Industry
A.M. Best Co. has revised its year-end projections for the U.S. property and casualty industry, noting the adjusted combined ratios for the overall and individual segments of the industry will each likely break the 100% mark.A.M. Best believes the overall combined ratio will increase to 103.2%, up from the initial projection of 98.6% published in […]
By Canadian Underwriter | October 7, 2008
2 min read
Minor auto injury claimants suffering from temporary disabilities do not have the same “immutable” characteristics required to receive constitutional protection against discrimination, insurers’ counsel have argued on appeal in Alberta.Alan D’Silva, a partner at Stikeman Elliott LLP, presented to the National Insurance Conference of Canada the arguments the insurance industry has already made before the […]
By Canadian Underwriter | October 6, 2008
1 min read
The gap in customer satisfaction reported by home insurance policyholders and auto insurance policyholders has steadily widened since 2004, JD Power and Associates reports.Homeowners insurance customer satisfaction has remained essentially flat during the past five years, while satisfaction with auto insurers has steadily increased, JD Power found.The 2008 Homeowners Insurance Study is based on responses […]
In order to achieve market stability, insurers and brokers should consider non-cancellable broker-partner contracts, Paul Martin, president and chief operating officer of KRG Insurance Group, told delegates of the National Insurance Conference of Canada (NICC) in Ottawa-Gatineau, Que.Martin spoke as a member of panel discussing the outlook for the commercial market.Insurers should also guarantee price […]
There are a small percentage of bodily injury claims that represent a high exposure for an insurance company based solely on the credibility of the plaintiff, Marc Gorbet, lawyer, Gerald A. Swayne & Associates, told delegates at the Annual Toronto Fraud Forum on Oct.2. Dubbed H.A.R.M files, High Award Risk Matters they contain an underlying […]
By Canadian Underwriter | October 3, 2008
An insurance company can put itself in a much better position if it questions the validity of an accident when Statutory Accident Benefit Schedule (SABS) claims are involved, John Desjardins, partner, Regan Desjardins, told delegates at the Toronto Fraud Forum on Oct. 2. Look at the different pieces of information available, especially reports and notes […]
The Insurance Bureau of Canada is hosting its eighth annual Regulatory Affairs Symposium on Nov. 5, 2008. The symposium, ‘Current Regulatory Environment For P&C Insurers,’ will be held at the St. Andrew’s Club & Conference Centre in Toronto, with registration and breakfast commencing at 7:45 a.m.The future of auto insurance rate regulation, governance risk and […]
American International Group Inc. (AIG) intends to retain its foreign general insurance businesses, its U.S. property and casualty businesses and to retain a continuing ownership interest in its foreign life insurance operations.”Literally, everything else that does not fit that definition, we are considering for sale,” Edward Liddy, AIG’s chairman and CEO, said in a Webinar […]
The Office of the Superintendent of Financial Institutions (OSFI) is reassuring the insurance industry that its scheduled changes to Part XIII of the Insurance Act are not intended to disenfranchise a class of Canadian policyholders in favour of protecting foreign policyholders. Philipe Sarrazin, OSFI’s director of policy and legislation, spoke at the National Insurance Conference […]
By Canadian Underwriter | October 2, 2008
Insurers should reconsider their future return on equity (ROE) targets in light of the volatility existing in the Canadian private auto insurance markets, actuarial panelists told delegates attending the National Insurance Conference of Canada in Ottawa-Gatineau, Quebec.”Return on equity: this is in my view a change in the landscape, and is an area or issue […]
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