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Property and casualty insurers were warned to prepare for the possibility that Canadian courts may apply the doctrine of reasonable expectations in cases where the policy language is unambiguous.Michael Teitelbaum, a specialist in civil litigation at Hughes Amys LLP (a member firm of The ARC Group), delivered a speech to the Property and Casualty Underwriters’ […]
By Canadian Underwriter | November 22, 2006
2 min read
Auto
Three out of four Manitobans will pay less for basic auto insurance coverage next year and everyone who paid for auto insurance in 2005-06 will receive a 10% rebate, Manitoba’s Public Utilities Board [PUB] ruled yesterday.It will be the eighth year in nine that Manitoba Public Insurance (MPI) has held the line or reduced basic […]
Industry
Lloyd’s is calling for a paperless claims process in the Lloyd’s insurance market by the end of next year.”Our goal is for all claims going through the [Lloyd’s insurance] market to be processed electronically by the end of 2007,” Lloyd’s CEO Richard Ward said in a recent speech to the Xchanging conference in Brighton, U.K. […]
1 min read
ACE INA Insurance, part of the ACE Group of Companies, has opened a new Montreal office. Located at 1800, avenue McGill College, the office will provide commercial property and casualty insurance for the Quebec and Eastern Canadian market.”The opening of this new office in Montreal represents a significant milestone in our expansion strategy,” said ACE […]
By Canadian Underwriter | November 21, 2006
Risk
Fitch Ratings has removed from Ratings Watch negative the ratings of Fairfax Financial Holdings Limited (Fairfax), Odyssey Re Holdings Corp. and its insurance subsidiaries (Odyssey Re), and TIG Holdings Inc.The rating outlook for all of these companies is now stable. The move does not affect the holding company ratings of Crum & Forster Holdings Corp. […]
Claims
Bermuda-based reinsurers saw their their 2006 net income soar and their combined operating ratios (COR) plummet and after a relatively mild hurricane season, according to a recent report by Fitch Ratings.Fitch noted the Bermuda reinsurers tend to derive most of their premium revenue from U.S.-based risks. Given the sharply lower catastrophe-related losses in the U.S. […]
For the second year running, the 1999 and 2000 Honda Civics SiR two-door topped the IBC’s list of the year’s most frequently stolen vehicles.The two models also had the third- and fourth-highest theft claims cost per vehicle. The highest theft claim cost per vehicle was the third most frequently stolen vehicle, the 2004 Subaru Impreza […]
A.M. Best Co. has affirmed the ‘A- (Excellent)’ financial strength rating (FSR) of SGI Canada.In addition, A.M. Best upgraded the strength ratings of SGI Canada Insurance Services Ltd. (SCISL), a subsidiary of SGI, and SCISL’s Atlantic Canada subsidiary, The Insurance Company of Prince Edward Island (ICPEI). Both received ratings of B++ (Very Good), improving from […]
By Canadian Underwriter | November 20, 2006
ICBC has established a special 1-800 phone number for customers submitting vehicle claims resulting from recent storms in B.C. that resulted in boil-water advisories for Vancouver and left hundreds of thousands of area residents without power. ICBC is encouraging customers to call 1-866-566-7199 if their vehicle has been damaged as the result of wind or […]
Citing premium growth outside Quebec, Desjardins Financial Security reported 94.1% growth in insurance sales since the beginning of 2006.”At the end of [2006 Q3], insurance sales totaled Cdn$201 million, for a Cdn$97.4 million increase over the company’s results on Sept. 30, 2005,” Desjardins reported in a press release. “This excellent performance is due primarily to […]
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