Industry
The Ontario government has passed legislation to create a harmonized sales tax of 13%.The HST will be implemented on July 1, 2010.The implementation of the tax will result in a one-time hit of $250 million for the insurance industry at the end of 2009, Don Forgeron, Insurance Bureau of Canada’s president and CEO, said during […]
By Canadian Underwriter | December 11, 2009
2 min read
Over the past year, for the lines of coverage reviewed, the construction industry has averaged single-digit rate decreases, Aon reported in its 2009 Construction Industry Report.Overall, the construction companies surveyed by Aon appeared to have maintained their retentions. For umbrella/excess liability, the average limit purchased by construction companies is US$82 million. The highest limit purchased […]
1 min read
A severe winter storm in central Ontario has prompted CAA to warn motorists to stay off of the roads in that area.Eighty centimetres of snow is expected to fall throughout Dec. 11 in the Huntsville and Bracebridge areas, Environment Canada warns.“People are saying it’s the worst weather they’ve seen in a decade,” said Jason Ballantyne, […]
A new application by Summit Mobile Services provides the user with access to services required if ever involved in an accident. ‘Help I Crashed My Car’ provides the user with a one-click automated emergency communication system that contacts up to three family members or friends, the insurance company, the insurance agent and the preferred body […]
Advances in corporate social responsibility are blurring the lines between the objectives of risk management and the economic role of insurance, according to an article written for The Geneva Association. One of risk management’s responsibilities is to assess any and all hazards that might jeopardize human life or property, Walter Stahel writes in ‘Risk Management, […]
By Canadian Underwriter | December 10, 2009
Gore Mutual Insurance Company is offering more than 70,000 free taxi rides on New Year’s Eve to their Ontario automobile clients. “Road safety is the number one concern for many citizens,” Matthew Torigian, Waterloo Regional Police chief, said in a release. “Gore Mutual has taken a leadership role in the prevention of impaired driving with […]
Swiss Re has issued a US$150-million cat bond for North Atlantic hurricanes, European windstorms and California earthquakes. Swiss Re has entered into a transaction with Successor X Ltd. to receive up to US$150 million of payments in the event of certain natural catastrophes, including those outlined above, a release says.The transaction covers a one-year risk […]
The 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime in auto theft, the IBC says. “We’re seeing two very different forms of auto theft,” […]
By Canadian Underwriter | December 9, 2009
PartnerRe is championing an integrated risk management and modelling method designed to take into account the cumulative effect of multiple perils, some of which cannot be modelled reliably, including floods and hail.”Not every type of risk and peril can be reliably modelled, PartnerRe says in its report, Catastrophe Portfolio Modeling: A Complete View of Risk. […]
Consumers made 1,312 calls to the General Insurance OmbudService (GIO) with concerns regarding claims in 2010, according to statistics released in the GIO’s 2008-09 Annual Report. The GIO received 313 calls related to policy cancellation or non-renewal, 368 about coverage and policy rating, while the rest fell into availability, affordability, administration and billing problems and […]
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