Claims
The Insurance Corporation of British Columbia (ICBC) is appealing a B.C. Supreme Court decision to award a woman Cdn$12.5 million in damages, an ICBC representative has told Canadian Underwriter.After a five-day trial, a jury awarded the insured Cdn$6.5 million in personal damages, $5.6 million for loss of future earnings and $335,000 for future care, the […]
By Canadian Underwriter | October 30, 2009
1 min read
Insurance Bureau of Canada (IBC) has approved Cdn$1-million pilot project for a new municipal risk assessment tool that will help insurers assess climate change risks.The new tool is intended to collect key data that will help insurers better understand the risk of future water and other climate-related claims.The federal government has picked up half of […]
2 min read
Industry
The Public Health Agency of Canada has issued travel guidance asking Canadians sick with the H1N1 virus to postpone their travel plans — and has requested that airlines make it easier for travelers to re-book their flights.The airlines have responded by saying travel insurance is the best way to handle the re-booking of flights as […]
By Canadian Underwriter | October 29, 2009
With the 2010 Olympic and Paralympic Winter Games fast approaching, Insurance Bureau of Canada (IBC) is reminding B.C. homeowners to make sure they are properly insured before renting out their property to visitors.Since last year, IBC has been encouraging B.C. homeowners who are planning to rent their homes or apartments during the Olympics, in whole […]
Tess Romain has been appointed to Insurance Bureau of Canada (IBC)’s Ontario Division as manager of government relations, effective Nov. 2, 2009.Romain holds plenty of work experience with the Ontario government, specifically in the Minister’s offices of Public Infrastructure Renewal and Health. Most recently she served as the director of policy to the Minister of […]
Despite signs of an economic recovery, including positive trends in the equity markets and lower credit spreads, Standard & Poor’s (S&P’s) Rating Services remains of the opinion that market conditions will continue to put pressure on its ratings of global multiline insurers (GMIs).“Over the past two years, impairments on invested assets have substantially eroded GMI’s […]
The implementation of the Harmonized Sales Tax (HST) will result in a one-time hit of $250 million for the insurance industry at the end of 2009, Don Forgeron, president and CEO of Insurance Bureau of Canada, told delegates of the Property Casualty Underwriters Club luncheon in Toronto. Ontario and British Columbia each have HSTs coming […]
By Canadian Underwriter | October 28, 2009
The New Brunswick Insurance Board held a public hearing on Oct. 27 to consider an auto insurance rate filing by IAO Actuarial Consulting Services Inc. (IAO), which recommends an average rate decrease of 6.02% for 2010.The outcome of the meeting will be made public in the future.”Although the IAO does not write automobile insurance, insurance […]
RenaissanceRe Holdings Ltd. reported a US$258.6-million profit in 2009 Q3, compared to a net loss of US$231 million in 2008 Q3. But gross premiums written (GPW) declined by US$37.4 million, down to US$202.4 million, in 2009 Q3. The reinsurer said the GPW decrease was due principally to US$49 million in reinstatement premiums written in the […]
ACE Limited reported a $494-million profit in 2009 Q3, compared to a $54-million profit over the same quarter last year.“Our P&C combined ratio was 88.1% and benefited from positive prior period reserve development and light catastrophe losses in the period,” Evan G. Greenberg, chairman and CEO of ACE Limited, said in a release. “Excluding those […]
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