Claims
The Financial Services Commission of Ontario (FSCO) has laid 84 charges under Ontario’s Insurance Act against two Toronto rehabilitation clinics and four individuals alleged to have submitted false invoices to auto insurers. The clinics were each charged with seven counts of knowingly making false or misleading statements to an auto insurer to obtain payment for goods […]
By Canadian Underwriter | January 17, 2013
2 min read
Extensive damage caused by ongoing bushfires prompted the Insurance Council of Australia (ICA) to formally declare as catastrophes the region around Coonabarabran and the Warrumbungle National Park in northern New South Wales. The ICA issued the catastrophe declaration, which covers insured properties in and around the region, on Jan. 16, the second such declaration so […]
The New Brunswick Court of Appeal recently upheld a lower court decision requiring a fire insurance claimant to produce records for State Farm Fire & Casualty Insurance. The appeal court dismissed an appeal from Karen Bennett of an Oct. 2011 decision by Judge Judy Clendening of the Court of Queen’s Bench, which ordered Bennett to […]
There is a 7% probability that the global insurance industry will see a level of loss similar to 2011, when insured losses from global natural catastrophes exceeded $110 billion, suggests a new report. In its report, Taking a Comprehensive View of Catastrophe Risk Worldwide, catastrophe modelling firm AIR Worldwide looks at scenarios that could result […]
By Canadian Underwriter | January 16, 2013
The Ontario Health Professionals Appeal and Review Board recently confirmed a decision by a committee of the College of Physicians and Surgeons of Ontario (CPSO) to caution an independent medical examiner who made what it called an “inadequate and inaccurate” report in an auto insurance claim on behalf of State Farm Mutual Automobile Insurance Company. […]
4 min read
Munich-based financial services giant Allianz is estimating its losses from October’s superstorm Sandy to be $590 million, a preliminary figure that includes payments to customers and related items such as reinsurance reinstatement fees. “Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed 9 billion euros,” Dieter Wemmer, CFO […]
By Canadian Underwriter | January 15, 2013
1 min read
Science-based zoning and building standards has helped mitigate earthquake losses and the same can be done for hurricanes, suggests the director of the U.S. Geological Survey (USGS) in a new science feature posted on its website. “USGS science has been instrumental in helping communities use zoning and building standards to mitigate earthquake losses and in […]
Using “cool cement” and setting standards for roofing materials are among the actions some cities in the United States are taking to tackle climate change, and the damage it’s causing to their infrastructures. A sustainability focused organization in the United States has released a fact sheet detailing how 20 cities in the country are dealing […]
By Canadian Underwriter | January 14, 2013
Hurricane Sandy is likely to inspire some companies to revisit flooding-related risk management and exposure in the northeast United States, suggests a special report from Fitch Ratings. “In nearly all cases, Hurricane Sandy demonstrated the favourable spread of loss and limited concentration risk among individual insurance companies resulting in manageable losses to insurers,” notes Hurricane […]
There were more than 90,000 impaired driving incidents in Canada in 2011, about 3,000 more than the previous year, Statistics Canada reported Thursday in an analysis of its latest figures, but fewer of those people charged went to jail. “The rate of impaired driving was 262 per 100,000 population, 2% higher than in 2010 and […]
By Canadian Underwriter | January 10, 2013
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