Claims
More than 60 forest fires are burning across Quebec, 12 of which are out of control, reports the Montreal Gazette.The Abitibi region in northern Quebec and the Haute-Maurice region, north of Trois Rivieres, are the two most active areas. Approximately 30,000 hectares of forest have been destroyed so far.The Société de protection des forêts contre […]
By Canadian Underwriter | May 28, 2010
1 min read
Canada is formally proposing new legislation that would prohibit banks from promoting “non-authorized insurance from all banking Web pages.”This includes banning the display of online links to Web pages that promote non-authorized insurance. The proposed regime would allow the “corporate Web page of a bank, where no financial products are promoted, to display links to […]
By Canadian Underwriter | May 27, 2010
The Canadian Hurricane Centre (CHC) is cautioning East coasters that the 2010 hurricane season may bring above average activity. “A number of international hurricane authorities are predicting that this year will be an active hurricane season in the Atlantic basin,” said Chris Fogarty, the CHC’s program supervisor. On average, each year one or two storms […]
Industry
The Insurance Brokers Association of Canada is pleased with federal Finance Minister Jim Flaherty’s proposed regulations that would ban banks from promoting insurance on their banking Web sites. Flaherty proposed the regulations on May 27, 2010. Steve Masnyk, IBAC’s manager of public affairs, says that the proposed regulations address the issue of banks selling insurance […]
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, which confirmed the constitutionality of the province’s minor injury cap. The Supreme Court does not give reasons for […]
In Canada, large public companies and those in rate-regulated sectors – including the insurance industry – are closer to completing conversion to International Financial Reporting Standards (IFRS) than their smaller counterparts, according to a PricewaterhouseCooper’s sponsored survey.Conducted by the Canadian Financial Executives Research Foundation, the survey found that of the larger, rate-regulated companies polled, more […]
By Canadian Underwriter | May 26, 2010
Ontario brokers using Compu-Quote will have all of the services of SCM Risk Management Services’ iClarify insurance-to-value (ITV) solution offered to them by mid-June 2010.Furthermore, iClarify will be piloted with B.C. and Quebec insurance brokers starting next month, with the pilot process anticipated to be completed by 2010 Q3. iClarify is a tool developed to […]
Alberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.The figures include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance Company;•Millennium Insurance Company;•Peace Hills Insurance Company; and •Trans Global Insurance Company.Of the above insurers, Canadian […]
Re-opened Hurricane Katrina claims demonstrate what can happen when an overwhelming catastrophic event causes beleaguered adjusters to bite off more than they can chew, according to a report by A.M. Best/Week.The May 17 BestWeek article, ‘Katrina Claims a Lesson for Adjusters,’ does not contain any specific figures showing the number or percentage of re-opened claims. […]
2 min read
The Ontario Superior Court of Justice has found that the City of Toronto was not negligent in its operation of a public archery range, at which one friend catastrophically injured another in a bizarre plan to retrieve arrows.The two friends went on a picnic during the fall of 2000 and ended up playing a casual […]
By Canadian Underwriter | May 25, 2010
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