Industry
Glenn McGillivray of the Institute for Catastrophic Loss Reduction (ICLR) and his wife Sandra are planning a dinner/dance to raise funds to send their son, Spencer, to Kelowna, B.C. in July 2010 to take part in an intensive therapy developed in Europe. Spencer, 12, has cerebral palsy (CP). “Although CP is not curable, Spencer has […]
By Canadian Underwriter | May 12, 2010
2 min read
Insurance premiums for both offshore and onshore accounts will likely increase immediately, even though it could take years to determine the total insured loss resulting from the British Petroleum oil rig explosion in the Gulf of Mexico, reports MarketScout.“British Petroleum is largely self-insured; however, energy underwriters across the globe will participate in this loss via […]
1 min read
Insurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.For insurers, IBC released best practice guidelines. The best practices offer practical advice about the roles and responsibilities of insurers and their expectations of other principal […]
Claims
Proposed amendments to British Columbia’s Insurance Act include the requirement that alternative dispute resolution (ADR) be the first step in resolving insurance disputes.The amendment is intended to reduce the number of insurance disputes that end up in litigation, said the Insurance Dispute Resolution Services of British Columbia (IDRSBC).The new Insurance Amendment Act was introduced into […]
By Canadian Underwriter | May 11, 2010
Recent amendments to Nova Scotia’s minor injury cap and definition will increase average bodily injury claims costs by 17%, Oliver, Wyman Limited estimates. The Nova Scotia government announced amendments to the Insurance Act and draft regulations on Apr. 28, 2010. The amendments triple the minor injury cap’s maximum limit to $7,500.Oliver Wyman estimates the required […]
New Brunswick is keeping an eye on the outcome of Nova Scotia’s recent decision to triple its minor injury damages cap from $2,500 to $7,500, according to a report by the Times & Transcript, based in Moncton, New Brunswick.New Brunswick currently has a $2,500 minor injury cap.“We’re going to take a look at what Nova […]
Canada’s good weather in 2010 Q1 helped offset a higher-than-normal claims volume in Europe during the first quarter, Aviva plc reported.“Claims were higher than expected in the first quarter because of adverse weather in the U.K. and Europe, but these were partly offset by better than expected claims levels in Canada,” Aviva plc reported of […]
Lower budgets and spending discipline established by companies during the economic downturn will likely remain even if the economy recovers, a CFO Research survey found.CFO Research Services, in collaboration with American Express, surveyed 479 senior finance executives across a wide range of industries in Canada, the United States, Mexico, Europe, Asia and Australia. The survey […]
British Columbia’s solicitor general is mulling over the idea of making driving records — including impaired driving infractions — public, reports the Times Colonist.Mike de Jong, B.C.’s solicitor general, told the Times Colonist he would consider setting up a system similar to Ontario’s. In Ontario, people can pay a fee to view another person’s driving […]
By Canadian Underwriter | May 10, 2010
Manitoba Public Insurance (MPI) has made “significant progress” to correct problems plaguing its computer system.The problem stems from an issue with one of MPI’s data banks, an MPI release says.“We expect all Autopac agents and service centres will have some access to the Autopac On-Line (AOL) system as of mid-day May 10, 2010,” the release […]
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