Industry
MarketScout’s insurance ‘Market Barometer’ still shows a soft commercial market in March 2009, but rate decreases in the U.S. commercial property and casualty sector are starting to moderate.MarketScout’s composite property and casualty rate index reflects an ongoing moderation in price decreases, with an overall rate reduction of 7% for March 2009. This is in contrast […]
By Canadian Underwriter | April 9, 2009
2 min read
The Autorité des marchés financiers (AMF) considers a motor vehicle replacement guarantee offered by car dealers to be an insurance product subject to AMF oversight. “Motor vehicle replacement guarantees must therefore be issued by insurers, whose regulatory framework — administered by the AMF — gives consumers better protection against the risks of insolvency,” the AMF […]
By Canadian Underwriter | April 8, 2009
The Ontario Superior Court has struck the statement of claim of a woman alleging that her insurer, its claims adjuster and solicitor conspired against her to cause economic injury and mental distress.In King v. Kahane-Rapport et. Al. the plaintiff was injured in a car accident. She filed an action against her accident benefits insurer. The […]
There was a 1.9% decrease in the average lowest rates quoted for auto insurance rates in Ontario in Q1 2009 as compared to Q1 2008, according to a Kanetix study. The study findings appear to contradict industry trends of increasing auto rates, Kanetix notes in a release. Despite these trends, for the second quarter in […]
1 min read
Claudine Davoodi has been appointed director of claims operations in Montreal for Crawford & Company (Canada) Inc. Additionally, Richard Viau has been appointed director of Crawford & Company (Canada) Inc.’s global technical services division in Quebec.She will have operational responsibility for the claims operations in Montreal and will assist in leading and directing the growth […]
Reinsurance rates have continued to increase for the U.S. property and catastrophe reinsurance market as of the Apr. 1, 2009 renewal, according to a briefing issued by Guy Carpenter & Company LLC.The briefing, titled Rates Up on Tightening Capacity at U.S. 4/1 Prop-Cat Renewal, is available for download at www.GCCapitalIdeas.com.Guy Carpenter’s briefing shows rates for […]
By Canadian Underwriter | April 7, 2009
The Saskatchewan Auto Fund is applying to the Saskatchewan Rate Review Panel (SRRP) for a rate increase and rate rebalancing — the first increase since 2000. If approved, customers would see an average increase of 4.2%, effective Nov. 1, 2009. The proposal would result in an increase of less than $5 a month, or an […]
Gains from higher rates in a hard market will be offset by a falloff in demand for insurance due to the economic crisis, Advisen says in a briefing. Inevitably, capital-draining developments like recession-driven fraud losses, in conjunction with stagnant capital markets, will lead to a “hard market,” according to Advisen’s, The Impact of the Economic […]
The Insurance Bureau of Canada (IBC) says the Financial Services Commission of Ontario (FSCO) clearly recognizes the scope of the problem with Ontario auto insurance, which is encouraging, but there are still questions as to whether or not FSCO’s recommendations to the government represent the correct approach. FSCO’s recognition that there is a serious cost […]
By Canadian Underwriter | April 6, 2009
The recommendations from the Financial Services Commission of Ontario (FSCO) regarding the five-year review of automobile insurance is good news for accident victims facing massive deductibles imposed by auto insurers, according to the Ontario Trial Lawyers Association (OTLA) and the Ontario Bar Association (OBA). The OTLA and the OBA welcomed the report, focusing on Recommendation […]
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