Industry
Tropical storm Cristobal is expected to dump between 50mm and 100 mm of rain on parts of Nova Scotia on July 22. The storm is approaching Nova Scotia from the southwest and will pass south of the province on Tuesday night, according to an Environment Canada warning. The rain, which will be heavy at times, […]
By Canadian Underwriter | July 22, 2008
2 min read
Ontario auto rates are on their way up, as insurance companies attempt to make up for escalating claims costs seen in the Ontario auto product over the past two years.Ontario auto rate applications approved during 2008 Q2 averaged +1.10%, based on the entire market, according to an online posting by the Financial Services Commission of […]
By Canadian Underwriter | July 21, 2008
1 min read
The Shumka Group has acquired the property and casualty insurance claims and risk management services from CGI Group Inc. The transaction will create the largest independent insurance services company in Canada, according to a Shumka Group release. Expected to close in early August, the transaction was for an undisclosed amount. CGI’s claims adjusting and risk […]
The Canadian Council of Insurance Regulators (CCIR) is recommending insurers’ self-audits be considered privileged information that can’t be used against the insurance company in a civil or administrative proceeding (except if that proceeding is against a regulator).The recommendations are contained in the CCIR’s Final Report on Privilege Model and Whistle Blower Protection, now posted on […]
By Canadian Underwriter | July 18, 2008
CARSTAR Automotive Canada raised more than Cdn$80,000 for the Canadian Cystic Fibrosis Foundation (CCFF) through its 5th annual ‘Soaps it Up!’ national car wash day.There were more than 55 car wash events across the country this year. CARSTAR volunteers, community groups and local CCFF chapters soaped up more than 4,000 vehicles during the event to […]
Shortly after Swiss Re announced it has an exposure of approximately US$9.6 billion to U.S. mortgage agencies Fannie Mae and Freddie Mac, Zurich Financial Services also announced it held US$8.3 billion in debt securities, reports MarketWatch.Fannie Mae and Freddie Mac own or guarantee almost half of the United States’ US$12-trillion residential mortgage market, Bloomberg.com reports. […]
By Canadian Underwriter | July 17, 2008
Ninety-four vehicles in the ICBC’s Material Damage, Research and Training (MDR&T) Facility over the past 10 years had incorrect salvage designations (74 had improper payment codes), hiding the true status of the vehicles from the public to maximize the sale prices of MDR&T-repaired vehicles, a PricewaterhouseCoopers LLP (PwC) investigation has concluded.ICBC called on PwC in […]
Financial Services Commission of Ontario (FSCO) arbitrators decide disputes concerning entitlement to and amount of motor vehicle accident benefits, but private arbitrators resolve priority of payment disputes among insurers, a FSCO arbitrator has found.In doing so, FSCO upheld changes to Ontario regulations in 1995 that carved out the authority to resolve disputes between insurers from […]
By Canadian Underwriter | July 16, 2008
The Autorit des marches financiers (AMF) does not support the proposal by the federal minister of finance for a single securities regulator in Canada, citing the sheer size and diversity of Canada as a major hurdle in such an undertaking. In its position paper, ‘Single regulator: A needless proposal,’ the AMF concludes that current securities […]
Given the rise in fuel prices over the past few months to $1.37 and higher, ecclesiastical insurers have a new risk to manage fuel theft. Ecclesiastical Insurance has issued a public statement expressing concern that two churches in Atlantic Canada recently had significant amounts of oil stolen from their exterior oil tanks. Jim Morton, a […]
By Canadian Underwriter | July 15, 2008
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