Commercial
Chubb Corp. and Starr Aviation Agency Inc. recently entered into an agreement to offer clients hull and liability and workers compensation coverages.The terms of this underwriting agreement states that Chubb will provide hull and liability insurance to Starr Aviation’s general aviation clients. In addition, Chubb will provide the Company’s general and commercial aviation clients with […]
By Canadian Underwriter | June 20, 2006
1 min read
Claims
Property and catastrophe capacity, especially in U.S. areas highly prone to losses, was high on the list of concerns for panelists from the property and casualty (P/C) industry at Standard & Poor’s Ratings Services’ recent annual insurance conference, “Insurance 2006: Rethinking Risk.” Whether U.S. P/C insurers price risk properly was a chief concern for the […]
Risk
Three out of four Autopac customers could pay less for auto insurance next year because of a 2.6% rate cut made possible by expected reductions in auto theft, according to Manitoba Public Insurance (MPI).MPI has filed a rate application with the province’s Public Utilities Board that would reduce the cost of Basic Autopac for nearly […]
2 min read
Reinsurance demand is up, capacity is down, and that has led to a focus on internal growth, a higher tolerance of lower-rated reinsurers, and a proliferation of alternative capital sources such as sidecars, catastrophe bonds and securitizations, according to a panel discussion conducted by Standard & Poor’s.Reinsurers’ growth models have notably shied away from merger […]
By Canadian Underwriter | June 19, 2006
The Financial Services Commission of Ontario has issued new guidelines for the maximum expenses payable by automobile insurers under the SABS related to the services of health care professions or health care providers.The maximums apply to services rendered on or after July 1, 2006.The maximums are applicable to medical benefits, rehabilitation benefits, case management services, […]
Industry
A.M. Best Co. has affirmed the public data (pd) financial strength ratings of 35 Canadian property and casualty companies, assigned one pd rating and downgraded one pd rating. “These pd ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full […]
Royal & SunAlliance has announced plans to reduce costs including 1,500 layoffs (1,350 of them in the U.K. and Scandanavian regions) and a future strategy of double-digit growth in its international division, including Latin America and Canada.Part of Royal’s growth strategy includes acquiring the personal lines business of Shillington Insurance Brokers, an Ontario-based firm, Royal […]
Home
The Co-operators Group Ltd. recently launched a Claims Guarantee that is meant to address Canadian consumer uncertainty in the insurance company.”Some people hesitate before making an insurance claim or even asking questions about their coverage,” Kathy Bardswick, president and CEO, the Co-Operators, says. “They’re not sure what to expect during the claims process or whether […]
By Canadian Underwriter | June 16, 2006
AXA Canada recently demonstrated its commitment to insurance brokers across Canada by increasing its investment in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. The move means AXA Canada will be able to display the “BIP” logo in their promotional and branding materials.”This increased level of support from AXA […]
Depending on what the Supreme Court of Canada holds when it decides the point in Fidler v. Sun Life Assurance Co., insurers have “cause for concern” about being hit with aggravated damages for wrongfully denied claims, according to a recent report commissioned by the IBC. “Since it has been held that bad faith is not […]
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