Industry
Creechurch International Underwriters Ltd. has launched a stand alone fidelity insurance policy to address the need for protection of corporate assets as employers face a marked increase in internal crimes. Policy highlights include: •broadest definition of employees, including part-time, seasonal employees, consultants, trainees and volunteers;•no policy aggregate;•coverage for employee benefit plans;•theft of client property; and•computer […]
By Canadian Underwriter | May 17, 2011
1 min read
Nearly half of a northern Alberta town has been destroyed or damaged by wildfires, reports the CBC.ca.Roughly 40% of the town of Slave Lake, about 200 kilometres northwest of Edmonton, was damaged or destroyed by a 700-hectare wildfire on May 16. The mall, town hall and many downtown businesses were all destroyed, though the hospital […]
By Canadian Underwriter | May 16, 2011
There is no scientific evidence to support the combining of ratings of psychological and physical impairments to determine a whole person impairment, reiterated Dr. Arthur Ameis, physiatrist and founder of the Multidisciplinary Disciplinary Assessment Centre, during a seminar hosted by the Canadian Independent Adjusters’ Association, Ontario Chapter in Toronto on May 13.Ameis sat on the […]
The Ontario Divisional Court ruled in Aviva v. Pastore that the determination of a Class 4 (marked) or Class 5 (extreme) psychological impairment under subsection (g) cannot include consideration for pain associated with physical injuries.The decision reverses a Financial Services Commission of Ontario (FSCO) Appeal decision. In Aviva and Pastore, a FSCO director delegate ruled […]
2 min read
Preliminary surveys are showing that greater than 50% of all claims, post-September 1, 2010, are currently falling under the Minor Injury Guideline (MIG), advised Kadey B.J. Schultz, partner with Hughes Amy LLP. Companies with preferred vendors are seeing even higher numbers of initial claims going into the MIG than those without preferred vendors. But in […]
The Insurance Brokers Association of Ontario (IBAO) launched a consumer Web site promoting a ban on the use of credit scoring in home and other personal property insurance. The site, www.soaringinsurancerates.ca, is an interactive site that provides consumers with background information on the issue, a press room complete with media clippings, an online petition and […]
Losses stemming from thunderstorms, tornadoes, wind and hail are exerting pressure on U.S. property insurers’ results even before the industry has entered what is forecasted to be an active Atlantic hurricane season, A.M. Best reported.Above-normal frequency and severity of thunderstorms, tornadoes and related weather events in recent years have led to more insurers experiencing aggregate […]
By Canadian Underwriter | May 13, 2011
Lloyd’s of London has estimated total net claims losses of about $3.7 billion arising from the March 2011 earthquake and tsunami in Japan, the February 2011 earthquake in Christchurch, New Zealand and the January 2011 floods in Australia. Lloyd’s said these claims are consistent with industry losses of $30 billion for Japan (excluding the life […]
Direct writers have not made the same inroads in Ontario as in Quebec partly because the auto product in Ontario is not profitable, and also because the regulatory environment in Ontario is detrimental to direct writers, according to Sylvie Paquette, president and chief operating officer of Desjardins General Insurance Group.Paquette was the keynote speaker at […]
By Canadian Underwriter | May 12, 2011
3 min read
The Centre for Study of Insurance Operations (CSIO) has presented its 2010 CSIO Annual Achievement Award to The Economical Insurance Group (TEIG) for the insurer’s Insurance on Demand solution.CSIO gives out an award each year to one of its members for the innovative use of CSIO standards. Kathryn Curran and Maureen Tomlinson accepted the award […]
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