Claims
Some Canadian property and casualty insurers may not consider that Solvency II has any bearing on operations here at home. But as key global players, Canadian p&c insurers would be well-advised to take a look at the global picture and become more acquainted with regulatory practices elsewhere.
By Jedannah Vieira, Canadian Programme Leader, Solvency II, RSA Canada | February 28, 2013
7 min read
Looking beyond "non-admitted prohibited," it is time to focus on how risk is "exported." Brokers and insurers eager to ensure their clients are in compliance with multinational insurance have traditionally asked whether non-admitted or "unlicensed" insurance is permitted or prohibited in any given country. This is a starting point, but failing to move beyond that point may miss the key part of the analysis.
By Suresh Krishnan | February 28, 2013
5 min read
A ruling by Ontario's Superior Court of Justice declares that a one-year limitation period does not apply to multi-peril policies. Although under appeal, unless the ruling is overturned, it appears to signal the death knell for the one-year limitation provided for in the fire statutory conditions given that fire-only policies are a rarity.
By Michael Teitelbaum, Partner, Hughes Amys LLP | February 28, 2013
The Office of the Superintendent of Financial Institutions (OSFI) released the final revised version of its Earthquake Exposure Sound Practices (Guideline B-9) Thursday, following public consultations that began last August. The revised guideline comes from a working group created in 2010, comprised of OSFI, and several provincial regulatory partners including British Columbia Financial Institutions Commission […]
By Canadian Underwriter | February 28, 2013
2 min read
The spring flood outlook for this year in Manitoba is moderately higher than last year, but significantly lower than 2011, which had the greatest amount of flooding in the province’s history in terms of scope and duration. According to Manitoba’s Hydrologic Forecast Centre’s preliminary 2013 spring flood outlook, there could be a risk of minor […]
The Insurance Bureau of Canada and Financial Services Commission of Ontario kicked off Fraud Prevention Month on Thursday by reminding consumers of how to report insurance fraud, especially in auto insurance in the province. Fraud Prevention Month runs through March across Canada as an education awareness campaign about various types of fraud. All month, the […]
A British Columbia court this week denied an application by a group of condo owners suing the Travelers Guarantee Company of Canada over a new home warranty to get a summary determination on a question of what the warranty actually covers. A full trial in the case is scheduled to start March 11. The condo […]
By Canadian Underwriter | February 27, 2013
The increasing density of mobile homes and greater urbanization in parts of the United States vulnerable to tornadoes is leading to greater losses, both in terms of economic damages and lives lost, notes a new report from Lloyd’s. The U.S. sees an average of 1,200 tornadoes that kill up to 60 people, injure 1,500 and […]
3 min read
The Ontario Court of Appeal this week ruled in favour of several insurance companies in dismissing an appeal, from Toronto private equity firm Onex Corp., of a ruling from a lower court ordering American Home Insurance to pay $15 million on a directors and officers’ liability claim. In a decision published Monday, Judges Dennis O’Connor, […]
By Canadian Underwriter | February 26, 2013
Concern for climate change is up globally from where it was a decade ago, but overall concern for other environmental issues has reached a 20-year low, notes a new report based on a multi-country survey. The GlobeScan Radar annual tracking poll surveyed citizens across 22 countries during the second half of last year. A total […]
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