Auto
Capping a five-year legal battle, the Insurance Corp. of B.C. the province’s public auto insurer has won a B.C. Supreme Court verdict for $190,000 against a fraudulent bodyshop.Eurosport Auto Co. Ltd. and its owner, Frederick Ngok Hwang, were ordered to pay $75,000 and $115,000 punitive damages for submitting bills for work that was never done […]
By Canadian Underwriter | February 24, 2004
1 min read
Risk
U.S. insurers are fighting back in the credit scoring debate, releasing their own analysis to criticize a recent report by the Missouri Department of Insurance (MDOI). The MDOI study found that low income and minority groups were negatively impacted by credit scoring a practice used by large U.S. insurers where a person’s credit history is […]
2 min read
Industry
Broker network Hub International Ltd. (TSX, NYSE: HBG) saw its revenues rise to a record US$286.4 million in 2003, up 30% from the US$220.0 million recorded for 2002.Net earnings for the year were US$38.5 million, or US$1.14 per share, up from US$31.9 million, or US$1.06 per share the year prior.Both Canadian and U.S. operations fared […]
By Canadian Underwriter | February 23, 2004
A new homeowner’s policy from Chubb Insurance Co. of Canada may be a sign of increasingly dangerous times, covering rising crimes including child abduction, home invasion, car jacking and stalking.In launching the program, Chubb cites Statistics Canada data suggesting 30% more break-ins and vehicles thefts per capita are being reported in Canada than in the […]
Claims
Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide if the collapse of the WTC Twin Towers on September 11, 2001 will be deemed […]
By Canadian Underwriter | February 20, 2004
Commercial
Following on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records will be given to 70,000 business owners. In fact, more than 96% of businesses will […]
B.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the introduction of measures to open up the “optional” portion of auto coverage to further competition, […]
By Canadian Underwriter | February 19, 2004
A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services for Disaster Mitigation”, Dr. Gordon McBean, policy chair of the ICLR, and Dan Henstra note […]
In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of the U.S. market specifically, Willis notes that even in the property line, where rates for […]
By Canadian Underwriter | February 18, 2004
Chicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now joins Hub’s Leamington, ON office as a senior account executive, and the book of business […]
By Canadian Underwriter | February 17, 2004
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