Industry
Canada’s property and casualty insurance industry is “strongly cautioning” the Alberta government to scrap a proposal that would prohibit insurers from excluding claims for fire damage following terrorist or earthquake events.Primary insurers would run a higher risk of insolvency if the government implements its recommended change to the province’s Insurance Act, the Insurance Bureau of […]
By Canadian Underwriter | January 12, 2010
2 min read
Manitoba Public Insurance (MPI) has a reported net income of $32.1 million for the nine months ended Nov. 30, 2009, compared to a net income of $1.8 million for the same period of 2008. The improvement was achieved in part by improved investment income of $50.6 million, according to MPI. “After three quarters of the […]
1 min read
John Tagle has been appointed senior vice president of national sales and business development at ClaimsPro, an SCM company.Tagle will be responsible for the augmentation of strategy and implementation of plans at ClaimsPro, leading sales and business development.In addition, Ian Alexander has joined ClaimsPro’s special risks division.In an insurance career spanning 25 years, Alexander brings […]
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has posted 14 high-level principles to guide the development of a new capital framework for property and casualty insurers. OSFI says the principles are intended to encourage the use of improved risk-based business decisions and better reflect an insurer’s risk profile and risk […]
Claims
Insurers generally agree with the Alberta insurance regulator that disclosure of limitation periods to litigate a claim should be “transparent” and “fair,” but a general industry consensus has evolved that requiring an insurance company to notify a claimant about the limitation periods three times is probably one time too many.The Government of Alberta’s finance and […]
By Canadian Underwriter | January 11, 2010
Painful symptoms that interfere with a person’s post-accident activities are not sufficient to entitle claimants to non-earner benefits — particularly in circumstances when there is a pre-existing medical condition, Ontario’s arbitrator has ruled. In Jasmin Mangallon and TTC Insurance Company Limited, the plaintiff, Jasmin Mangallon, claimed a non-earner benefit after the rear doors of a […]
The Health Claims for Auto Insurance (HCAI) system is stable, with no new processing issues identified, according to Insurance Bureau of Canada. The HCAI pilot was re-launched on Sept. 28, 2009, with two insurers and nine health care facilities. After the three-month mark of the re-launch, 12 insurers are now participating in the HCAI pilot, […]
The net income of U.S. private property and casualty insurers after taxes rose to $16.2 billion through nine-months 2009, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).This represents a partial recovery from the 91.2% decline from $49.6 billion through nine-months 2007 to $4.4 billion through nine months […]
The global reinsurance market is in a state of “disciplined softening,” according to Willis Re.The assessment of the state of the marketplace stems from the Jan. 1, 2010 renewals, which saw measured premium rate reductions, a release says.“Despite global economic headwinds, the reinsurance industry has enjoyed one of its most profitable underwriting years for a […]
By Canadian Underwriter | January 8, 2010
A new international standard for risk management, ISO 31000, has been developed and released.Any public, private or community enterprise, association, group or individual can use ISO 31000. It is not specific to any industry or sector and is intended to harmonize risk management processes in existing and future standards.It is not a standard to which […]
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