Industry
An Ontario arbitrator found a man seriously injured in an auto accident to be ‘employed’ for the purpose of calculating income replacement benefits, even though his contract was oral and he did not work long enough at his new job to establish a demonstrated history of payments and/or payroll deductions.Dennis Ferguson, who owned his own […]
By Canadian Underwriter | September 2, 2010
2 min read
Can-Sure Underwriting Ltd. has acquired Chutter Underwriting Services’ property division and its entire book of business.Bruce MacKinnon and John Woodcock, both partners at Chutter, will become members of Can-Sure’s senior management team.As of Sept. 1, 2010, all policy transactions are being processed through Can-Sure. All policies will be transitioned into Can-Sure’s policy management system upon […]
1 min read
ICBC will reduce its basic insurance rates by 2.4%, beginning Nov. 1, 2010.The public insurer had applied to the British Columbia Utilities Commission (BCUC) for a 1.9% reduction.BCUC noted ICBC’s operating expenses were, on average, 2.8% lower than forecasted over the past few years. Fewer crashes in B.C. have led to a drop in the […]
Ontario’s auto insurance reforms took effect on Sept. 1, and government and insurance industry groups are encouraging consumers to educate themselves about the new regime.The reforms change the standard, mandatory auto insurance benefits package so that medical, rehabilitation and attendant care benefits for non-catastrophic injuries are now reduced from $100,000 to $50,000. Consumers have the […]
By Canadian Underwriter | September 1, 2010
Sixty-two per cent of the Canadian insurance sector reports being more than 60% complete in its transition to International Financial Reporting Standards (IFRS), according to a PricewaterhouseCoopers’ survey.The results of IFRS Readiness in Canada: 2010 are based on responses from 146 senior financial executives across Canada.Out of the top four industries to respond to the […]
Competition in the global reinsurance industry is expected to intensify, leading to pressure on earnings, since “reinsurance has proved to be one of the most resilient of all insurance sectors through the financial crisis,” according to a new report by Fitch Ratings.Fitch’s rating outlook for the global reinsurance industry remains Stable.”The relative attractiveness of the […]
Other than providing a baseline from which to offer rate decreases, is there much point in the province of Alberta hiring actuaries?
By David Gambrill, Editor | August 31, 2010
3 min read
RSA, AVIVA PLC CONFIRM REJECTION OF RSA’S OFFER TO BUY AVIVA’S CANADIAN BUSINESS RSA has confirmed in “a response to press speculation” that it did in fact propose to acquire Aviva’s Canadian, UK and Irish general insurance business for 5 billion in cash. In a separate public statement released on the same day, Aviva plc […]
August 31, 2010
IBAC president-elect Lyle Fraser sees brokers as the bridge between the complicated, technical world of insurance and consumers' day-today lives.
By Vanessa Mariga, Associate Editor | August 31, 2010
5 min read
Opinion/Analysis; The views expressed in this article are the author's own and are not intended in any way to imply or express the views of the Michael Palermo & Associates Insurance Limited brokerage.; Ontario auto insurance is failing in part because it has become a cistern for all manner of loss situations, even the kind that involves reckless and wanton driving, which were not originally contemplated to be insurable.
By Frank Cain | August 31, 2010
4 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
