Industry
The Insurance Bureau of Canada (IBC) has cautioned the Alberta Insurance Rate Board (AIRB) not to include the impact of a 2009 reserve release by insurers when the board calculates its 2010 industry-wide annual rate adjustment.The AIRB held public hearings in June on its annual rate adjustment. In its submission to the AIRB, IBC noted […]
By Canadian Underwriter | June 29, 2010
1 min read
XL Insurance launched coverage enhancement for adulterated ingredient product recalls.The product enhancement covers the recall of an insured’s product caused by an ingredient that is subject to a recall notice, even if there is no evidence that the insured’s product itself would cause injury, an XL release says.For coverage to be triggered, traditional product contamination […]
Preliminary industry-wide auto rate adjustment indications for Alberta hover around 0%, according to the province’s actuary, Oliver Wyman. The actuarial company estimates the required average auto premium to be $564 on the low frequency forecasts, $578 in the mid range (roughly the same as last year) or $592 on the high range. The 2010 industry-wide […]
SGI Canada has sold its shares in the Charlie Cooke Insurance Agency (CCIA). The sale is effective as of Jun. 1, 2010.SGI Canada, through its subsidiary SGI Canada Insurance Services Ltd., purchased the shares in 2002 for $691,341. The shares in the company were sold for $1.1 million.SGI Canada received $628,750 in dividends over the […]
Gore Mutual Insurance Company has launched a commercial insurance business model that makes it easier to do business electronically. The company has begun piloting Quick Connection, a paperless online service that gives policyholders an online private account to manage and access documents electronically. Gore says brokers and clients alike have immediately adopted the service.Other benefits […]
By Canadian Underwriter | June 28, 2010
As the City of Toronto settles down to tally the final damages caused by vandals and looters during the G20 summit on June 26-27, the Insurance Bureau of Canada (IBC) has posted general information about personal and commercial policy coverage related to the G20 event on its Web site. The Web site notes, “the damage […]
2 min read
Many Canadian drivers do not believe training programs for passenger vehicles provide adequate education about sharing the road with large trucks, according to the Traffic Injury Research Foundation (TIRF). The number of injury crashes involving large trucks increased substantially between 2001 and 2005, with only a slight decrease in 2006, the TIRF says. In the […]
Developing industry-wide delivery standards for third-party medical examinations and standards for training and experience of assessors in auto-related injury claims are among the Financial Services Commission of Ontario (FSCO)’s top priorities for 2010. In its 2010 Statement of Priorities, FSCO says it will be taking the following initiatives, among others, to support automobile insurance reform:• […]
SGI is granting a one-time eligibility exemption for farm licence plates due to recent flooding and wet soil conditions facing farmers throughout the province.The exemption is effective immediately and expires on June 1, 2011.Usually an individual or farm corporation wishing to license their vehicles with farm plates must meet a requirement to seed a minimum […]
By Canadian Underwriter | June 25, 2010
The Cities of Ottawa and Toronto are reporting little damage in the aftermath of a magnitude 5.0 earthquake that shook buildings in both areas.The City of Ottawa, closer to the epicenter of the quake, issued a statement listing only two city-owned buildings that were closed for repairs, one of which is to be re-opened on […]
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