Industry
Alberta’s Court of Queen’s Bench has asserted its jurisdiction in a dispute in which a Calgary-based oil and gas firm alleged its Russian operation was the victim of an aggressive takeover. As a result of the takeover, the Calgary firm claimed losses of oilfield equipment.In Norex Petroleum Limited v. Chubb Insurance Company of Canada, Zao […]
By Canadian Underwriter | July 29, 2008
2 min read
Parts and labour costs are higher for hybrid vehicle repairs than for repairs to gas-only vehicles, according to Mitchell International, Inc.’s latest Industry Trends Report.The 2008 Q3 edition of the Mitchell report features a report by Jamison Day entitled ‘The Average Severity of Hybrid versus Gas Vehicles.’ The study shows average part costs for hybrid […]
By Canadian Underwriter | July 28, 2008
The Canadian insurance industry as a whole experienced an underwriting loss in 2008 Q1, marking the first industry-wide loss since 2002, according to the MSA/Baron Outlook Report.The industry’s combined ratio has crept up past the 100% mark, from 2007 Q1’s 96.4% to 104.3% for this year’s first quarter.Industry premiums experienced 1.4% of growth, from Cdn$7.33 […]
1 min read
Rather than re-considering the use of contingency fee arrangements, the insurance industry should instead be eliminating them, the Risk and Insurance Management Society (RIMS) has testified at a public hearing in New York City.The hearings, before New York superintendent of insurance Eric Dinallo and New York attorney general Andrew Cuomo, have been designed to get […]
By Canadian Underwriter | July 25, 2008
Claims
Stephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC, and we look forward to his contribution to the board,” Prentice said in a release. […]
KMS Assurance and Totten Insurance Group will merge and operate in Quebec under the name Groupe Gestionnaire d’Assurances Totten Ltee. The merger is effective Aug. 1, 2008. Under the terms of the agreement, KMS would merge into Totten Group and operate as part of Totten’s operations in Quebec, according to a Totten Group release. Totten […]
By Canadian Underwriter | July 24, 2008
Symbility Solutions Inc. has formed a strategic alliance with e2Value Inc., integrating e2Value’s web-based property Insurance-to-Value (ITV) calculation services to Symbility’s mobile claims estimation application.E2Value, an insurance and IT consulting firm, is a hosted application provider of online replacement cost valuations for residential, commercial and farm and ranch properties in the United States. E2Value offers […]
Property and liability reinsurance renewal rates in 2008 are continuing to decline, according to a Guy Carpenter & Company briefing. For property catastrophe covers, risk-adjusted price dropped between 10% and 20% relative to July 1, 2007, according to Guy Carpenter.The briefing, entitled ‘No Surprises, Rates Continue to Fall P& C Reinsurance Renewals, July 1, 200,’ […]
By Canadian Underwriter | July 23, 2008
Why should a claims department pay for surveillance when it can simply look the claimant up on Facebook?Indeed, the Ontario Superior Court of Justice case, Murphy v. Perger, may have opened the door for insurers to use the online “social networking utility” in aid of resolving and/or dismissing a claim.Murphy has resulted in “a strong […]
The United States’ past two wildfire seasons have been the most severe on record, and larger fires are expected to be more frequent, A.M. Best notes in a special report.”Annual wildfire catastrophe losses have averaged more than US$1 billion this decade after adjusting for inflation, based on figures from ISO’s Property Claim Services unit,” A.M. […]
By Canadian Underwriter | July 22, 2008
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