Claims
Past lawsuits and increased merger and acquisition (M&A) activity have done little to curb the apparent, “disconcerting” lack of concern among directors and officers about the possibility of being sued. Public company executives may be in for surprise lawsuits if findings from the new Chubb Public Company Risk Survey are any indication. Conducted by Pollara, […]
By Canadian Underwriter | June 18, 2012
2 min read
The Canadian Hurricane Centre (CHC) has an improved handle on tracking hurricanes, and is now turning its eye towards decreasing errors in forecasting storm intensity, particularly for rapidly intensifying or weakening storms. Error rates for tracking rapidly developing storms (those emerging in 24 or 48 hours) have been halved over 10 years, Bob Robichaud, warning […]
The union representing Insurance Corporation of B.C. (ICBC) employees has welcomed a provincial order to restore, at least in part, its ability to take job action after the ICBC filed an essential services application on Apr. 19. The ability to take job action or undertake a lockout is suspended when the board reviews such an […]
By Canadian Underwriter | June 15, 2012
1 min read
The Ontario Court of Appeal’s January 2012 decision in Jones v. Tsige, which recognized the tort of “intrusion upon seclusion” as a cause of action in Ontario, may have significant implications for policyholders and insurers, a paper from Blaney McMurtry LLP states. The New Tort Relating to Invasion of Privacy: Insurance Implications is co-authored by […]
By Canadian Underwriter | June 14, 2012
CLARIFICATION: Canadian Underwriter initially reported on June 14 that Oilver Wyman suggested a 4.7% rate adjustment in 2011. In fact, Oliver Wyman recommended a 9% adjustment in 2011. In its final decision on an industry wide adjustment in 2011, the AIRB opted to use different figures than Oliver Wyman had calculated for the property damage […]
The threat of hurricanes, particularly storm surges, extends far beyond the Gulf Coast to heavily populated U.S. eastern seaboard states, creating a total property exposure of more than $700 billion, according to research firm CoreLogic. The U.S.-based research firm recently released what it bills as the “first-ever property-level analysis” of residential property risk along the […]
Industrial utility vehicles (IUVs), miniature motor vehicles used in parades and beverage carts for golf courses no longer need to be registered, licensed and insured by the Insurance Corporation of British Columbia (ICBC) under certain circumstances. This change to British Columbia’s Motor Vehicle Act and regulations is intended to decrease insurance fees and reduce duplication […]
By Canadian Underwriter | June 13, 2012
An Ontario arbitrator has dismissed the appeal of an order for a claimant to produce photos from her Facebook account, but in doing so, the arbitrator rejected the “semblance of relevance” test for producing photos from social networking sites. In Eniko Rakosi and State Farm Mutual Automobile Insurance Company, Eniko Rakosi made a claim for […]
Three-quarters of U.S. employees feel their employers are not well prepared for a natural disaster, an FM Global survey has found. Conducted in May 2012, the national study commissioned by FM Global included 1,364 respondents. Eight hundred and forty-seven employees came from small to medium-sized enterprises (up to 1,000 employees) and 517 employees in large […]
Insurance Bureau of Canada (IBC) laid down the gauntlet against critics of the province’s recommended catastrophic (CAT) impairment definition, accusing them on June 12 of “fear-mongering.” IBC responded quickly to a media campaign mounted by trial lawyers and medical and rehabilitation service providers. The campaign features full-page ads in daily newspapers opposing a proposal to […]
By Canadian Underwriter | June 12, 2012
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