Claims
Canadian insurers have successfully lobbied a change to the Ontario Building Code regarding roofing on new homes, after research suggested damage following several Ontario tornadoes could have been minimized by some small changes. The Institute for Catastrophic Loss Reduction (ICLR) team at London, Ont.-based Western University, along with letters of support from the Insurance Bureau […]
By Canadian Underwriter | January 22, 2013
2 min read
The recent 19th anniversary of California’s catastrophic Northridge Quake served as an opportunity for state insurance commissioner Dave Jones to remind homeowners and renters, the vast majority of whom do not have earthquake insurance, to beef up preparedness. On Jan. 17, 1994, the magnitude 6.7 tremblor violently shook the San Fernando Valley in Southern California, […]
As investment in energy-saving technologies and renewable power sources increases, the demand for improved risk management and insurance will also increase, according to a report from Swiss Re. The reinsurance firm released Monday a report, titled Building a Sustainable Energy Future, which includes an economic analysis of six different scenarios, and how each could affect […]
By Canadian Underwriter | January 21, 2013
3 min read
Swiss Re is among the insurance industry players signed on to a public-private partnership to provide a catastrophe risk insurance program for several Pacific island countries. The Pacific Catastrophe Risk Insurance Pilot program, launched last Friday, provides protection for The Marshall Islands, Samoa, Solomon Islands, Tonga and Vanuatu. Japan, the World Bank and the Secretariat […]
A London-based non-profit firm is aiming to provide a “new method of catastrophe modelling” this year, according to Lloyd’s. Oasis Modelling Framework LP, which is “supported” by insurers including Lloyd’s, will let insurance firms “undertake full uncertainty calculations within a given model combination and to test a variety of models to illustrate the sensitivity of […]
The British Columbia Supreme Court recently dismissed an application by Canadian Direct Insurance Inc. (CDI) to order Lombard General Insurance Company of Canada to reimburse CDI for costs to defend a driver involved in an accident. The central issue in that case was whether a person leasing a vehicle with an option to buy is […]
5 min read
The Court of Appeal of Ontario has overturned most of a lower court decision two years ago in which a judge ruled against Certas Direct Insurance Company, which denied accident benefits to a claimant who was assaulted in and near his car. In a ruling published last Thursday, the appeal court ruled that the judge […]
4 min read
The British Columbia government is conducting a review of about 1,200 drivers referred to remedial programs under its impaired driving laws, after some drivers petitioned for a judicial review. The review by the Office of the Superintendent of Motor Vehicles (OSMV) affects some drivers who were referred to remedial programs under the province’s Immediate Roadside […]
By Canadian Underwriter | January 18, 2013
A Canadian insurance executive is projecting a small underwriting profit for the industry for 2012, while expressing concern about economic uncertainty, climate change and the condition of the nation’s roads and sewers. Philip Cook, chairman and CEO of Omega Insurance Holdings Inc., is predicting the loss ratio for the Canadian insurance industry will be 66 […]
Canada has received “C” grade on a new environmental report card, ranking low on the list of other major developed countries, above only the United States and Australia. Canada ranked 15th out of 17 countries on The Conference Board of Canada’s How Canada Performs—Environment report card, the same as 2009. France, Norway and Sweden made […]
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