Industry
The scourge of piracy on the international high seas in 2008 reached a new, alarming dimension, according to recent reports by Munich Re and the Piracy Reporting Centre (PRC).The PRC is part of the International Maritime Bureau (IMB) of the International Chamber of Commerce (ICC).”In 2008 there was a worldwide total of 293 incidents of […]
By Canadian Underwriter | January 19, 2009
2 min read
Sovereign General Insurance Company is offering a new form of insurance coverage intended to help British Columbians upgrade to ‘environmentally-responsible’ building products when repairing or rebuilding their home after an insured loss.The new insure2green coverage allows British Columbians whose homes are being repaired or rebuilt after an insured loss to upgrade their selection of building […]
The Financial Services Commission of Ontario (FSCO) approved automobile rate increases averaging 2.57% in 2008 Q4, based on the entire market.In 2008 Q4, for 69.37% of the market that had rate changes approved, the average rate change was 3.71% when weighted by market share.The rate changes approved in 2008 averaged to an increase of 5.59%, […]
By Canadian Underwriter | January 16, 2009
1 min read
The Alberta Automobile Insurance Rate Board (AIRB) has released its 2008 Q4 decisions report, with the majority of insurers applying for rate increases. Four insurers applied for increases in base premiums, which on average would result in an estimated 5% increase on premium level for additional coverage. These insurers include:- Alberta Motor Association Insurance Company […]
One day after the Supreme Court of Nova Scotia upheld the province’s Cdn$2,500 cap for minor auto injuries, the Nova Scotia Coalition Against No-Fault Insurance held a press conference announcing it intends to appeal the decision.The coalition is an advocacy group supporting the plaintiffs in the case Hartling v. Nova Scotia, in which the court […]
Manitoba Public Insurance (MPI) has reported a net income of Cdn$1.8 million for the nine months ended Nov. 30, 2008. This is down Cdn$15.4 million from the same period in 2007. Also, investment income dropped by Cdn$93.3 million, MPI reports in a release. Claims costs for the nine-month period increased by Cdn$7.7 million, to Cdn$580 […]
Rising sea levels due to the loss of land ice in Greenland and West Antarctica may be happening faster than previously thought, according to climate change research summarized in PartnerRe’s Hazard & Risk Science Review 2008.PartnerRe’s report notes that the Intergovernmental Panel on Climate Change (IPCC) suggests sea level increases by 2100 would amount to […]
By Canadian Underwriter | January 15, 2009
Catlin Group Limited is sponsoring a group of international scientists attempting to obtain the most accurate measurements of the thickness of the Arctic Ocean sea ice. The pioneering survey will begin in February, led by British polar explorer Pen Hadow. “As a specialty insurance and reinsurance company, the potential effects of global warming will have […]
Aon Benfield estimates the range of direct insured losses resulting from the alleged Bernard Madoff ‘Ponzi’ scheme to be between US$760 million and US$3.8 billion, with a best estimate of US$1.8 billion, according to a preliminary forecast.A ‘Ponzi’ scheme is a fraudulent investment operation that pays returns to investors out of the money paid by […]
The Risk and Insurance Management Society (RIMS) is seeking government intervention to issue new regulations to govern broker compensation. RIMS has called upon the New York State Attorney General’s Office and the New York Insurance Department to take the initiative.It reaffirms its position that contingent fees for insurance producers should be prohibited, and that in […]
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