Industry
Nine Manitobans have been killed in traffic accidents over a five-week span, prompting Manitoba Public Insurance (MPI) to remind drivers to practice road safety over the holiday season.”The number of deaths over this small period of time is very concerning from a safety perspective,” said Ted Hlynsky, MPI’s vice president of claims control and safety […]
By Canadian Underwriter | December 14, 2010
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The protection and indemnity insurance market, which provides shipowners with marine legal liability coverage, nearly broke even despite facing a record year for claims incurred, reported Willis.The P&I market as a whole reported an underwriting deficit of 1% for the 2009-10 financial year. The result was achieved against the highest levels of claims in the […]
The Economical Mutual Insurance Company is planning to become the first property and casualty insurance company in Canada to demutualize. The company is aiming for the conversion to be completed in 2011, subject to approval by mutual policyholders and the Minister of Finance, the company announced in a press release on Dec. 14. “The board […]
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The Office of the Superintendent of Financial Institutions (OSFI)’s proposed changes to the 2012 Minimum Capital Test (MCT) would decrease federally-regulated Canadian P&C insurers’ aggregate MCT ratio by 14%, to 212.6%.When applied to the Branches Adequacy of Assets Test (BAAT), foreign property and casualty branches would see their aggregate BAAT ratio drop by 31.9% to […]
By Canadian Underwriter | December 13, 2010
An overcapitalized U.S. commercial insurance market and weak demand will continue to drive down rates in 2011, eliminating any chance of a market hardening, Advisen reported.In its most report, The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition, Advisen Ltd. said commercial lines property and casualty insurance companies have seen the […]
The Nova Scotia Utility and Review Board says the province’s decision to triple its minor auto injury cap from $2,500 to $7,500 will result in a 17% increase in third party liability-bodily injury claims costs, and the industry-wide rates are adequate to absorb the costs.The board held a hearing on the effects of the cap, […]
By Canadian Underwriter | December 10, 2010
The Manitoba Public Utilities Board (PUB) has approved Manitoba Public Insurance (MPI)’s overall 4% premium reduction for 2011-12, but has called on MPI to offer better vehicle premium discounts for drivers with the “best” experience.The board also “direct(ed) a change in the attribution of claims for single vehicle accidents involving wildlife and livestock, a change […]
For many insurers, large portions of their business processes are still ill-defined, poorly documented (or not documented), and labor-intensive, according to a new report from Boston-based research firm Celent.The name of the report is Creating Business Value from Business Process Management: Solutions in Insurance. It finds Business Process Management (BPM) is “a maturing domain within […]
Next year will likely see nine hurricanes in the Atlantic basin, five of which will be major, predicted scientists at Colorado State University.”We foresee an above-average Atlantic basin tropical cyclone season in 2011 and anticipate an above-average probability of U.S. and Caribbean major hurricane landfall,” Philip J. Klotzbach and William M. Gray, climatologists at Colorado […]
Drivers seeking auto insurance in Manitoba, Saskatchewan, and British Columbia are confronted with limited choice, uncompetitive rates, and some of the most highly regulated markets in all North America, according to a new study released by the Fraser Institute.”B.C., Saskatchewan, and Manitoba are dominated by government-run auto insurance monopolies that attach social goals to insurance, […]
By Canadian Underwriter | December 9, 2010
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