Claims
Catastrophic earthquakes in New Zealand and Japan in 2011 Q1 have two new lessons for insurance companies, according to Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs, who spoke at the ICLR’s annual general meeting in Toronto on Apr. 8.One is that surprises can happen. “The science community predicted the strength and location […]
By Canadian Underwriter | April 8, 2011
3 min read
The Ontario Superior Court of Justice has ordered the Economical Mutual Insurance Company to proceed with a vote of its mutual policyholders on proposals to remove and replace the insurer’s board of directors at its upcoming annual general meeting. Toronto firm VC & Co. Advisory Limited submitted proposals to Economical’s policyholders in Dec. 2010 calling […]
By Canadian Underwriter | April 7, 2011
2 min read
Karen Clark & Company, a risk management consulting firm, is holding briefings with U.S. insurance company executives to express concerns about RMS’s upgraded hurricane model.RMS launched its upgraded U.S. Hurricane Model on Feb. 28, 2011. The model incorporates changes made after a claims analysis of Hurricane Ike damage, which showed roofs were damaged at much […]
By Canadian Underwriter | April 4, 2011
AccuWeather.com’s hurricane centre is predicting more U.S. hurricane landfalls for 2011, including a risk during the late season of tropical storms sweeping through New England and the Canadian Maritimes.Overall, the centre predicted fewer tropical storms in 2011 than in 2010. Nevertheless, the centre’s estimated number of tropical storms (15), hurricanes (8) and “major hurricanes” of […]
The Catastrophic Impairment Expert Panel is seeking comments on its final report on the definition of “catastrophic impairment” under Ontario’s Statutory Accident Benefits Schedule (SABS).The report will be posted on the Financial Services Commission of Ontario (FSCO)’s Web site for review on Apr. 11.An information session will take place on April 28 to address questions […]
1 min read
The Court of Justice of the European Union has found gender-based pricing is inconsistent with the basic principles of EU law, and has ordered unisex insurance as of Dec. 12, 2012. The same discriminatory insurance practices may have a more tenuous hold in Canadian law as well.
By Sally Gomery, Partner, Ogilvy Renault; Noleen John, Legal Consultant, Insurance Team, Norton Rose LL | March 31, 2011
5 min read
Amendments to the federal Bank Act would prohibit banks from selling or promoting insurance on their bank Web sites. This is an extension of the same regulatory regime that applies to banks' bricks-and-mortar branches. The new online prohibition is an election away from being enacted, representing a victory for consumer protection, brokers say.
By David Gambrill | March 31, 2011
13 min read
The widow of a common-law husband, who died without a Will as a result of injuries from a fire that engulfed their insured home, cannot receive the balance of the home insurance payment until her husband’s estranged children can be contacted, the New Brunswick Court of the Queen’s Bench has ruled. In the same ruling, […]
March 31, 2011
An insurance company cannot presume a policyholder knows his or her insurance has been cancelled when a registered letter informing the insured about the cancellation is stamped “unclaimed” by Canada Post, an Ontario arbitrator has found. Marcia Walker was injured in a motor vehicle accident on Aug. 11, 2008. She had purchased a President’s Choice […]
Given the additional time, effort and expense required to try cases involving self-represented litigants, insurers might want to give special consideration to settling these cases early, a Nova Scotia judge observed at the Canadian Defence Lawyers 7th Annual Insurance Symposium held in Toronto on Mar. 4. “There’s not always going to be a good experience […]
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