Claims
FM Global has introduced Sustainability Select, a two-part coverage endorsement to its all-risk FM Global Advantage Policy.The Risk Improvement Coverage Endorsement allows clients to improve the “risk quality” at the location where the loss occurred, an FM Global release says. For example, if a building burns down, and it didn’t have a sprinkler system prior […]
By Canadian Underwriter | May 5, 2010
1 min read
Industry
Size does matter when it comes to writing commercial lines, although the effects vary depending upon whether Canadian commercial insurers are writing property or liability insurance, according to the Q4-2009 MSA/Baron Outlook Report.In her article ‘Commercial Lines — Does Size Matter?’ author Barb Addie notes that “over the years, there has been an ongoing debate […]
By Canadian Underwriter | May 4, 2010
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) has issued draft accounting guidelines related to IFRS conversion, including guidelines for structured settlements.The full guidelines are available at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=3698In Bulletin D-5, OSFI issues guidelines on the reporting by a property and casualty insurer of an annuity when purchased for a structured settlement contract with a […]
Recent changes to New Brunswick’s general limitation periods bring the province’s laws in line with those of Ontario and Saskatchewan.Section 5 of New Brunswick’s Limitation of Actions Act now provides that the “basic” limitation for motor vehicle accidents, claims in simple negligence and the vast majority of other claims will be two years “from the […]
Comprehensive deductibles are rising almost twice as fast (160% faster) than collision deductibles in the U.S. auto insurance industry, according to Mitchell International. Mitchell used data that included deductibles from 2003 to 2009 for collision and comprehensive losses. It found collision deductibles grew during that period by 10%, while comprehensive grew 26%. “Mitchell data shows […]
The Insurance Bureau of Canada (IBC) has launched a new, national on-site insurance information service, the Community Assistance Mobile Pavilion (CAMP), which will be deployed to assist Canadians with insurance questions in the event of a natural catastrophe. IBC launched the new program on May 3 as part of Emergency Preparedness Week. CAMP will be […]
By Canadian Underwriter | May 3, 2010
Co-operators General Insurance Company reported a profit of $31.8 million for 2010 Q1, an improvement over its 2009 Q1 net loss of $6.4 million.“Thanks in part to mild winter weather throughout the country and an improved investment environment, we have started 2010 with a much better three months than we experienced at the start of […]
PartnerRe Ltd. (NYSE, Euronext:PRE) estimates insured losses from the explosion and subsequent sinking of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.The oil platform exploded 50 miles off the Louisiana coast on Apr. 22, resulting in a huge oil spill flowing more than 1,500 metres below […]
MSB, a worldwide provider of building cost data and estimating technology to the property insurance industry, will add 1,500 new green items to its Total Component Database. Its new database item set will deploy electronically and be available for use in the company’s EyeQ and IntegriClaim claims estimating systems that same day.“To gain a competitive […]
The Pennsylvania Insurance Department filed a notice of appeal to the Pennsylvania Supreme Court on Apr. 30, 2010, saying it intends to challenge the Commonwealth Court of Pennsylvania’s decision to dismiss all claims against Kingsway and Kingsway America Inc.The Commonwealth Court found in April 2010 that Kingsway’s donation of its indirect interest in Lincoln General […]
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