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Regulation of Quebec's auto insurance system has a long history of controversy. Now, with private auto insurance in the other provinces of Canada seemingly having lost anchorage with runaway accident benefit claims costs, Quebec's system has been held up as a shining example of a workable model. The question is, can this be maintained? Recent political pressures to restrict insured benefits of drivers convicted of a criminal offence and to allow innocent victims to sue such offenders could reopen the door to increased tort costs.
By John Morin | March 31, 2004
4 min read
The world is a dangerous place in which to write insurance right now, and the legal environment is a good part of the reason why. Speakers at the CIP's recently held Business Summit pointed to a number of legal and legislative developments making insurance a treacherous gamble in Canada as well as on a worldwide basis. The ever-expanding litigation environment, including rising bad faith awards against insurers themselves, are causing insurer headaches. And, unresolved issues regarding auto insurance regulation continue to make for a "rocky landscape".
By Vikki Spencer | March 31, 2004
6 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
March 31, 2004
3 min read
The world’s second-largest reinsurer, Swiss Re, posted net income of CHF 1.7 billion (Cdn $1.77 billion) for 2003, with the property and casualty segment reporting a solid combined ratio of 98.4%, almost 6% less than 2002.Premium income was up 16% in the p&c group, to CHF 17.4 billion (Cdn $18.1 billion) from CHF 15.1 billion […]
By Canadian Underwriter | March 26, 2004
1 min read
February 29, 2004
The Insurance Bureau of Canada (IBC) has named acting chief economist and vice president of policy development Jane Voll to take over the position permanently.Voll had been filling the chief economist role since October 2003 when Paul Kovacs moved over to the Property and Casualty Insurance Compensation Corp. (PACICC). With the IBC since 1993, Voll […]
By Canadian Underwriter | February 3, 2004
It would seem in today's tough market environment that "flexibility" has become a competitive (perhaps survivalist) tactic for brokerages in responding to the shifting "marketscape". And, I have seen brokers respond in many different ways - with some of these responses having been very creative and surprising. "Wireless networking" is one such creative solution.
By Chris Venn | January 31, 2004
U.S. property and casualty insurers saw their net income jump an impressive320.6% to US$21.1 billion for the nine months ending September 30, 2003,versus the US$5 billion posted for the same period a year earlier. Equallywelcome was a return on equity of 9.3% for the first nine months of 2003, upfrom 1.0% the year earlier, according […]
December 31, 2003
2 min read
A scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter, costing insurers $1.3 billion last year alone. This works out to about 15% of every […]
By Canadian Underwriter | December 18, 2003
A British Columbia Supreme Court jury has awarded ICBC $4.5 million in a civil lawsuit against two brothers who operated a chop shop in Mission, B.C. It is believed to be the largest punitive award of its kind.<br> “This is a tremendous win for ICBC customers,” said Mark Withenshaw, ICBC’s vice president of loss management. […]
By Canadian Underwriter | December 5, 2003
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