Industry
Ontario’s Superior Court recently waived a claim against Pilot Insurance Company in a case that tackled the thorny question of how to prove a vehicle had been “stolen.”In Comer v. Mochulla (Mochulla Auto Service), Baysville, Ontario resident Cary Comer in January 2006 filed a proof of loss with Pilot, claiming that his truck was stolen […]
By Canadian Underwriter | April 7, 2008
2 min read
Commercial lines insurance premiums in 2008 Q1 experienced the largest quarterly drop since 2005, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.Undeterred by mounting claims from the meltdown of the subprime mortgage market, the average directors and officers liability (D&O) premium fell 19% in 2008 Q1. It was the largest decrease of […]
1 min read
Ontario’s auto insurance market is losing money on both the accident benefits and third party liability side, turning marginal profits into deficits moving into 2008.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, spoke at Swiss Re’s 23rd annual Canadian Insurance Outlook breakfast meeting, and warned of the deteriorating condition of Ontario’s auto […]
By Canadian Underwriter | April 4, 2008
Market volatility, a consequence of the U.S. subprime issue, may be suppressing mergers and acquisitions (M&A) activity in the Canadian insurance market, Pierre Ozendo, the chairman and CEO of Swiss Re America Corporation says.”To the extent that market volatility from [the subprime crisis] has increased the cost of equity-raising, it makes raising capital more expensive,” […]
Lloyd’s has reported a profit of 3.8 billion (approx. Cdn$7.6 billion) in 2007, an increase over 2006’s profit of 3.6 billion (approx. $7.2 billion). The market reported a combined ratio of 84.0%, a slight increase over 2006’s 83.1%. This compares favourably, a Lloyd’s release notes, with the average of 93.8% for U.S. property and casualty […]
By Canadian Underwriter | April 3, 2008
Ontario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), has fined Johnson Inc. Cdn$5,000 because Johnson’s out-of-province call centre employees were not licensed by RIBO to deal directly with members of the public in Ontario.Johnson pleaded guilty during misconduct hearings that focused on the information an Ontario client received about auto insurance from Johnson’s out-of-province […]
Reinsurers appear to be experiencing an increasingly competitive market in 2008, with the greatest rate reductions evident in smaller markets, according to Willis Re’s April renewals review.The reduction in the smaller markets is driven by an increase in both the number and capacity of regional reinsurers, as well as by a continuing appetite for diversification […]
By Canadian Underwriter | April 2, 2008
ING Insurance has announced an average reduction in automobile rates of 4.6% for consumers in Nova Scotia. The reduction in premiums is intended to benefit young drivers with clean driving records, as well as experienced drivers, the company says. Those who insure both their homes and their cars with ING’s home and auto combined policy […]
Chief information officers (CIOs) for US insurers are more concerned about the impact of a soft market than their European counterparts, according to a Celent report.In Insurance CIO/CTO Pressures, Priorities Projects, and Plans 2008: The View Across the Atlantic, Celent surveyed insurance executives on both sides of the Atlantic.Survey responses show that CIOs in the […]
By Canadian Underwriter | April 1, 2008
The retroactive application of the Limitations Act does constitute a genuine issue for trial, according to the Ontario Court of Appeal. In Camilli v. Guardian Insurance, a three-judge panel agreed to set aside a Superior Court summary judgement issued in favour of an insurer by Justice Jack Jenkins. The case involves property damage caused by […]
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