Industry
The Loyalist Insurance Group Limited reported a net income of Cdn$2.6 million for the six months, as compared to a net loss of Cdn$241,542 for the same period in 2007. Commissions and contingent profit commissions were Cdn$191,055.Interest income and other income was approximately Cdn$15,225. Total expenses for the six months were Cdn$355,818. “Included in the […]
By Canadian Underwriter | July 30, 2008
1 min read
Small pickups aren’t providing as much protection in side crashes as many new cars and SUVs, reports the Insurance Institute for Highway Safety (IIHS).Of the five 2008 models tested, the Toyota Tacoma was the only one to earn a ‘good’ ranking for occupant protection in side crash tests, an IIHS release says.The Dodge Dakota, Nissan […]
Manitoba Public Insurance and the provincial ombudsman have agreed on a process to reimburse customers for premium overpayment due to incorrect vehicle descriptions on policies.MPI will refund premium overpayments for 2004, the year the corporation discovered that roughly 2,000 customers were paying slightly more because they had provided incorrect information. The errors were discovered when […]
By Canadian Underwriter | July 29, 2008
Alberta’s Court of Queen’s Bench has asserted its jurisdiction in a dispute in which a Calgary-based oil and gas firm alleged its Russian operation was the victim of an aggressive takeover. As a result of the takeover, the Calgary firm claimed losses of oilfield equipment.In Norex Petroleum Limited v. Chubb Insurance Company of Canada, Zao […]
2 min read
Parts and labour costs are higher for hybrid vehicle repairs than for repairs to gas-only vehicles, according to Mitchell International, Inc.’s latest Industry Trends Report.The 2008 Q3 edition of the Mitchell report features a report by Jamison Day entitled ‘The Average Severity of Hybrid versus Gas Vehicles.’ The study shows average part costs for hybrid […]
By Canadian Underwriter | July 28, 2008
The Canadian insurance industry as a whole experienced an underwriting loss in 2008 Q1, marking the first industry-wide loss since 2002, according to the MSA/Baron Outlook Report.The industry’s combined ratio has crept up past the 100% mark, from 2007 Q1’s 96.4% to 104.3% for this year’s first quarter.Industry premiums experienced 1.4% of growth, from Cdn$7.33 […]
Rather than re-considering the use of contingency fee arrangements, the insurance industry should instead be eliminating them, the Risk and Insurance Management Society (RIMS) has testified at a public hearing in New York City.The hearings, before New York superintendent of insurance Eric Dinallo and New York attorney general Andrew Cuomo, have been designed to get […]
By Canadian Underwriter | July 25, 2008
KMS Assurance and Totten Insurance Group will merge and operate in Quebec under the name Groupe Gestionnaire d’Assurances Totten Ltee. The merger is effective Aug. 1, 2008. Under the terms of the agreement, KMS would merge into Totten Group and operate as part of Totten’s operations in Quebec, according to a Totten Group release. Totten […]
By Canadian Underwriter | July 24, 2008
Symbility Solutions Inc. has formed a strategic alliance with e2Value Inc., integrating e2Value’s web-based property Insurance-to-Value (ITV) calculation services to Symbility’s mobile claims estimation application.E2Value, an insurance and IT consulting firm, is a hosted application provider of online replacement cost valuations for residential, commercial and farm and ranch properties in the United States. E2Value offers […]
Why should a claims department pay for surveillance when it can simply look the claimant up on Facebook?Indeed, the Ontario Superior Court of Justice case, Murphy v. Perger, may have opened the door for insurers to use the online “social networking utility” in aid of resolving and/or dismissing a claim.Murphy has resulted in “a strong […]
By Canadian Underwriter | July 23, 2008
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