Industry
The Insurance Bureau of Canada is advising Montreal residents to check their policies after torrential rain and winds more than 100 km-h barreled across southern Quebec on Tuesday afternoon.The winds knocked over tractor-trailers on the Champlain Bridge in Montreal and cut power to nearly 250,000 residences, CTV.ca reported. Hail the size of tennis balls was […]
By Canadian Underwriter | June 11, 2008
1 min read
Security National Insurance scored a pyrrhic victory in an Ontario arbitration, in which the arbitrator dismantled the notion that there can be such a thing as an “income replacement benefit of zero.”In Zewde Berhe and Security National/Monnex Insurance Management, an applicant, Zewde Berhe, was injured in a 2004 motor vehicle accident. During the arbitration, Berhe’s […]
2 min read
Nearly 70% out of 59 executives surveyed in a global study said product quality was the single greatest risk to global sourcing, but less than half reported they were very confident of managing the risks associated with product safety, according to a PricewaterhouseCoopers’ report.In its report, ‘Global Sourcing: Shifting Strategies,’ PricewaterhouseCoopers surveyed 59 executives from […]
An insurer must be prepared to show it has left no stone unturned in following up with an inquiry, regardless of where that inquiry might lead, if it wants to extend its 90-day period to dispute priority to pay accident benefits, Ontario’s Superior Court has found.The court thus upheld an arbitrator’s decision that found against […]
By Canadian Underwriter | June 10, 2008
Royal & Sun Alliance Insurance Company of Canada will now be known as RSA.The company, created after a merger between Sun Alliance and Royal Insurance 10 years ago, has been through some fundamental changes since that time, a release notes. In light of that, the company says it felt it was the right time to […]
At least nine people have been killed and 11 have been injured after construction cranes collapsed, but it is not expected to impact policies or send construction insurance rates soaring, reports Lloyd’s.With the booming construction industry, cranes are not an uncommon sight along the skylines of major cities.Despite the collapse of numerous construction cranes such […]
Standard & Poor’s (S&P’s) Ratings Services upgraded the financial strength rating on Fairfax Financial Holdings Ltd.’s operating insurance companies to BBB+ from BBB. The rating is based on a good competitive position that is diversified geographically and by sector, as well as reduced debt leverage, S&P’s said in a release.”The upgrade is based on strong […]
Insurers’ expert reports count as “evidence” in a court of law in the same way that plaintiffs’ expert reports do, the Manitoba Court of Appeal has ruled.In Missler v. Manitoba Public Insurance Corporation (MPI), the Court of Appeal considered a lower court decision that effectively identified two plaintiffs’ expert reports as “evidence,” whereas the insurer’s […]
By Canadian Underwriter | June 9, 2008
Willis Group Holdings Limited has acquired the United States’ eighth-largest insurance brokerage firm, Hilb Rogal & Hobbs Company (HRH), for a total of US$2.1 billion, effectively doubling Willis’ North America revenues. The transaction is expected to close in 2008 Q4. It is subject to customary closing conditions, such as regulatory and HRH shareholder approval, according […]
The hourly rate for services rendered on or after July 1, 2008 has increased by 2.2%, as per the Professional Services Guideline of the Financial Services Commission of Ontario (FSCO).FSCO has released an updated version of Professional Services Guideline and an updated Pre-approved Framework (PAF) Guideline for grade I and II whiplash-associated disorders (WAD I […]
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