Industry
Travelers Guarantee Company of Canada is providing broader coverage for directors and officers of Canadian publicly traded companies in one endorsement.Travelers Executive Choice CanadianEdge is for Canadian public companies with a market capitalization of Cdn$1 billion or less.In addition to the protection offered in its public D&O liability policy, the Travelers endorsement offers the following […]
By Canadian Underwriter | July 16, 2009
1 min read
The Financial Services Commission of Ontario (FSCO) approved an average rate increase of 5.86% for auto insurance, when weighted by market share, in 2009 Q2.Belair Insurance Company Inc. received approval for a decrease of 0.47%. It was the only insurer to decrease its rates in the quarter. CAA Insurance Company (Ontario) received approval for the […]
The adoption of enterprise risk management seems to have reached a plateau at 65% of firms, according to a joint Marsh and Risk and Insurance Management Society report.In the sixth annual Excellence in Risk Management VI: Strategic Risk Management in Practice, 450 risk managers were surveyed during 2009 Q1 about the impact of the financial […]
By Canadian Underwriter | July 15, 2009
Damage insurance companies in Quebec reported net earnings of Cdn$2.5 billion in 2008, a 51.3% drop compared to 2007, according to the 2008 report on insurance released by the Autorité des marchés financiers (AMF). Minister of Finance Raymond Bachand tabled the report on Jun. 18 in the Québec National Assembly. Trends among damage insurance companies […]
2 min read
The impact of the current economic recession might explain why Ontario’s average lowest online auto quote decreased by 2.4% between 2009 Q2 and 2008 Q2, says Kanetix, an online marketplace for insurance quotes and mortgage rates.The counterintuitive result is featured in Kanetix’s latest quarterly car insurance premium study.The decrease is counterintuitive in the sense that […]
By Canadian Underwriter | July 14, 2009
Enhanced safety belt reminders in new vehicles has increased driver safety belt usage and reduced driver fatalities, according to a report by the Insurance Institute for Highway Safety (IIHS).In its most recent issue of Status Report, the IIHS notes that all new cars sold in the United States since 1975 have been required to display […]
The government of Canada has published the regulations surrounding low-Volatile Organic Compound (VOC) automotive refinishing products. The regulations introduce VOC concentration limits for 14 categories of coatings and surface cleaners, which are used for refinishing or repairing the painted surfaces of automobiles, trucks, and other mobile equipment, according to Environment Canada’s Web site. The regulations […]
By Canadian Underwriter | July 13, 2009
Manitoba Public Insurance reported a net income of $17.3 million for 2009 Q1, marking a $10.2-million increase over the same period of 2008.MPI attributes the increase in net income to stable claims costs — assisted in part by a 21.9% drop in auto theft — and an increase in the number of insured vehicles.Claims costs […]
The Supreme Court of Canada has denied leave to appeal, with costs, a Saskatchewan Court of Appeal decision that struck down a class action certification against the Saskatchewan Crop Insurance Corporation.In Saskatchewan Crop Insurance v. Hicks, Saskatchewan Crop Insurance Corporation Inc. (SCIC) refused a claim by Tru Elements Ltd. under SCIC’s Weather Based Insurance Program […]
By Canadian Underwriter | July 10, 2009
The Supreme Court of Canada has effectively ended a B.C. case in which a plaintiff claimed negligence and bad faith against an insurer, based on the insurer’s request for a legal opinion and for the plaintiff to provide a recorded statement. The Supreme Court of Canada denied leave to appeal in Pearlman v. American Commerce […]
3 min read
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