Industry
The Property and Casualty Insurance Compensation Corporation (PACICC) has approached regulators about two possible funding mechanisms in response to the potential failure of a large insurance company or several small-to medium-sized insurance companies.PACICC identified these scenarios as part of its enterprise risk management plan.“While such scenarios are unlikely, the impact on PACICC, should they occur, […]
By Canadian Underwriter | April 13, 2010
2 min read
A study by the University of Rochester Medical Centre shows the average age of the typical injured motorcyclist in the United States has increased from 34 years to 39 years between 1996 and 2005.The study reviewed the hospital records of 61,689 motorcyclists aged 17 to 89 years of age involved in a motorcycle crash.The proportion […]
By Canadian Underwriter | April 12, 2010
1 min read
Members of the insurance industry have teamed with the Canadian Trucking Alliance (CTA) to launch a study examining cargo crime activity in Canada.Markel Insurance Company of Canada, Marsh Canada Limited and Zurich Canada are working alongside CTA, provincial trucking associations and law enforcement agencies to study cargo theft and explore solutions for the problem.Although each […]
Claims
Cost-cutting and downsizing during a recession can increase the risk of financial fraud in a post-recession landscape era, reports PricewaterhouseCoopers.A PwC Economic Crime Survey shows 56% of Canadian companies reported being victims of crime in 2009.“In a global economic downturn, need comes to the forefront and becomes intermingled with greed and opportunity,” said Sarah MacGregor, […]
The threshold in Ontario for determining whether injuries are “serious” enough to warrant jury awards are not supposed to be treated as barriers by insurance defence counsel, an Ontario Superior Court Justice remarked in the threshold case, Nicolas v. Bowers.“I cannot leave this judgment without observing that the recent decisions of the Ontario Court of […]
A recent Ontario Superior Court decision suggests that, depending on the wording of a policy and what is alleged, an insurer may be obliged to defend insureds who have made misrepresentations with respect to the sale of an item — including realty, said Michael Teitelbaum, a senior partner at Hughes Amys LLP.Teitelbaum made the observation […]
By Canadian Underwriter | April 9, 2010
A non-profit organization called ORBiT (Organization of Real-Time Brokers Implementing Technology) is currently assessing the degree to which carriers and brokers have taken up the use of real-time technology in their organizations.“Real time” is defined as the ability to click on a button from a client file in a brokerage management system (BMS) for immediate […]
CGI Group Inc. (TSX: GIB.A; NYSE: GIB), an information technology and business process services provider, says it has extended its current contract with Portage La Prairie Mutual Insurance Company, a 100% Canadian-owned mutual insurance company, until 2014. The enterprise solution and IT outsourcing agreement extends the existing agreement by five years.“CGI and Portage Mutual have […]
Capital in the global reinsurance market increased 24% in 2009 from 2008, but market conditions for most lines of business are compressing underwriting margins, reports A.M. Best.In its report, Reinsurers Battled Headwinds of Softening Market in 2009, A.M. Best says the global reinsurance segment has struggled to maintain its top line over the past year.“Despite […]
The Nova Scotia government has inked a deal with RSA Canada that will provide the insurer with up to a $2.7-million payroll rebate.The company and the province, through Nova Scotia Business Inc. (NSBI), have signed a six-year payroll rebate of up to $2.7 million. The rebate is paid annually based on performance targets, a NSBI […]
By Canadian Underwriter | April 8, 2010
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
