Claims
Insurers expect to pay out more than Cdn$6 million to clients for repairs to homes, cars and businesses damaged after a force F2 tornado tore through the town of Mont-Laurier, Quebec on Aug. 4, 2009.Despite the storm’s short duration, the force of the winds — between 180 and 250 km-h — caused extensive damage resulting […]
By Canadian Underwriter | September 4, 2009
1 min read
Industry
Insurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according to an Aon release. “For companies looking to insure large and/or complex risks, insurers are […]
Insurers must continue to work with public policy makers to allow insurance companies to deliver more climate risk mitigation measures at an accelerated pace, according to a Zurich white paper. Zurich’s report, The Climate Risk Challenge: The role of insurance in pricing climate-related risks, lists a number of important concepts to be incorporated into any […]
A 22-year-old Beeton, Ontario woman who suffered a serious brain injury in a 2002 auto accident has received a court award of Cdn$18.4 million. The sum, awarded by the Ontario Superior Court, is thought to be the highest-ever damage award in Canada for injuries suffered in a car accident. Katherine-Paige (KP) MacNeil, 15 years old […]
By Canadian Underwriter | September 3, 2009
2 min read
The outlook on the global reinsurance sector remains negative, due to potential inability of reinsurers in the current economic environment to replenish capital if they suffered large catastrophe losses, according to Fitch Ratings. Historically, this heightened vulnerability for the reinsurance sector has not existed to the same extent, says Fitch’s 2009-2010 Global Reinsurance Review and […]
Manitoba Public Insurance (MPI)’s Driver Safety Rating (DSR) system will begin on Mar. 1, 2010. The objective of DSR is to reward safe driving based on a system of premium decreases or increases tied to safe and risky driving behaviours, respectively.A driver’s risk will be rated on a sliding scale of between +15 and -20, […]
By Canadian Underwriter | September 2, 2009
Although global financial markets have improved substantially since March 2009, earnings and capitalizations in the Canadian property and casualty insurance market are expected to remain under some pressure, according to a special report by A.M. Best.The full report, Canadian Insurers Face Significant Challenges Following Difficult 2008, will be made available on A.M. Best’s Web site […]
SCM Risk Management Services and Compu-Quote have partnered to develop a data validation service, providing an accreditation process for information submitted by consumers to insurance brokers during the quoting process.Compu-Quote will receive information from SCM Risk Management Services to validate data and provide a street view photograph or satellite view of the dwelling being quoted, […]
By Canadian Underwriter | September 1, 2009
Canadian property and casualty insurers continued to suffer from recessionary conditions in 2009 Q1, with underwriting profitability continuing to deteriorate, Swiss Re observed in its July 2009 edition of Canadian Property & Casualty Quarterly.Overall, the Canadian property and casualty industry recorded underwriting losses of Cdn$84.3 million in 2009 Q1, “an improvement from Cdn$319 million [in […]
Private auto insurers’ claims costs have increased demonstrably over the past few years in both Alberta and Ontario. It therefore seems axiomatic — as obvious as saying “two plus two equals four” — that insurers must raise their rates. All the more puzzling, then, why the Alberta Automobile Insurance Rate Board (AIRB) recently signed off […]
By David Gambrill, Editor | August 31, 2009
3 min read
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