Industry
Canadian private companies are aiming for growth and expansion in the coming year, according to a PricewaterhouseCooper’s survey.The survey findings are positive for commercial insurers, which saw a decrease in demand during the financial crisis. Companies faced tighter budgets and reduced coverage. Some companies reduced in size, physically and from a payroll perspective, and some […]
By Canadian Underwriter | October 29, 2010
1 min read
Claims
Insurers defending professionals should be aware of inquest or disciplinary hearings involving insureds, even if these ‘sideshow’ proceedings are not covered under E&O policies, because of the potential impact the proceedings may have on a subsequent civil action that does come under the E&O policy.Jamie Trimble of Hughes Amys LLP raised the issue of the […]
2 min read
Percentage determinations of psychological impairments cannot be added to percentage determinations of physical impairments to determine whether or not a person has suffered a whole person ‘catastrophic impairment’ under the Statutory Accidents Benefits Schedule (SABS), the Ontario Superior Court of Justice has found.S. 43, Clause 2(1.1)(f) of the SABS states a person has suffered a […]
By Canadian Underwriter | October 28, 2010
Bad faith is no longer a necessary requirement for awarding monetary damages for the breach of a Charter right following a recent Supreme Court of Canada decision, Blaney McMurtry LLP reported in its Insurance Observer.In Vancouver (City) v Ward, a unanimous Supreme Court of Canada upheld a damages award for an unconstitutional strip search and […]
Canadian businesses must develop a strategy to better understand and prepare for water-related challenges, or they risk halting operating due to water shortages, water quality or water safety issues, according to Marsh Canada Limited.In its report, A Review of Water-Related Opportunities and Threats, Marsh identified a series of water-related risks for Canadian businesses, including plant […]
Despite job insecurity and shrinking disposable incomes associated with the global recession, Generation Y adults – those born in the mid-1980s and later – still expect employers to demonstrate a commitment to improving the environment, according to a Leger Marketing poll commissioned by RSA Insurance.”In fact, 77% agree it’s important for their company to be […]
Axa SA is reporting total revenue growth of 3% during the first nine months of 2010, including gains in its Canadian property and casualty segment.Overall, Axa SA’s “property and casualty revenues increased by 0.7% to [EUR21.389 billion] as the 3.9% growth in individual lines (largely driven by a 3.4% average price increase) was partly offset […]
More than half of the insurers surveyed in Towers Watson’s biennial global ERM survey said they were satisfied with their ERM capabilities throughout the financial crisis.Of the 465 insurance and reinsurance executives surveyed around the world, 58% felt satisfied with their ERM program’s performance over the past 18-24 months. Thirty-one per cent were neutral and […]
By Canadian Underwriter | October 27, 2010
Compu-Quote has launched an update to ezITV, its residential replacement cost valuation tool.ezITV 2010 accesses the eValue-EVS cost engine through a Web service, reducing the need for users to process updates.The program interface and functionality is similar to its predecessor, but the update includes more options such as additional building types, exterior siding choices, enhanced […]
An Ontario arbitrator has granted a special award against an insurer that terminated income replacement benefits to a claimant, on the basis that the insurer uncritically relied on a vocational assessment that appeared to have been the product of what the arbitrator described as an “assessment mill.”In making his decision, Financial Services Commission of Ontario […]
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