Industry
Results of an RBC Insurance/Ipsos Reid survey suggest that, although there is strong public support for Ontario’s forthcoming ban on the use of hand-held devices while driving, a majority of Ontario drivers believe the ban does not go far enough.Ontario’s Bill 118, The Countering Distracted Driving and Promoting Green Transportation Act, 2009 is due to […]
By Canadian Underwriter | October 13, 2009
2 min read
There was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer behaviour and demographics, not cheaper car insurance rates, according to the online marketplace’s Ontario quarterly […]
1 min read
Claims
The catastrophe bond market is poised for an active 2009 Q4, according to a new report issued by Guy Carpenter & Company LLC and GC Securities, a division of MMC Securities Corp.The report, Cat Bond Update: Third Quarter 2009, posted at www.GCCapitalIdeas.com, concludes that a number of trends are converging that could result in a […]
Insured loss estimates for onshore properties in Japan as a result of Typhoon Melor range from US$850 million to US$1.5 billion, according to AIR Worldwide.On Oct. 8, 2009 Super Typhoon Melor made landfall in central Japan’s Aichi prefecture (population 7 million) as a weak Category 1 storm with sustained winds of about 119 km-h.Melor’s winds […]
By Canadian Underwriter | October 9, 2009
AIG must repay the government US$83.6 billion, the company reported, “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.” The company received a total of US$182.3 billion in authorized assistance and has a total outstanding assistance of US$120.7 billion. AIG says it […]
Describing themselves as “shocked” by the Canadian government’s plan to introduce legislation that would prohibit banks from selling insurance on their Web sites, Canadian banks say they will continue to sell insurance from their Web sites in the meantime, “in compliance with current law.”Currently, the Bank Act prohibits a bank from selling or promoting insurance […]
The current economic slowdown, damage to reputation and disruption or supply chain failure are the Top Three risks identified by the retail industry, an Aon Analytics report found.The report is based on data from Aon’s 2009 ‘Global Risk Management Survey,’ ‘Aon Global Risk Insight Platform’ and other proprietary databases.The Top Three risks identified by the […]
Insurance defence counsel should tread carefully when it comes to preserving evidence obtained on social networking sites such as Facebook.Speaking at the Canadian Defence Lawyers’ 2nd annual Accident Benefits Experts Seminar in Toronto, panelist Jennifer Malchuk of Hughes Amys LLP said insurers need to act quickly to preserve evidence obtained on Facebook in order to […]
By Canadian Underwriter | October 8, 2009
Manitoba Public Insurance (MPI) has reported a net income of Cdn$25.5 million for the first half of fiscal 2009, marking a decrease from the Cdn$40.3 million earned during the same period in 2008.Claims costs for the six-month period ended Aug. 31, 2009 were fairly stable, increasing by Cdn$22.6 million or 5.9% compared with the first […]
Insurers are under-using s. 33 of the Statutory Accident Benefit Schedule (SABS) to obtain information from an applicant applying for accident benefits. Joy Stothers of Dutton Brock LLP made the observation at the Canadian Defence Lawyers 2nd Annual Accident Benefits Experts Seminar held in Toronto.Stothers’ presentation outlined recent case law around the use of s. […]
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