Claims
Dog bites in the three Canadian provinces in which State Farm operates chewed up slightly more than $1 million in claims costs last year. In 2011, State Farm paid out $917,670 for 25 claims in Ontario, $99,800 for the two claims in Alberta and there were no dog bite claims reported in New Brunswick. The […]
By Canadian Underwriter | May 18, 2012
2 min read
A Financial Services Commission of Ontario (FSCO) arbitrator has ruled a 17-year-old driver who suffered serious injuries in an accident should receive non-earner benefits even though it is alleged he was driving a car without the owner’s consent. The main issue in the arbitration of R.P. and Intact Insurance Company was whether or not the […]
By Canadian Underwriter | May 17, 2012
Consistent rate increases and a relatively quiet period for natural catastrophes allowed property and casualty insurers in the United States to increase their net income by 69%, notes a report by Moody’s Investor Services. Net written premiums were up 4% for companies in 2012 Q1 over the same quarter last year, while the industry’s combined […]
Allianz Group recorded a strong first quarter, increasing its overall revenues to $38.3 billion, the second highest level in the company’s history. Operating profits in 2012 Q1 also rose for the German-based insurer, at $2.93 billion, up from the previous year’s mark of $2.16 billion. “Property and casualty insurance showed a substantial improvement in operating […]
By Canadian Underwriter | May 16, 2012
1 min read
In the wake of a crash in 2010 that killed three cyclists training for a triathlon, Quebec’s coroner is calling on Transport Canada to require manufacturers to equip vehicles with a system for detecting drowsiness and loss of driver alertness. Also, the coroner has recommended that Quebec’s auto insurer, the Société de l’assurance automobile du […]
Alberta has imposed a fire ban for forested lands over a swath of the province, almost one year after a wildfire levelled a large part of Slave Lake, Alberta. The Slave Lake wildfire on May 14, 2011, still currently under investigation as an arson case, destroyed 4,700 hectares and about 400 structures and forced the […]
By Canadian Underwriter | May 15, 2012
A plaintiff does not need to have damages quantified by settlement or judgment before proceeding with an action against his own insurer under the inadequately insured motorist provision of an auto insurance policy, the Ontario Court of Appeal has ruled. In Roque v. Pilot Insurance Company, the plaintiff, Fernando Roque, sued his own insurer under […]
There would be no need for Ontario to maintain a separate and duplicative solvency regime for the few such companies that remain in the province under a Financial Services Commission of Ontario (FSCO) proposal. FSCO’s consultation paper, Improving Solvency Supervision of Insurance in Ontario, includes the proposal to align Ontario’s solvency standards with international standards. […]
By Canadian Underwriter | May 11, 2012
B.C. condo unit owners have yet to take a run at challenging the fairness of deductible downloading bylaws of strata corporations, although case law seems aligned for such an opportunity. Krista Prockiw of Alexander Holburn Beaudin & Lang LLP mentioned this state of affairs while discussing insurance law issues arising out of British Columbia’s Strata […]
A summary of submissions to the federal government on demutualization shows some important differences in viewpoints on how mutual property and casualty insurers should be allowed to become share companies. The Department of Finance received more than 80 submissions from a range of groups, including mutual companies, brokers, policyholders, employees and industry associations. In its […]
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