Industry
Upgrades of U.S. property and casualty insurers by A.M. Best Co. barely outpaced downgrades in 2008, following two years in which the numbers tilted heavily in a positive direction.In its special report, Ratings Actions Slow Down as Turmoil Grips P&C Industry, A.M. Best notes that downgrades of property and casualty insurers totalled 57 in 2008 […]
By Canadian Underwriter | February 19, 2009
1 min read
Alan L. Austin has joined the Vancouver branch of Kernaghan Adjusters. Austin’s expertise includes large transportation claims in both Canada and the United States. He has also adjusted large complex property losses, professional liability matters (including broker E&O) and larger jeweler block claims. Collision Solutions Network (CSN) has appointed Jay Hayward to manager of operations […]
By Canadian Underwriter | February 18, 2009
Paris Re saw its Jan.1 renewal premium drop by about 13% to US$583 million of premium written (based on constant exchange rates). “The 2009 renewals brought about a turn in the market’s direction, with Paris Re continuing to focus on underwriting profitability,” the company notes. “With its positive balance sheet, its global access to markets, […]
An insurance company seeking to challenge the authority of Canada’s privacy legislation and the privacy commissioner in an auto injury case will have to go to the Federal Court to make its case, the New Brunswick Court of Appeal has ruled.In State Farm Mutual Automobile Insurance Company v. Privacy Commissioner of Canada and Attorney General […]
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Claims
Property and casualty insurance pricing in the United States is expected to hit the bottom of the trough in the first two quarters of 2009, with flat pricing for renewals being the norm.”In the second quarter or second half of 2009, it is likely that single-digit percentage rate increases will be commonplace, with more placements […]
The Insurance Corporation of British Columbia’s (ICBC) Special Investigations Unit investigated 2,800 cases of fraud and obtained 54 convictions in 2008. “We estimate fraud and exaggeration costs each of our 3.1 million customers in the range of $100 to $150 per year,” said Steven Tripp, manager of ICBC’s special investigations unit. “That amounts to theft […]
By Canadian Underwriter | February 17, 2009
If Alberta’s Court of Appeal reinstates the province’s cap on minor injuries, the total amount recoverable will be adjusted by 3.8% to Cdn$4,504 as of Jan.1, 2009. When Alberta Court of Queen’s Bench Justice Neil Wittmann struck down the minor injury cap on Feb. 8, 2008, the cap amount stood at Cdn$4,339.The new amount relates […]
Claims professionals should be aware of the limitations of Functional Capacity Examinations (FCEs), the protocols of which aren’t necessarily conclusive in determining whether or not people with physical injuries will be able to return to work.Elizabeth Chapman, a kinesiologist who performs medical assessments for insurers, made the observation during a Webinar designed for claims managers. […]
If members of the insurance industry are going to survive the hard market in an economic downturn, they must go back to basics, said Bob Tisdale, president and chief operating officer of Pembridge Insurance.Tisdale spoke at the Insurance Brokers of Toronto Region (IBTR) luncheon on Feb. 17, 2009 in Markham, Ont.Surviving the economic crisis in […]
Ontario’s broker regulator has issued a bulletin to the province’s brokers, saying that although the rules prohibiting credit scoring for the purpose of underwriting insurance are primarily aimed at insurance companies, the issue nevertheless affects the day-to-day business activities of brokers.The Registered Insurance Brokers of Ontario (RIBO) addressed the credit-scoring issue in a bulletin that […]
By Canadian Underwriter | February 13, 2009
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