Industry
While many people believe stopping impaired driving to be an important social issue, there is evidence that a significant number of drivers are getting behind the wheel after drinking.A new survey by the Traffic Injury Research Foundation (TIRF) and Toyota Canada found that a full 18% of drivers admitted to drinking and driving at some […]
By Canadian Underwriter | December 8, 2004
2 min read
Risk
The Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides how auto accident victims should be compensated for their injuries. The move – which could […]
The Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in place in all states, and a uniform approach to investigation of commission practices rather than […]
By Canadian Underwriter | December 7, 2004
Lord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his first term.Levene has been part of the transition of Lloyd’s following the September 11, 2001 […]
Claims
As insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average hurricane season for 2005, with the above-average probability of major hurricane landfall in the U.S. […]
1 min read
Despite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which featured a different group of eight insurer defendants than the first, paves the way for […]
Home
Broker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million shares at a net realized price of US$32.70 each. Aon does retain 4.1 million stock […]
By Canadian Underwriter | December 6, 2004
U.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos. A.M. Best puts total A&E payouts since 1999 at US$23 billion with US$22 billion for […]
According to documents from the Financial Services Commission of Ontario (FSCO) obtained by Canadian Underwriter, a new system to replace Ontario’s “designated assessment centers” (DACs) has been established.The new “post-DAC” system would allow claimants to receive assessments within the statutory accident benefit schedule (SABS) from their health care provider, and allow insurers to request their […]
Auto
Manitoba Public Insurance, the province’s government-run auto insurance plan, has been told to lower basic auto insurance rates by 1% for 2005 by the provincial Public Utilities Board (PUB), which regulates auto rates.As a result of the PUB decision, the average premium for a family passenger vehicle will fall about $8 to $768 when the […]
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