Industry
Ontario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average rate change was +4.49%, when weighted by market share, the Financial Services Commission of Ontario […]
By Canadian Underwriter | January 19, 2010
1 min read
The daughter of a woman who was injured in an auto collision and subsequently denied accident benefits is not entitled to collect benefits under her mother’s policy based on the loss of her mother’s care and guidance, the Ontario Superior Court has ruled.In Mirjagic v. State Farm Mutual Automobile Insurance Company, a daughter (the plaintiff) […]
2 min read
The amount lost to fraud by businesses and the public sector increased by 76% in 2009, with both number and size of fraud increasing exponentially during the recession, according to research by BDO LLP. Fraud broke the £2-billion (Cdn $3.8-billion) barrier last year and is predicted to increase three-fold over the next three years, Lloyd’s […]
The long shadow of the global economic recession has created underlying risks in the global economy that persist despite reports of an economic recovery, according to the World Economic Forum (WEF)’s annual report, Global Risks 2010.The fifth annual report is produced in partnership with Citigroup, Marsh & McLennan Companies, Swiss Re, the Wharton School Risk […]
Nova Scotia’s government is moving ahead with its promised review of the province’s $2,500 minor auto injury cap.The government has issued a nine-page discussion paper on the cap, entitled Concerning the Cap on Pain and Suffering Awards for Minor Injuries, and is calling for public input on the paper by Feb. 15, 2010.“The Office of […]
By Canadian Underwriter | January 18, 2010
iv3 Solutions has teamed up with Altus Group (TSX: AIF.UN) to bring a residential replacement cost toolset to the Canadian marketplace in early 2010.iv3 Solutions has also launched residential inspection management services and loss control solutions to the North American property and casualty industry.The company’s platform offers workflow automation, centralized procurement and invoicing, along with […]
Bankers and insurance brokers alike can expect to see a formal government proposal “in the near future that addresses insurance promotion on bank Web sites, according to Finance Minister Jim Flaherty.Flaherty raised the issue briefly in a Jan. 15 speech delivered to the Advocis conference in Toronto.“I have also taken steps to ensure that insurance […]
Tickets for the 14th annual Women in Insurance Cancer Crusade (WICC) Gala Dinner are now on sale. The event is on Apr. 14, 2010 and will be held at The Westin Harbour Castle Conference Centre – Metropolitan Grand Ballroom in Toronto. The theme of the evening is ‘Dream in Colour.’ Art, dance and music will […]
The Co-operators, Intact Financial Corporation, AXA and Granite Global Solutions have each made individual pledges and/or donations totaling up to $240,000 to the Canadian Red Cross in support of relief efforts in Haiti. The Co-operators has pledged to provide up to $150,000 to match personal donations from Co-operators employees, agents and their staff, directors, delegates, […]
By Canadian Underwriter | January 15, 2010
Claims
There is a need to provide a clear definition for the word “incurred” under Ontario’s Statutory Accident Benefits Scheme (SABS), said Philippa Samworth, a partner at Dutton Brock LLP.Typically, “incurred” is interpreted to mean that a person has paid for an expense out-of-pocket, she told delegates of the Ontario Risk and Insurance Management Society (ORIMS) […]
3 min read
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