Auto
An Abbotsford, BC family found to have filed a claim on a staged accident has agreed to pay B.C.’s public auto insurer $126,000.The Insurance Corp. of B.C. was assessed $126,000 in punitive damages after a 2003 trial concluded that Deepak Kumar Sharma had conspired with family members to stage a two-vehicle accident. After the verdict, […]
By Canadian Underwriter | April 12, 2005
1 min read
Risk
Coming off a disastrous 2003, the Facility Association (FA) the industry’s risk sharing mechanism to cover high-risk drivers is reporting stronger results in 2004, with lower losses and reduced numbers of drivers in the system.At the FA’s annual general meeting in Toronto on Tuesday, chairman Andrew Cartmell told members two factors led to the improvement […]
2 min read
Home
2004 marks the first underwriting profit produced by U.S. p&c insurers in more than 25 years, a feat which boosted net income and surplus to record highs, according to date released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).2004 saw insurers bring in net income of US$38.7 billion, […]
European insurers reported profit growth of more than 15% in 2004, outperforming the S&P Europe 350 Index, says rating agency Standard & Poor’s.S&P expected improved results for insurers in the region last year, on the back of strong non-life underwriting, reduced costs and lower credit losses and impairments on investments. However, the rater warns that […]
By Canadian Underwriter | April 11, 2005
Industry
The filing of frivolous lawsuits is not a significant problem, according to a survey of U.S. federal court judges.The survey, taken by the Federal Judicial Center, was intended to assess the appropriateness of “Rule 11” of the Federal Rules of Civil Procedure which allows judges to impose sanctions at their discretion on lawyers or parties […]
A lawsuit launched on behalf of members of a farm co-operatives pension plan have seen their class action certified.Ontario Superior Court Justice Warren Winkler certified the suit, which stems from investment losses suffered by the Participating Co-operatives of Ontario Trusteed Pension Plan. The class could include up to 2,300 current and former employees of 25 […]
Former AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to have authorities agree to any limits on the scope of questioning, specifically on how far […]
Groupe Promutuel, a group of Quebec-based mutual insurers, says its members posted combined net earnings of $36 million for 2004. Premium volume grew by 11% last year to reach $456 million, and member equity rose from $291 million in 2003 to $327 million in 2004. The group had set a target of reaching $300 million […]
By Canadian Underwriter | April 10, 2005
Ontario’s insurance regulator has published a series of guides on homeowners’ insurance, including one which talks specifically about insurer concerns regarding older homes.The Financial Services Commission of Ontario (FSCO) notes that buyers of older homes need to be aware of issues around galvanized steel pipes which corrode over time presenting a leakage risk, as well […]
Claims
Finite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract it assumes, with shareholders assuming the risk. As a result of the run-off, A.M. Best […]
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