Claims
There is a 10-15% of a mega-earthquake hitting the northern segment of the Cascadia Subduction Zone at some point during the next 50 years, according to research from Oregon State University.The northern segment of the Cascadia Subduction Zone covers an area from Vancouver Island, B.C. to Seaside, Oregon.On the other hand, a 37% chance exists […]
By Canadian Underwriter | June 2, 2010
1 min read
Industry
Genstar Capital LLC, a middle-market private equity firm based in San Francisco, has acquired Granite Global Solutions, a Canadian provider of risk mitigation services to insurance and corporate clients.The terms of the deal were not announced.Granite Global operates five business lines:•McLarens Canada, a niche independent claims adjuster; •Sibley & Associates, a disability management company; •King […]
By Canadian Underwriter | June 1, 2010
The Ontario Superior Court has struck down sections of a statement of claim that would have significantly increased the responsibility of a designated driver to look after intoxicated passengers.The court dismissed allegations that would have effectively imposed on designated drivers a duty of care to supervise and control their passengers’ alcohol consumption prior to driving […]
2 min read
Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR), has been chosen as a lead author of an Intergovernmental Panel on Climate Change (IPCC) report. Specifically, Kovacs will serve as lead author of Chapter 26, North America, of the Working Group II contribution to the IPCC’s Fifth Assessment Report (AR5). The appointment […]
The City of Edmonton has received the first annual national Watershed Award, offered jointly by the Insurance Bureau of Canada (IBC) and the Federation of Canadian Municipalities (FCM).The Watershed Awards recognize Canadian municipalities that take pro-active measures to reduce their vulnerability to storm and wastewater damage.The City of Edmonton received recognition on May 29 for […]
The Co-operators has introduced a 10% insurance discount for dwellings that are Leadership in Energy and Environmental Design (LEED) certified. The discount, in conjunction other sustainable products and services such as discounts for hybrids, is intended to encourage and reward environmentally responsible behaviour among customers. Two members of The Co-operators group of companies already offer […]
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Canada's P&C industry has a legitimate tax beef, but it is a difficult time to raise it with cash-strapped governments looking for ways to bring in more revenue.
By David Gambrill, Editor | May 31, 2010
3 min read
Risk
B.C. INSURANCE REGULATOR WARNS COMPANIES ABOUT INTEREST RATE RISK British Columbia’s insurance regulator is warning property and casualty insurers about interest rate risk in the existing volatile financial markets, and the potential affects on insurers’ assets and liabilities. Financial Institutions Commission (FICOM) has issued a bulletin advising insurers to review the potential impact to investment […]
May 31, 2010
SUPREME COURT EFFECTIVELY UPHOLDS NOVA SCOTIA’S MINOR INJURY CAP The Supreme Court of Canada has effectively upheld Nova Scotia’s $2,500 cap on minor auto injury claims. The Supreme Court on May 27 dismissed leave to appeal a December 2009 decision by the Nova Scotia Court of Appeal that confirmed the constitutionality of the province’s minor […]
CANADA’S P&C INDUSTRY DESCRIBED AS OVER-CAPITALIZED AND UNDERPERFORMING The Canadian property and casualty industry is over-capitalized and reporting low returns on investment, thus mitigating against the investment of new capital into the industry, said Philip Cook, CEO of Omega Insurance Holdings. Cook spoke as a panel member at the Property and Casualty Underwriters’ Club (PCUC) […]
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