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The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia Premier, Dr. John Hamm, pointing out the flexibility and commitment that the industry has demonstrated […]
November 30, 2003
3 min read
B.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving false information on a claim statement to the Insurance Corp. of B.C. (ICBC). His Jeep […]
By Canadian Underwriter | November 27, 2003
1 min read
In a recent report, rating agency Standard & Poor’s points the finger at actuaries for problems with property & casualty insurer reserve shortfalls. “Actuaries are signing off on reserves that turn out to be wildly inaccurate,” says S&P’s Steve Dryer. “It’s an abysmal track record. S&P predicts U.S. insurers will top 2002 reserve enhancements of […]
By Canadian Underwriter | November 25, 2003
2 min read
Crown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic jump in net earnings include gains made on the sale of claim center property as […]
By Canadian Underwriter | November 5, 2003
An independent survey of Canadian drivers across the provinces suggests that 75% of the public believe that the provincial governments should impose limits on rate increases with an equal number of respondents believing that cover price increases should not exceed the annual inflation rate for those with clean driving records. The survey of 1,017 Canadians […]
October 31, 2003
U.S. catastrophe losses for the third quarter 2003 have risen a whopping 300% over the same period last year, says the Property Claim Services (PCS) unit of the Insurance Services Office (ISO). In the three-month period, cat losses hit US$2.9 billion, versus US$715 million for third-quarter 2003.Since 1994, there have been only two third-quarters with […]
By Canadian Underwriter | October 15, 2003
Canadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.Insurers are just now looking at their exposures, with two companies making formal statements about projected losses.ING Insurance says more than 400 clients have reported damage to homes, cars, boats […]
By Canadian Underwriter | October 2, 2003
As most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at least two people and causing widespread damage from falling trees, flying debris and flooding. Power […]
By Canadian Underwriter | October 1, 2003
Is "less" more for today's account executives? The idea that every account is a profitable account is misguided - it is time to set your sights higher, or rather sharper.
By Rick Bauman, president of Bauman Consulting Inc. | September 30, 2003
5 min read
Can depreciation be deducted from a business interruption claim as a saving? Depreciation is often a fat juicy figure that would gladden the heart of any adjuster or forensic accountant to deduct from a claim...but, should they?
By Richard Davidson, an insurance industry consultant | September 30, 2003
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