Claims
The Canadian insurance industry is failing to price quake coverage properly, said Alister Campbell, CEO of Zurich Canada.Campbell spoke during the panel discussion, ‘Canadian Earthquakes: Preparing for the Big One,’ on Sept. 27 at the National Insurance Conference of Canada (NICC) in Vancouver. When running a 1-in-390 year event, Zurich’s catastrophe modellers suggest damages from […]
By Canadian Underwriter | September 28, 2011
2 min read
Certification of class action lawsuits is on the increase, raising tactical questions about whether defendant insurers should even bother fighting certification, or simply fight the good fight at trial. Laura Cooper, partner at Fasken Martineau, discussed class action statistics and legal strategies at the National Insurance Conference of Canada (NICC) in Vancouver on Sept. 27.”With […]
Government intervention in the insurance market is placing the financial burden of natural disasters on taxpayers, according to a Lloyd’s of London report. “The private insurance market has a crucial role to play in helping communities and economies recover from disaster,” said Sean McGovern, director of North America at Lloyd’s, in a release. “We need […]
Evidence suggests auto theft in Canada is being used to fund international terrorist activities, Rick Dubin, vice president of investigative services at the Insurance Bureau of Canada (IBC), told delegates of the National Insurance Conference of Canada (NICC). Although auto theft is down 15% in Canada, recovery rates of stolen vehicles is also on the […]
By Canadian Underwriter | September 26, 2011
The Insurance Brokers Association of Ontario (IBAO) is urging the Financial Services Commission of Ontario (FSCO) to include administrative monetary penalties (AMPs) in the Insurance Act.Currently, FSCO can issue a cease and desist order, often in conjunction with an undertaking or refer the matter to be prosecuted in the quasi-criminal stream, to address breaches of […]
By Canadian Underwriter | September 22, 2011
1 min read
A tornado that struck Goderich, Ontario in August 2011 caused at least $75 million in insured damage, according to the Insurance Bureau of Canada, citing a preliminary estimate from Property Claim Services Canada (PCS-Canada).Part of a storm front that spawned four tornadoes on Aug. 24, the F3 tornado that hit Goderich packed winds of approximately […]
By Canadian Underwriter | September 21, 2011
Victims of a privacy breach may no longer have to rely on proving economic loss as a result of the privacy breach to sustain a third party action. They can also show the breach caused mental anguish.Aaron Konarsky, director of risk management and integrated controls at Canada Lands Co., spoke as a panel member during […]
Assuming insurance-linked securities (ILS) ever take off in Canada, the country will need to develop a regulatory regime to accommodate them, according to an article in the Q2-2011 MSA/Baron Outlook Report.The article, written by Robert McDowell and Koker Christensen of Fasken Martineau DuMoulin, outlines eight basic principles that might underpin such a regime.”[T]here is currently […]
Regulators around the world are cracking down on corrupt practices, putting companies at increased risk of “crippling” prosecution and, in some situations, the causal link between a company and the claim need only be minute for a foreign regulator to flex its muscle. Jay Cassidy, senior vice president at Marsh Canada, made the observation as […]
By Canadian Underwriter | September 20, 2011
The Ontario Superior Court of Justice ruled against awarding punitive damages against Chubb Insurance Company of Canada in a case involving the destruction of a high-end art collection in a 1997 fire. In doing so, however, the court ruling took the insurer to task for accepting and binding the risk without conducting an inspection of […]
By Canadian Underwriter | September 14, 2011
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