for wages and other amounts for […]
By Canadian Underwriter | April 22, 2013
4 min read
An Ontario court ruled last week against State Farm Fire and Casualty Company, which had settled an injury claim made against a horse racetrack and a property maintenance contractor but had declined to defend the racetrack operator. In June 2009, a plaintiff commenced legal action against Georgian Downs and its maintenance contractor, North-Gate, in relation […]
5 min read
The majority of claims received in New Jersey and New York following Superstorm Sandy have been settled, and estimated insured losses make the storm the third costliest in U.S. history, according to the Insurance Information Institute. Insurance regulators have reported that 93% of the claims received following Sandy have been settled, the Institute said Monday. […]
2 min read
The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Bosko Kostovski is not licensed to do insurance business in the province. Police have charged Kostovski for fraud, forgery, and sale of false or invalid insurance cards, FSCO said. The investigation is ongoing and police are aware of victims in Scarborough, Brampton […]
1 min read
Catastrophe modelling firm AIR Worldwide has introduced a new service for corporations and emergency management agencies to manage and assess their risk from natural catastrophes. Dubbed Real-Time Climate Risk Analytics, the service “addresses the uncertainty in data reported in real time by incorporating a wide range of catastrophe loss scenarios, including low-probability but high-impact outcomes, […]
An Ontario court recently ruled against the province’s Minister of Finance when the Financial Services Commission of Ontario’s payer of last resort tried to collect money from and threatened to suspend the licence of an uninsured driver who had been involved in an accident. The uninsured driver, Sandra Clarke, was involved in an accident 24 […]
By Canadian Underwriter | April 19, 2013
New catastrophe bond issuance for the first quarter of the year reached $670 million, with another $1.2 billion of bonds in the process of being marketed, Aon Benfield Securities April 18. Three cat bonds closed during the quarter, according to the firm, the investment banking division of the global reinsurance intermediary. The largest was Caelus […]
Canadian property and casualty insurance carriers are well prepared to respond to a natural catastrophe giving rise to claims of up to $15 billion, but a disaster with insured losses of $30 billion or more will overwhelm the industry, suggests a report released Thursday by the Property and Casualty Insurance Compensation Corp. In its report, […]
The Allstate Corp. announced Wednesday that its estimated catastrophe losses for the first quarter of this year is $359 million before taxes. After taxes, that estimate is $233 million for the first quarter, the company said. For March, the company estimates its losses at $198 million before taxes ($129 million after taxes). Catastrophe losses occurring […]
By Canadian Underwriter | April 18, 2013
Hail and wind damage in North America last year accounted for more than $3.9 billion in property damage, according to statistics from insurance giant State Farm. In Canada, there were more than 3,000 claims reported in the provinces where State Farm does business, the company said. Roughly 1,600 of those claims were in Ontario, while […]
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