Industry
2009 was the most expensive claims year in recent history, according to Aon’s Airline insurance market outlook 2010: equilibrium?The aviation industry reported $2.3-billion worth of claims in 2009, including an estimate for minor losses, Aon found. This is above the $1.8-billion average value of claims between 1998 and 2008. However, although it may have been […]
By Canadian Underwriter | April 19, 2010
1 min read
Ontario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%, -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market,” the Financial Services Commission […]
Claims
As long as a trial judge has not directed a jury to deduct income replacement benefits (IRBs) from their jury award, the trial judge may deduct IRBs from the jury award without fear of “double deduction,” the Ontario’s Court of Appeal has ruled.In Karamzadeh v. Pierre, Heydar Karamzadeh was found by the Ontario Superior Court […]
2 min read
Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS) has announced that its president and CEO Colin Simpson, “having substantially completed the downsizing and restructuring of the Kingsway Group,” will resign on June 30, 2010 to pursue other career interests. Larry Swets, currently the company’s executive vice president of corporate development, will take over the role of president […]
By Canadian Underwriter | April 16, 2010
The Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $53 million.The insurer’s combined ratio improved in 2009 to 103.1% from 106.4% in 2008.Gross written premium increased from $2.2 billion in 2008 to $2.6 billion last year.The Co-operators General Insurance reported an improvement […]
Manitoba is proposing changes to its Highway Traffic Act that would make it an offence to tamper with anti-theft immobilizers and airbag systems. The maximum fine for those in violation of the proposed legislation would be $5,000.“We believe it is important to bolster public safety and consumer protection with this proposed legislation and are backing […]
ICBC reported a net income of $563 million in 2009, up from $497 million for 2008. Underwriting income dropped from $321 million in 2008 to $135 million in 2009.Claims and related costs increased to $2.97 billion in 2009 from $2.82 billion in 2008. Claims costs were still lower than expected due to customers making smart […]
Sharon Ludlow has been appointed CEO of Swiss Re in Canada and head of Canadian and English Caribbean operations, effective June 1, 2010. She will succeed Jean-Jacques Henchoz, who will return to Switzerland after five years in Canada.Ludlow currently serves as chief financial officer of Swiss Re in Canada. Her background includes senior financial experience […]
Now in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey administered by Advisen Ltd. Average premiums in every line tracked by the survey fell in the first quarter. However, forecasts for an above-average hurricane season may signal rising premiums on […]
By Canadian Underwriter | April 15, 2010
The Financial Services Commission of Ontario (FSCO) has ordered a claimant to produce OHIP records and the clinical notes of his family doctor dating back to motor vehicle accidents that allegedly occurred up to five years prior to the 2005 accident that was the subject of arbitration. The applicant, Karel Paskoe, was involved in a […]
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