Industry
The vast majority of passenger vehicle and pedestrian collisions occur when the driver is going straight, with no visual obstruction and the pedestrian is crossing traffic, reports the Insurance Institute of Highway Safety (IIHS).In its Status Report, the IIHS examined federal US crash data from 2005-2009 and found the vast majority of pedestrian crashes involved […]
By Canadian Underwriter | April 6, 2011
1 min read
Alberta’s Office of the Superintendent of Insurance is responsible for handling issues, concerns or complaints regarding insurance companies, as of April 1.Prior to April 1, 2011, the Alberta Insurance Council (AIC) was responsible for handling complaints and concerns regarding insurers. The AIC will still take care of issues, concerns or complaints regarding insurance agents or […]
American International Group, Inc. (AIG) has reorganized Chartis, its global property and casualty business, and appointed a new management team.Under the new structure, Chartis will consist of two major global groups – commercial and consumer. John Q. Doyle, previously Chartis U.S.’s CEO, will run the global commercial business. Jeffrey L. Hayman, currently Chartis’ chief administrative […]
The Co-operators released a guide to help organizations and people reduce the impact that meetings, conferences and trade shows have on the environment. More than 80 million people around the world attend a meeting, conference or trade show every year, with the average meeting producing 20 pounds of garbage per person each day, according to […]
The Essex County has arrested and charged four people involved in an insurance scam. The Criminal Investigations Unit has completed an investigation into an arson which occurred in Kingsville in November of 2000. The charges have not yet been proven in a court. According to the investigation, the homeowner, along with two other individuals, allegedly […]
Bed bugs, generally seen as a growing health concern, also pose liability risks, warns Lloyd’s. The US federal appellate court awarded $372,000 in punitive damages in 2003 – 37 times the compensatory award in the case – to a couple who had been bitten by bed bugs while staying at a chronically infested hotel in […]
Home insurance premiums are on the rise in New Brunswick and the insurance industry needs to look at the situation seriously and immediately, the province’s Consumer Advocate for Insurance says.The Consumer Advocate made his remarks in the 2010 Annual Report of the Office for the Consumer Advocate for Insurance, posted online. Concluding remarks in the […]
By Canadian Underwriter | April 5, 2011
2 min read
Manitoba’s Public Utilities Board (PUB) has ordered Manitoba Public Insurance (MPI) to increase its rebate to 45% of the 2009-10 vehicle premiums to policyholders. The ruling means the average Manitoba ratepayer will receive a rebate of $450, representing $320 million of total returns. On March 30, the PUB held a hearing to review MPI’s rebate […]
XL Group plc has placed its preliminary loss estimates resulting from the Mar. 11 Japan earthquake and tsunami between $190 million and $290 million.The estimate is pretax, net of reinsurance and reinstatement premiums and approximately 70% of which is attributable to XL’s reinsurance segment, an XL release says.The wide range reflects the continued uncertainty regarding […]
The U.S. reinsurance market is showing signs of transition, with preliminary analysis of Apr. 1 renewals showing pricing roughly flat or up slightly, Guy Carpenter reported.This marks a contrast to the Jan. 1, 2011 rate decreases of 6% to 10%.Guy Carpenter attributes the about-face to heavy global catastrophe activity in 2011 Q1, and the release […]
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