Claims
Manitoba licensed insurance agents are now required to have an endorsement that covers fraud and dishonest acts as part of their mandatory errors and omissions insurance.The amendment to the Insurance Agents & Adjusters Regulation was implemented on May 31, 2010, but allows for a one-year transition period.”It is important to note that a transition period […]
By Canadian Underwriter | July 23, 2010
1 min read
Tropical Storm Bonnie is churning towards the Gulf of Mexico, putting the clean-up efforts of the BP oil spill on hold. Bonnie is the second named storm of the 2010 Atlantic Hurricane season. The storm system will make its way over southern Florida on July 23, and then across the Gulf of Mexico, into the […]
The Chubb Corporation [NYSE: CB]’s results in 2010 Q2 reflected a big catastrophe hit of $193 million, a huge jump from the $43 million in losses in 2009 Q2. “The $193 million reflects the impact of numerous storms throughout the United States, the most significant of which was the May hailstorm in Oklahoma,” Chubb reported […]
Industry
Canada’s inflation rate slowed to 1% in the 12 months to June 2010, following a 1.4% increase in May. The inflation rate is determined by the Consumer Price Index (CPI), which measures the pricing of selected, typical consumer goods and services over time.Statistics Canada noted homeowner’s replacement costs rose 5.2% in June, following a 4.4% […]
The Financial Services Commission of Ontario (FSCO) has released new guidelines to reflect the reforms under the Statutory Accident Benefits Schedule. The revised Professional Services Guideline caps fees for completion and submission of forms at $200.The Transportation Expense Guideline applies to any travel on or after Sept. 1, 2010, regardless of the accident date. The […]
By Canadian Underwriter | July 22, 2010
The corollary effects of the global financial crisis – featuring dramatically downsized staffs and reduced budgets – on the total cost of risk is a major concern for corporate risk and finance managers, according to a Towers Watson survey. Retained claims (including claims paid by a captive) are the single greatest concern for risk managers, […]
Police-reported crime in Canada continued to decline in 2009, according to a new study released by Statistics Canada.”Nearly 2.2 million crimes were reported to police in 2009, about 43,000 fewer than in 2008,” Statistics Canada says. “Overall, three property crimes accounted for the majority of this drop: 17,000 fewer motor vehicle thefts, 10,000 fewer mischief […]
As insurance brokers prepare once more to negotiate with the government about the mandatory Bank Act review, customer satisfaction related to banks’ specialized accounts for borrowing, investment and insurance “has improved notably in 2010,” according to a study by J.D. Power and Associates.”In order to maintain their respective competitive advantages, Canadian banks are acquiring new […]
Total gross written premium of out-of-Canada business written by branches in Canada amounted to almost $70 million in 2010 Q1 (annualized roughly to $280 million), according to the MSA/Baron Outlook Report Q1-2010.This is the first financial quarter in which the effects of the changes to Part XIII of the Federal Insurance Companies Act are incorporated […]
By Canadian Underwriter | July 21, 2010
Excess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during 2010 Q2, according to the RIMS Benchmark Survey.In the survey, administered by Advisen Ltd., risk managers reported decreases in average renewal premium of between 2.5% and 3.8% for property, general liability, directors & officers liability (D&O) and workers’ compensation insurance. […]
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