Industry
Regulations for Ontario’s auto insurance reforms are now public, and will take effective on Sept. 1, 2010, the province’s insurance regulator has announced. The reforms include a new Statutory Accident Benefits Schedule (SABS) that will cap medical/rehabilitation and assessment/examination expenses for minor injuries at $3,500. The new SABS also features a new Minor Injury Guideline […]
By Canadian Underwriter | March 3, 2010
2 min read
Claims
Natural disasters in Canada and damages arising from them have tripled since the 1980s, according to a comprehensive report published by the Institute for Catastrophic Loss Reduction (ICLR).”Canada has had a fair share of natural disasters,” says the 223-page report, Canadians at risk: Our exposure to natural hazards. “Between 1983 and 1987, they cost Canadians […]
Crawford & Company (NYSE: CRDA; CRDB) is mobilizing its staff of in-country, regional and Global Technical Services (GTS) adjusters to handle the losses resulting from the Feb. 27 earthquake in Chile.”Crawford’s offices in Chile are being supported by our professionals worldwide to ensure that we deliver superior adjusting services to the country’s residents and businesses […]
1 min read
New auto insurance regulations to take effect in Ontario in September 2010 are designed to make it impossible for insurers to place an accident benefits claim on hold in order to resolve a dispute between insurers.In addition, Ontario regulations now ban credit scoring in auto insurance lines as an “unfair or deceptive act or practice.” […]
There is growing interest in buying standalone intellectual property insurance, Lloyd’s of London says.“There’s huge demand out there from customers,” David Rees, vice president of the financial and professional risks practice at Marsh, tells lloyds.com. “In fact, there’s more demand than there is market capacity at the moment.”Intellectual property insurance coverage pays for the legal […]
By Canadian Underwriter | March 2, 2010
The Applied Systems Client Network (ASCnet), the user group of Applied Systems insurance agency management software, will relocate by year-end 2010 to the Chicago area. Prior to the move, ASCnet will hire a permanent CEO to succeed interim CEO Rick Morgan.The association has called the Orlando, Florida area home since the mid-1980s. “Most ASCnet leaders […]
Primary errors and omissions rate reductions averaged declines of between 5% and 10% in 2009, according to Guy Carpenter. This was true for insureds exhibiting no material change in exposure and loss activity, the GC Capital Ideas report finds. Primary insurers sought rate increases in anticipation of increased claims activity due to the recent economic […]
The CG&B Group Inc. has acquired Robertson & Robertson Yacht Insurance Ltd.This brings CG&B into the yacht insurance business, expanding their current product and service line. Robertson & Robertson Yacht Insurance Ltd. provides customized insurance coverage to meet the needs of individual boat owners. The Robertson & Robertson operation will be integrated into CG&B’s Markham, […]
The insurance industry is changing its approach to product pricing, increasingly using price optimization to differentiate themselves from competitors, according to Celent, a Boston-based financial research and consulting firm.Celent’s recent report, Price Optimization in Insurance: A Revolution in Progress, defines “price optimization” as multi-dimensional method of pricing.”It brings other dimensions into the pricing calculation, balancing […]
By Canadian Underwriter | March 1, 2010
American International Group, Inc. (AIG) reported a 2009 Q4 net loss of $8.9 billion, compared to a net loss of $61.7 billion in 2008 Q4. According to AIG, the quarterly net loss can be primarily attributed to: • $6.2 billion of interest and amortization expense, including $5.2 billion of accelerated amortization expense on the prepaid […]
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