Claims
A vast majority (83%) of Canadian executives said fraud prevention and detection is a priority for their organizations, but only 9% of those surveyed said they have business analytics software designed to help detect fraud running all the time, according to SAS Canada.SAS commissioned Leger to survey 1,033 Canadian executives at mid-sized and large organizations.The […]
By Canadian Underwriter | December 20, 2011
1 min read
The Law Society of B.C. (LSBC) has broadened the scope of lawyers’ professional indemnity coverage to respond to trust fund shortfalls resulting from various forms of “bad cheque” scams.Typically, the scams involve between $200,000 and $350,000, with one matrimonial scam approaching $2.6 million, noted a report presented to the law society’s board of directors in […]
2 min read
Munich Re and SCOR have estimated their respective losses from the Thai floods to be EUR 500 million (roughly Cdn$674 million), net before tax, and EUR 140 million (roughly Cdn$188.5 million), net of retrocession and before tax.In view of the marginal penetration of flood insurance for residential properties in Thailand, the losses caused by this […]
The Financial Securities Commission of Ontario (FSCO) has introduced two expedited processes in mediation in an attempt to ease the backlog that has formed. In its December 2011 newsletter, FSCO describes the two new processes: •Consent failures (the option to fail mediation on consent, without a mediation meeting); and•Mandatory settlement ‘Blitz Days.’ With consent failures, […]
By Canadian Underwriter | December 19, 2011
Alberta’s Court of Appeal has allowed a plaintiff to sue his own insurer with respect to an underinsured motorist case more than 10 years after the accident occurred, ruling that a contractual clause in the plaintiff’s policy endorsement trumped a 10-year limitation period in s. 3(1)(b) of the province’s Limitations Act.In an odd twist, Clause […]
By Canadian Underwriter | December 16, 2011
Reprise of 1811-12 earthquakes in New Madrid, Missouri would cause up to $50 Billion in insured losses today: RMS Marking the 200-year anniversary of a series of Magnitude 7 or greater earthquakes that occurred over a 54-day period along the Mississippi River in 1811-12, catastrophe modeler Risk Management Solutions (RMS) issued a report saying a […]
By Canadian Underwriter | December 15, 2011
The RCMP has linked a data breach at the ICBC with a series of arsons and shootings since September 2011 that have targeted approximately 13 people linked to the Justice Institute of British Columbia (JIBC).No one has been physically harmed to date. The victims do not appear to be affiliated with any criminal activity, the […]
Using multiple models to predict catastrophe losses does not always enhance the accuracy of the models’ predictions, the Association of British Insurers (ABI) has said in a good practices guide for catastrophe models.Also, insurers must be careful that, in an effort to reduce uncertainty inherent in modelling catastrophe losses, they do not simplify the results […]
By Canadian Underwriter | December 14, 2011
Photos posted to a plaintiff’s Facebook and MySpace pages are relevant to litigation surrounding his motor vehicle accident injuries, but Facebook status updates and postings to other people’s walls do not necessarily meet the relevance test, the Ontario Superior Court of Justice has ruled.In a brief endorsement, the court found the plaintiff, Jeffrey Morabito, could […]
The Manitoba Public Utilities Board (PUB) has ordered Manitoba Public Insurance (MPI) to reduce its overall basic premiums and fees by 8%.PUB further approved MPI’s application for enhanced fleet rebates and increased drivers’ premiums for those at the top of the Driving Safety Rating scale. MPI sought an overall 6.85% decrease in written premium revenue […]
By Canadian Underwriter | December 13, 2011
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