Industry
Most Manitoba Public Insurance (MPI) customers will pay the same, or potentially less, for auto insurance next year, MPI has announced.All customers who paid for auto insurance in 2006-07 will receive a 10% rebate as per a ruling by the Public Utilities Board (PUB), according to an MPI release. This is the ninth year in […]
By Canadian Underwriter | November 27, 2007
1 min read
Ontarios superintendent of financial services should review the use of the verbal threshold for establishing serious and permanent injury and/or the use of a Cdn$30,000 deductible to discourage plaintiffs from pursuing smaller auto negligence claims, according to the summary of findings in the Civil Justice Reform Project.The author of the Civil Justice Reform report, former […]
Home
Crawford & Company reported a 2007 Q3 net income of US$3.5 million, as compared to 2006 Q3s US$6.2 million. Profits for the first nine months of 2007 totalled US$12.8 million, a decrease from US$16.3 million over the same period last year.Revenues generated by Crawfords catastrophe adjuster group were US$3.4 million in 2007 Q3, declining from […]
Risk
Work is now underway to extend the Autorite des marches financiers (AMF) and Financial Services Commission of Ontario (FSCO) Company Complaint Reporting System to other provinces, according to the Canadian Council of Insurance (CCIR) fall meeting highlights. Interested regulators have been asked to sign a letter of intent before the end of 2007, after which […]
By Canadian Underwriter | November 26, 2007
Claims
Reinsurers are shuffling the mix of their property and casualty lines in an environment of declining catastrophes and deteriorating rates, according to A.M. Best.As our casualty lines have shrunk, property has become a larger part of the portfolio than in years past, Andy Barnard, CEO of Odyssey Re Holdings, told A.M. Best. Given the negative […]
The average risk of landfalling hurricanes in the Atlantic Basin for the next five years remains at significantly above the risk averaged over the long term, warns Risk Management Solutions (RMS).The current activity rates lead to estimates of average annual insured losses that will be 40% higher than those predicted by the long-term mean of […]
Auto
Thirty-four vehicles earn the Insurance Institute for Highway Safety (IIHS)s Top Safety Pick award for 2008, more than double the number of vehicles that met the criteria for 2007.Eight of the 34 vehicles are manufactured by Ford and its subsidiary, Volvo, while Honda and its subsidiary Acura hold seven of the places on the list, […]
By Canadian Underwriter | November 23, 2007
The booming energy sector, along with the hot oil and gas construction industry, can have a serious impact on replacement costs and business interruption coverages so insurers need to ensure exposures are adequately priced, warns a Swiss Re report.In its latest Focus report: Energy construction boom a paradigm shift for insurers, Swiss Re suggests that […]
An insurer was right to deny accident benefits to the widow of a taxi cab driver whose husband was stabbed to death while on duty, ruled a Financial Services Commission of Ontario (FSCO) arbitrator.Morteza Khorasani died as a result of a stab wound inflicted while operating a Zurich-insured taxi cab in 2005, writes FSCO arbitrator […]
Premiums across all financial, executive and professional lines of insurance are decreasing to the levels seen in 1999 and 2000 the low point of the last soft market, according to a Willis Group Holdings survey of London market insurers.Underwriters surveyed said average premium discounts for financial institutions were 10%, a Willis release says.In D&O liability […]
By Canadian Underwriter | November 22, 2007
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