Industry
About 51% of Ontario insurance consumers buy their insurance products through the independent broker channel, whereas 38% buy from agents or direct markets, according to a 2007 independent consumer survey commissioned by the Insurance Brokers Association of Ontario (IBAO). The survey found a further 11% of Ontario consumers purchased insurance through group plan providers and […]
October 31, 2007
1 min read
The Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers’ regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a ‘control-in-fact’ test to assess the independence of insurance brokers in Ontario. “Brokers that do not meet the control-in-fact standard should be regulated as agents,” said IBAO president-elect Rod Hancock in a speech […]
ING and Aviva assured Ontario brokers on Oct. 18 they are both looking into why premium prices on personal lines risks offered by their direct writing channels are between 15-24% lower than those offered by subsidiary companies distributing through the independent broker channel. The question was asked directly of ING Insurance Company of Canada president […]
2 min read
A passenger who got out of a taxi and fell on her way into a hotel was not injured as a result of an “accident” as defined in subsection 2(1) of the Statutory Accident Benefits Schedule (SABS), the Financial Services Commission of Ontario (FSCO) has found on appeal of Webb v. Lombard General Insurance Company […]
Insurance companies that are lax about following the letter of their agreements with brokers may find themselves sharing responsibility — and liability — with brokers in E&O claims, an audience attending an Insurance Brokers Association of Ontario (IBAO) education panel heard. This may even be true even in seemingly open-and-shut E&O cases illustrating broker negligence. […]
Canada’s insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on the differences between the two countries’ legal systems and culture, a panelist told Swiss Re’s 2007 Casualty Seminar in Toronto. “It’s my firm belief that I don’t think […]
The limit of Underinsured Motorist Protection (UMP) coverage under governing legislation in British Columbia is limited to Cdn$1 million for all or each of the dependents of a passenger killed in a motor vehicle accident, the Court of Appeal for British Columbia found, dismissing an appeal. In 1999, Cameron Carl Lougheed was a passenger in […]
By Canadian Underwriter | October 31, 2007
Insurers performed best in underwriting and claims, while the poorest performance was in the area of policy administration, according to a Willis Group Holdings Limited survey.The survey of more than 2,700 Willis employees also found that specialist carriers are perceived as offering a superior level of all-around service to Willis and its clients, as opposed […]
Risk
North Americas property and casualty commercial lines sector remains stable, although a market downturn is already underway, according to an annual report by Moodys Investor Services.Subject to the level of catastrophe activity, the number of rating actions over the next 12 to 18 months is likely to be moderate and should be driven more by […]
Claims
The severity of the insured losses from the 2007 California wildfires will not likely have a significant impact on the earnings of U.S. property and casualty insurers rated by Moodys.These wildfires have the potential to be the costliest wildfires in history, and they are in the running as the largest catastrophe event impacting U.S. carriers […]
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