Industry
Nova Scotia automobile insurance companies would have to apply to the Nova Scotia Insurance Review Board (NSIRB) for rate approvals and risk classifications at regular intervals, and not just if there is a proposed change to the rates, according to a new regulation intended to be introduced later this year. “Auto insurance rates should be […]
By Canadian Underwriter | June 19, 2008
2 min read
After fires in Nova Scotia forced the evacuation of 5,000 residents, the Insurance Bureau of Canada is reminding those affected to check their policies. A brush fire, which started in Porters Lake just east of Halifax on Friday, forced 5,000 people to leave their home and destroyed two homes, CTV.ca reports. Hot spots still remain, […]
By Canadian Underwriter | June 18, 2008
1 min read
The Insurance Bureau of Canada (IBC) is recommending a 36.9% rate increase to be applied only to the province’s grid rates to compensate for the recent elimination of the province’s cap on minor injuries.The IBC presented its proposal to the Alberta Automobile Insurance Rate Board on June 17.Ideally, the recommended adjustment should only be applied […]
Because of a natural catastrophe’s high cost to society, some are debating whether or not the U.S. federal government should provide a program to backstop losses for natural catastrophes, Standard & Poor’s (S&P’s) says.In the current market, federal government participation through a natural catastrophe backstop program could limit the amount of losses for insurance carriers […]
A.M. Best Co. has affirmed the A+ (Superior) financial strength rating of ING Canada Group.The ratings agency cites ING’s “superior capitalization, above-average profitability and leading market position within the Canadian property/casualty industry,” as reasoning for the rating.At the same time, A.M. Best said it “is concerned about the recent legal challenge to Alberta’s cap on […]
Alberta’s automobile industry would continue to be “highly profitable” even if the Cdn$4,000 cap on payments for soft tissue injuries were removed, according to research commissioned by the Alberta branch of the Canadian Bar Association (CBA).The study, ‘Alberta’s Minor Injury Regulation: Automobile Insurance Profits, Premium Rates, and Costs,’ was prepared independently for the CBA by […]
By Canadian Underwriter | June 17, 2008
Cunningham Lindsey Canada Claims Services Ltd. launched a Causation Forensic Specialists (CFS) division.The division will be lead by Bernard (Bernie) Lefebvre, a fire investigator, a Cunningham Lindsey release says.”CFS fills a very specialized niche which falls under a branch of causation forensics known as fire origin and cause determination,” said Robert Seal, president and CEO […]
The Insurance Brokers Association of Ontario (IBAO) has asked the Financial Services Commission of Ontario (FSCO) to look into whether insurers are using credit scoring and, if so, whether they are using credit scoring for the purpose of determining auto rates. FSCO’s regulations currently ban the use of credit scores to determine automobile rates in […]
The insured value of properties in hurricane-prone areas of the United States over the past three years has continued to grow at a compound annual growth rate of just over 7%, a report from AIR Worldwide Corporation says.Despite the recent weakening of the real estate market in many areas, the insured value or the cost […]
By Canadian Underwriter | June 16, 2008
The Nova Scotia Supreme Court has ruled that victims in a ‘left-hand turn crash’ who could not return to work because of their injuries did in fact suffer minor injuries, and are therefore subject to the province’s Cdn$2,500 cap on minor bodily injury claims. In Beaulieu v. Gyuraszi, Barbara and Robert Beaulieu and Kimberly Gyuraszi […]
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