Claims
Catastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a Category 3 hurricane with maximum sustained winds of 125 mph.As a Category 3 storm, Wilma […]
By Canadian Underwriter | October 24, 2005
2 min read
Industry
Canada’s home, car and business insurers are questioning the Bruce Cran’s most recent auto insurance rate report, which the Insurance Bureau of Canada (IBAC) Atlantic region calls a “bluff” of a study.”We have already refuted the methodology and conclusions of earlier releases of the study in B.C. and Toronto.,” Don Forgeron, vice-president, Atlantic, Insurance Bureau […]
By Canadian Underwriter | October 21, 2005
The Insurance Bureau of Canada (IBC) and SMARTRISK recently joined forces in order to create a national injury prevention initiative that aims to help reduce the human and economic costs of injury. The initiative is responding to the realities of injury in Canada that include the fact that: injury is the leading killer and disabler […]
1 min read
Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the Hamilton Stoney Creek area.The new office will allow potential area customers to meet face-to-face with […]
Allstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13 on our standard auto, non-standard auto, homeowners, commercial and other products,” the company reports in […]
Auto
A lawsuit filed last year regarding a car that collided with a horse crossing the road in Memramcook, NB, was recently discussed in court regarding whether or not it is a car or a horse accident. The problem which has arisen is whether or not the compensation will fall under the auto-insurance reforms in the […]
By Canadian Underwriter | October 20, 2005
A recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first half of the year – some managers renewing on or after Oct 1 reported increases […]
Recent underwriting efforts by bond insurers’ are being influenced by competition from within the industry, as well as from banks, according to “Bond Insurers’ International Underwriting Activities Are Shaped By Competitive Pricing Pressures” a recent report created by Standard & Poor’s Ratings Services.S&P’s notes that along with the bond insurers that pioneered international financial guaranty […]
The Financial Services Commission of Ontario (FSCO) publicized its proposed changes to the Statutory Accident Benefits Schedule (SABS) in June 2005, which included the elimination of the Designated Assessment Centres as well as the implementation of the “Unfair and Deceptive Practices Act.” The Canadian Society of Medical Evaluators (CSME) an association that serves Canadian physicians […]
Impaired driving remains a leading factor contributing to fatal accidents in B.C., ICBC says in advance of its October Zero Crash Month awareness program.”Police-reported incidents indicate alcohol was a contributing factor in over 23% of all fatal crashes in 2004, second only to speeding (33%),” ICBC announced in a press release. “Some 93 people were […]
By Canadian Underwriter | October 19, 2005
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