Claims
Attendant care hourly rates in SABS are fixed by legislation and therefore cannot be changed by means of litigation, the Ontario Court of Appeal confirmed in a recent decision.Siding with the insurer in McEwen v. ING Halifax Insurance Company, the appeal court reversed a decision by a motions judge, who held that a 39-year-old woman […]
By Canadian Underwriter | January 5, 2007
2 min read
BCAA reported more than five-times the normal wind-related claim rate throughout November and December following the string of storms that pummelled the Pacific Northwest.During the two-month period the firm received nearly 600 claims of this nature with an average cost of $5,400.The most commonly reported damage included collapsed fences, roof and shingle damage, trees falling […]
1 min read
Industry
Canadian insurers are increasingly seeking the services of external or unaffiliated actuarial firms to provide actuarial options for annual statutory filings, says an A.M. Best Co. review.”This is perhaps the most striking change in the data gathered as part of A.M. Best Co.’s 2007 annual review of the accounting and actuarial markets in the United […]
Risk
The Financial Services Commission of Ontario (FSCO) has released updated filing guidelines for submitting changes to automobile insurance rates and risk classification systems.One change is that insurers will be required to use the major filing guidelines in situations in which a rate change of 10% or more is proposed and the insurer has not submitted […]
As a response to misconceptions in the public domain about automobile insurance rates, the Insurance Bureau of Canada has launched a report aimed at increasing the general population’s understanding. The report reviews the costs of auto insurance from 2000 until 2005 (the last year that comprehensive statistics are available) as well as consumer perceptions.”This study […]
By Canadian Underwriter | January 4, 2007
BB&T Corporation has completed its acquisition of AFCO Credit Corporation, an insurance premium finance company, and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation.The move is expected to elevate BB&T from the ninth-largest provider of insurance premium financing in the United States (and the largest in Canada) to the second-largest company in its class […]
Lloyd’s has endorsed a new International Reinsurance Industry Dispute Resolution Protocol, which, according to Lloyd’s, “provides the insurance industry with an alternative to a court case or a lengthy arbitration if a disagreement should arise between reinsurer and client.”In a bulletin on its Web site, Lloyd’s characterized the new facility as “effectively a ‘statement of […]
Adoption of and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research.The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next 12 to 24 months.Risk management’s emergence as a critical practice is due to the business need […]
Auto
Manitoba Public Insurance (MPI) cited a woman that claimed $12,000 over 18 months following a car crash for treatment expenses as the most expensive fraud case in 2006.Rounding out the top five frauds for the year were: a ‘stolen’ car found to have been sold; a false statement regarding a driver’s identity following a collision; […]
By Canadian Underwriter | January 3, 2007
Ironshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly formed global insurance company was created in response to the crisis conditions in the U.S. […]
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