Industry
The Canadian insurance industry’s financial health will start to decline in 2008, and there may be “financial failures this year” if companies don’t rely on solid underwriting results to bail them out, warns Chubb Insurance Company of Canada CEO Ellen Moore.Speaking at a Toronto Insurance Women’s Association (TIWA) meeting at the Toronto Board of Trade, […]
By Canadian Underwriter | January 16, 2008
2 min read
Bill 107, An Act to Amend the Human Rights Code, could increase damage awards, including punitive damages, Martin Smith, associate lawyer with McCague Peacock Borlack McInnis & Lloyd LLP, told ORIMS members at a luncheon seminar.Bill 107 sets out to create an efficient way to deal with equality complaints, Smith said. But it will also […]
1 min read
**CORRECTION** The following story contains corrected information. Gore Mutual contributed to 100 different charitable organizations and not 10, as initially reported. The Toronto Insurance Women’s Association is holding its annual wine and cheese reception on Feb. 14, 2008. The reception will be held at the Metro Toronto Convention Centre Constitution Hall from 5 p.m. to […]
Claims
Ontario should learn from the experience in Vancouver, where installation of residential sprinkler systems contained roughly 90% of fires, and reduced average property damage to a fraction of the average fire loss per unsprinkled incident (Cdn$1,065 from Cdn$13,937), Toronto fire chief William A. Stewart told the Insurance Brokers of Toronto Region luncheon. More than 300 […]
The Ontario Superior Court has denied an appeal by a defendant in a class action liability case that essentially allowed a trial lawyer to switch representative plaintiffs in mid-stream.The decision raised the issue of whether defence lawyers were, as a result of the late-in-the game substitution, unable to mount a defence that the substitution was […]
By Canadian Underwriter | January 15, 2008
Insurance Bureau of Canada (IBC) has reiterated its long-standing call to the government of Newfoundland and Labrador to remove taxes on insurance premiums. “The people of Newfoundland and Labrador have the highest insurance tax burden in the G8,” Don Forgeron, vice-president, Atlantic, Insurance Bureau of Canada, said in a release. “For every dollar of home, […]
Manitoba Public Insurance (MPI) reported a profit of Cdn$80.4 million for the nine months ending Nov. 30, 2007, marking an increase over the Cdn$59.1 million reported during the same period in 2006. MPI later this spring intends to return Cdn$63 million to policyholders in the form of a one-time rebate equaling 10% of the Basic […]
Rod Hancock has officially assumed his new role as president of the Insurance Brokers Association of Ontario (IBAO). After a career as a psychology professor at the University of Western Ontario, Hancock launched a career in the insurance brokerage business in 1979, when he joined the London branch of Rowlands Insurance Brokers Limited, an IBAO […]
Property and casualty insurers in the United States are expected to pay US$6.5 billion to homeowners and business for property losses from 23 catastrophes in 2007, according to preliminary analysis by ISO’s property claim services (PCS) unit. This is the eighth-lowest cost and the seventh-lowest frequency in a decade, the ISO reports in a release. […]
By Canadian Underwriter | January 14, 2008
Ontario Students Against Impaired Driving (OSAID) have launched an Ontario-wide contest, ‘Dude, Where’s My License?’ aimed at raising awareness of the dangers of doing drugs and driving. “Most teens don’t even realize that doing drugs and driving is just as illegal and dangerous as drinking and driving, so we’re working to change that misconception,” OSAI […]
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