Industry
In response to the New Brunswick government capping “pain and suffering” awards for auto accident victims, the Insurance Bureau of Canada (IBC) confirms that many insurers have already filed for rate reductions. However, these filings are in limbo, the IBC says, awaiting the conclusion of PUB hearings.Companies insuring about half of the province’s drivers have […]
By Canadian Underwriter | July 25, 2003
1 min read
Claims
Hot on the heels of its recent success in a lawsuit against a staged accident auto ring involving 25 defendants and about $1 million in fraud-related costs, the Insurance Corp. of British Columbia (ICBC) has filed an action with the B.C. Supreme Court naming 21 people and three companies allegedly having partaken in similarly fraudulent […]
By Canadian Underwriter | July 24, 2003
2 min read
Risk
Several financial associations are working together on a framework for enterprise risk management (ERM). The Committee of Sponsoring Organizations of the Treadway Commission (COSO), which combines five accountancy and finance organizations, commissioned the framework from Pricewaterhouse Coopers early last year. Among the authors are members of PwC’s Canadian team.The framework looks at the expectations of […]
The web site through which Canadian p&c insurers will be able to share information on suspicious claims is now operational.The Insurance Bureau of Canada’s (IBC) “web claims submission” system has been in the pilot stage with Wawanesa Mutual Insurance Company of Canada.The bilingual system will allow insurers to input claims information to the IBC database […]
By Canadian Underwriter | July 23, 2003
Damage to vehicles as a result of hail storms last week in Manitoba has reached $2.5 million, the province’s public insurer reports.Manitoba Public Insurance (MPI) has received about 1,400 claims to date, for a value of $2.5 million, says MPI spokesman Brian Smiley. Late last week an emergency hail claim center was opened in Altona, […]
The latest survey of U.S. commercial agents and brokers show property and casualty rates are flattening, says the Council of Insurance Agents and Brokers (CIAB), releasing its second quarter 2003 Commercial Market Index Survey.The market is leveling and starting to drop even in some areas, with 83% of brokers saying they see evidence of stabilization […]
By Canadian Underwriter | July 22, 2003
Toronto-based Markel Insurance Company of Canada is opening up its online submission process to the competition. Much like U.S.-based Progressive’s move to offer online quotes by its competitors, Markel will allow brokers to make submissions to any of its competitors through the “I-Quote” system at www.markel.ca.Markel CEO and president Mark Ram says the decision is […]
Home
Early damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern Insurance Information Service (SIIS).Five of the counties hit by Claudette have been declared disaster areas […]
By Canadian Underwriter | July 21, 2003
In affirming the “A-” (excellent) rating of Lloyd’s of London, rating agency A.M. Best says the outlook for the world’s oldest insurance market remains stable.Strong capitalization, stable investment returns and a new focus on risk management are all factors leading to the affirmation, says the rating agency.Noted is the strong relationship between Lloyd’s and its […]
By Canadian Underwriter | July 18, 2003
Responding to a study on auto insurance released by the Consumers’ Association of Canada (CAC), the Insurance Bureau of Canada (IBC) says consumers will be misled by the findings.The study compares auto insurance rates in Nova Scotia to those in B.C., Manitoba and Saskatchewan, where insurance is run by the government. The CAC has been […]
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