Industry
Aon Corporation has reported profit of $178 million for 2010 Q1, down from $280 million in 2009 Q1. Aon’s 2009 Q1 included an $83-million pre-tax gain related to the U.S. pension curtailment and a $43-million after-tax gain on the sale of Automobile Insurance Specialists (AIS), the company reported. Total operating expenses increased 10% (to $1.6 […]
By Canadian Underwriter | April 30, 2010
1 min read
Rick Berg, Canadian business manager for 3M’s automotive aftermarket division, has passed away at the age of 47.In a statement, the Canadian Collision Industry Forum (CCIF) described Berg as “always willing to volunteer, always keen to support the industry from which he earned his living.” “So sad and unfair that Rick should leave this world […]
Nova Scotia has kept its minor injury cap on pain and suffering awards for automobile accident injuries, but tripled its maximum limit to $7,500.The government announced amendments to the Insurance Act and draft regulations on Apr. 28. The amendments and regulatory changes will:• amend the definition of minor injury to mean strains, sprains and whiplash-associated […]
By Canadian Underwriter | April 29, 2010
2 min read
Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Nova Scotia (IBANS) say they are committed to working closely with Nova Scotia to monitor the effect of the changes to the auto cap regulations in the province. Changes to auto insurance announced by the Nova Scotia government – including a tripling of the […]
As of Sept. 1, 2010, as a general rule, the New Statutory Accident Benefits Schedule (SABS) enshrined in Ontario’s new auto insurance reforms “will govern claims processing relating to old accidents,” as well as “the determination of amounts payable by insurers on account of expenses paid to establish benefit entitlements arising out of old accidents,” […]
By Canadian Underwriter | April 28, 2010
Hannover Re said it expects to pay EUR 40 million (Cdn$53.3 million) in damages resulting from the sinking of the drilling rig Deepwater Horizon in the Gulf of Mexico.An explosion on the rig, which sank on Apr. 22, resulted in a huge oil spill flowing more than 1,500 metres below where the Deepwater Horizon was […]
British Columbia has announced it intends to introduce the country’s most severe penalties for impaired driving. The government said it expects changes to the Motor Vehicle Act (MVA) to be implemented in Fall 2010.Under the proposed new legislation, drivers who provide a failing breath sample above 0.08% BAC, or drivers who refuse to provide a […]
Canadian Claims Services Inc. (CCS) has acquired Triad Claims Service, effective May 1, 2010. Canadian Claims Services Inc. (CCS) is a full-service, multi-line adjusting company with a head office in Edmonton Alberta.Triad Claims Service is a private insurance claims adjuster with three office locations in Alberta.“CCS is very excited about the addition of Triad, as […]
The Insurance Bureau of Canada (IBC) is taking a different approach to government relations (GR), IBC president and CEO Don Forgeron said in prepared remarks for a speech to IBC’s annual general meeting in Toronto. “I’ve said it many times: Our greatest value to our members’ bottom line is through effective GR,” Forgeron said on […]
By Canadian Underwriter | April 27, 2010
A.M. Best Co. is planning to withdraw its Canadian public data (PD) rating assignments at the end of August 2010.The rating agency currently has 52 PD rating assignments. A.M. Best said its move reflected increasing challenges facing the Canadian property and casualty environment. These include upcoming changes in accounting standards and active regulatory environment (especially […]
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