Claims
Commercial insurance rates in the United States are still softening, but at a much slower pace than recent quarters, the Risk and Insurance Management Society (RIMS)’s Benchmark 2008 Q4 Survey found.The average general liability premium fell more than any other line at 5.9% in 2008 Q4, but this decrease is modest when compared to the […]
By Canadian Underwriter | January 20, 2009
2 min read
Industry
Lang Michener author Frank Palmay has praised Alberta for being the first provincial jurisdiction in Canada to extend privilege to cover an insurer’s self-assessment documents.”Alberta’s approach is a reasonable balance of the equities and it is hoped that its lead will be followed by other jurisdictions,” Palmay wrote in a newsletter article published by the […]
Looking ahead into 2009, the profitability of the North American insurance broker industry is expected to be flat or modestly lower, Fitch Ratings says in a recent report, Review and Outlook 2008-2009.In making its assessment, Fitch noted the “economic recession and competitive insurance rate environment will continue to challenge brokers to grow organically or improve […]
1 min read
Given the unprecedented volatility in the financial markets, insurers’ loss reserve adequacy, which had been a matter of secondary consideration in the past few years, may once again drive ratings, Standard & Poor’s said in a recent report.The article, Insurers’ Reserve Adequacy will Come Under Pressure as Operating Profitability Worsens, states that the U.S. property […]
By Canadian Underwriter | January 19, 2009
Jean Chretien, former Prime Minister of Canada, will be the keynote luncheon speaker at the 2009 National Insurance Conference of Canada (NICC).The conference will be held from Wednesday, Sept. 30 until Friday, Oct. 2 at the Ottawa Westin. Registration for the event will likely open in March.A draft line-up of speakers and sessions includes ‘Market […]
The scourge of piracy on the international high seas in 2008 reached a new, alarming dimension, according to recent reports by Munich Re and the Piracy Reporting Centre (PRC).The PRC is part of the International Maritime Bureau (IMB) of the International Chamber of Commerce (ICC).”In 2008 there was a worldwide total of 293 incidents of […]
Sovereign General Insurance Company is offering a new form of insurance coverage intended to help British Columbians upgrade to ‘environmentally-responsible’ building products when repairing or rebuilding their home after an insured loss.The new insure2green coverage allows British Columbians whose homes are being repaired or rebuilt after an insured loss to upgrade their selection of building […]
The Financial Services Commission of Ontario (FSCO) approved automobile rate increases averaging 2.57% in 2008 Q4, based on the entire market.In 2008 Q4, for 69.37% of the market that had rate changes approved, the average rate change was 3.71% when weighted by market share.The rate changes approved in 2008 averaged to an increase of 5.59%, […]
By Canadian Underwriter | January 16, 2009
The Alberta Automobile Insurance Rate Board (AIRB) has released its 2008 Q4 decisions report, with the majority of insurers applying for rate increases. Four insurers applied for increases in base premiums, which on average would result in an estimated 5% increase on premium level for additional coverage. These insurers include:- Alberta Motor Association Insurance Company […]
One day after the Supreme Court of Nova Scotia upheld the province’s Cdn$2,500 cap for minor auto injuries, the Nova Scotia Coalition Against No-Fault Insurance held a press conference announcing it intends to appeal the decision.The coalition is an advocacy group supporting the plaintiffs in the case Hartling v. Nova Scotia, in which the court […]
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