Industry
An insurer’s reserves “should almost never be ordered produced” in statutory accident benefits claims made under Ontario’s SABS legislation, an arbitrator for the Financial Services Commission of Ontario (FSCO) has found.Reserves are estimated amounts assigned by an insurer to account for the total possible future payout of a person’s claims arising from an accident.In Security […]
By Canadian Underwriter | August 11, 2009
1 min read
Claims
ICBC has been awarded more than Cdn$600,000 in damages and interest by the B.C. Supreme Court after a lengthy trial related to an insurance fraud ring. The Supreme Court ruled in Insurance Corporation of British Columbia v. Suska that a variety of frauds and vehicle conversions were committed when several vehicles were falsely reported stolen […]
Swiss Re has reported a net loss of CHF381 million (roughly the same amount in Canadian currency) for 2009 Q2 as compared to a profit of CHF564 million for 2008 Q2. Property and casualty operating income increased to CHF1 billion in 2009 Q2 as compared to CHF900 million in 2008 Q2. The combined ratio improved […]
By Canadian Underwriter | August 10, 2009
American International Group Inc. (AIG) reported a net income of US$1.8 billion in 2009 Q2, its first quarterly profit since the third quarter of 2007.Commenting on the second quarter results, AIG chairman and CEO Edward M. Liddy said the results reflected “stabilization in certain of our businesses.”Liddy said improved market conditions, a decline in other […]
2 min read
Kingsway Financial Services Inc. (TSX/NYSE: KFS) reported a net loss of US$38.4 million in 2009 Q2, compared with a US$6.3-million profit in 2008 Q2.The result reflects a company in the middle of a major transformation strategy — including a previously announced withdrawal from the Canadian cross-border trucking business and the placing of its U.S. subsidiary […]
By Canadian Underwriter | August 7, 2009
Thus far, the current wildfires burning in British Columbia have not caused nearly as much property damage as the 2003 fires, experts say.Greg Thierman, manager of Crawford & Company (Canada)’s Kelowna branch, says that while the fires have come very close to densely populated areas, efforts by the firefighters and a bit of cooperation from […]
An insurance claimant and his or her legal representative need to meet a minimal threshold of due diligence before they approach the Ontario Motor Vehicle Accident Claims Fund as a “first insurer,” a FSCO arbitrator has found.The Motor Vehicle Accident Claims Fund acts as an insurer of last resort, paying a claim when no other […]
By Canadian Underwriter | August 6, 2009
RSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in the first half of 2008.Net written premiums for the first six months of 2009 increased […]
The number of securities lawsuits filed in the United States dropped significantly in 2009 Q2 when compared to the first quarter of this year, but the decrease may only represent a temporary lull, reports Advisen.One hundred and forty securities cases were filed in 2009 Q2, marking a dramatic decrease from the 221 suits filed in […]
By Canadian Underwriter | August 5, 2009
Marsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government security clearance screening business that Marsh owns. Marsh has indicated it plans to sell parts […]
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