Risk
The Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager partnership tool”. The QIP includes guidelines for performance expectations and learning resources, including a practical […]
By Canadian Underwriter | April 27, 2005
1 min read
Claims
In the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says gross premiums for the fgroup of top European reinsurers fell in 2004, “as companies were […]
By Canadian Underwriter | April 26, 2005
Industry
AIG will be audited for “years of alleged improper booking” of workers’ compensation premiums, New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills announced Tuesday.Authorities say a consultant will be appointed by the insurance department to look into the booking of workers’ compensation premiums as general liability premiums, a practice the company has […]
Hannover Re saw its insurer financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service on the back of continued strong results. Despite the company’s “aggressive financial profile”, it has shown discipline in underwriting and strong market acceptance which have led to improved solvency and shareholders’ equity. The subordinated debt rating of Hannover […]
2 min read
The Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector have hurt consumers because there are inherent conflicts of interest. The report found that brokers […]
Ontario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories of auto insurance which had not been approved by the Financial Services Commission of Ontario […]
By Canadian Underwriter | April 25, 2005
Lombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for pets. The other half of the program is underwritten by ING Novex Insurance Co. of […]
Despite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit achieved by insurers their first since 1978 is the result of rate increases leading up […]
Home
Restoration network Disaster Kleenup International (Canada) Ltd. has launched a software pilot program with Symbility Solutions Inc. The pilot is to determine the effectiveness of Symbility’s software in estimating property claims. The 60-day test begins on June 1. “By removing paper from the process and allowing estimates to be completed and transmitted on site, we […]
The Insurance Bureau of Canada (IBC) is teaming up with researchers at the University of Calgary to study the impact of cell phone use by novice drivers. IBC will sponsor the research project which includes two phases – a simulation study and an on-road study – with 20 novice drivers and 20 experienced drivers in […]
By Canadian Underwriter | April 24, 2005
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