Industry
An actuarial analysis presented to the Alberta Automobile Insurance Rate Board (AIRB) has suggested a 3% decrease in rates, assuming a cap on minor injury remains in place. This is in contrast to Insurance Bureau of Canada’s request for a 7.8% rate increase (also assuming a cap). Had the cap not been restored on June […]
By Canadian Underwriter | June 18, 2009
2 min read
On a written exposure basis (or one car insured for one year), Alberta’s risk sharing pools (RSP) are the fourth largest in North America on a combined basis, the Facility Association says in its report to the Automobile Insurance Rate Board.In 2008, Alberta’s RSPs held 8.8% of market share. The grid RSP represented 6.2%, and […]
1 min read
When implementing initiatives around online social networking, insurers that create internal networking platforms have the potential to extract far more value than those that create external communities for the public at large, a Celent report suggests. The popularity of online social networks is growing, with North Americans spending roughly 16% of their time online participating […]
Waiver of tort is going to be the bane of insurers’ existence until it’s dealt with in the courts, Robert B. Bell of Borden Ladner Gervais LLP told delegates at an Insurance Institute of Canada seminar on June 17 in Toronto. As defined on Stikeman Elliott’s Web site, a “waiver of tort” describes a situation […]
By Canadian Underwriter | June 17, 2009
The anticipated flood in Canada of class action lawsuits by secondary market investors against public companies has not yet materialized, in part because the representative plaintiffs in such lawsuits must seek leave of the courts to proceed.In the June 2009 issue of Crawford’s newsletter, ProClaim, the feature article discusses recent amendments to class action legislation […]
Automobile accident victims are planning to rally and hold a news conference at Nathan Phillips Square in Toronto on June 18, 2009 to protest proposed changes to Ontario’s auto insurance benefits.Speakers at the news conference will include Ontario NDP leader Andrea Horwath, as well as representatives from the Ontario Home Care Association, the Alliance of […]
The property-casualty insurance industry reserve position has deteriorated slightly in 2008 when compared with analyses of previous years, reports Conning Research & Consulting Inc.In its report, Property-Casualty Loss Reserves: Once More to the Well, Conning reports that the U.S. property and casualty industry released almost US$14.5 billion in reserves from years 2007 and prior, excluding […]
Insurance Bureau of Canada (IBC) has removed its call to the Automobile Insurance Rate Board for a 40.2% increase in auto premiums in light of the recent Court of Appeal of Alberta decision upholding the province’s minor injury cap.IBC has also put out a call asking trial lawyers to not appeal the decision. “Now, the […]
By Canadian Underwriter | June 16, 2009
The Ontario Superior Court has created a “half-a-loaf solution” to the question of whether or not a defence is owed under a snow removal contractor’s policy to the owner of the premises that has been named as an additional insured under the contractor’s policy.In the Number 4, 2009 edition of the Hughes Amys newsletter, Noteworthy, […]
A.M. Best Co. has upgraded Optimum General Insurance Group (Canada)’s financial strength rating to B+ (good) from B (fair).Optimum General Insurance Group consists of Optimum Insurance Company Inc., its wholly-owned subsidiary, Optimum Farm Insurance Inc. (both of Montreal, Quebec) and Optimum West Insurance Company (Vancouver, British Columbia).The outlook for the rating is stable, an A.M. […]
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