Topic
Insurance
Torn ligaments, rotator cuffs are ‘serious’ injuries under tort, even if ‘minor’ under reforms: trial lawyer
September 22, 2010 by Canadian UnderwriterOntario’s auto insurance reforms are barely a month old and already trial lawyers have tipped their hand that they might try to achieve through tort what they will no longer receive from the province’s no-fault benefit scheme.Ontario’s new, interim Minor…
Hurricane Igor damage results in “high volume” of claims: IBC
September 22, 2010 by Canadian UnderwriterHurricane Igor’s eye brushed past southern Newfoundland on Sept. 21, causing at least 30 communities to declare states of emergency due to flooding, reported The Globe and Mail.The storm brought damaging 120 km-h winds, making it a Category 1 storm,…
In preparing for a pandemic, insurers must go beyond having a business continuity plan
September 22, 2010 by Canadian UnderwriterThe insurance industry is not prepared for a pandemic and does not know what to expect, Bob Krywiak, executive general adjuster at Crawford Global Technical Services, told delegates of the National Insurance Conference of Canada (NICC) on Sept. 21 in…
Chesterfield Canada Inc. Sabotage and Terrorism product launch
September 22, 2010 Chesterfield Canada Inc.Chesterfield Canada Inc., a specialist independent Wholesale Broker, part of the Chesterfield Group, a Lloyd’s broker, today announced the launch of its Sabotage and Terrorism product to the Canadian market. The new product is designed to provide a better breadth…
Canadian P&C industry researching the possibility of offering overland flood insurance
September 21, 2010 by Canadian UnderwriterCanada’s property and casualty insurance industry is conducting research into the possibility of offering overland flood insurance, which is not currently available, as part of a homeowner’s policy.Panelists at the National Insurance Conference of Canada [NICC] in Montreal noted there…
Current round of Ontario auto reforms not enough to bust out of the reform cycle: defence lawyer
September 21, 2010 by Canadian UnderwriterOntario is entering into yet another optimistic phase of its seemingly perpetual auto insurance reform cycle, but many within the insurance industry appear to want to break out of this cycle and build an altogether new model for auto insurance…
Canadian P&C market not as disciplined as U.S. market: McKinsey research
September 21, 2010 by Canadian UnderwriterThe Canadian property and casualty insurance marketplace is not as disciplined as its U.S. counterpart, according to information compiled by McKinsey & Company and presented at the National Insurance Conference of Canada in Montreal on Sept. 20. In the United…
Insurance scores better rating variable than credit scores: CEO
September 21, 2010 by Canadian UnderwriterCanadian auto underwriters would benefit greatly from the use of consumer “insurance scores,” a more sophisticated form of a credit score, Chris Kiah told delegates of the National Insurance Conference of Canada (NICC).Kiah, president and CEO of Allstate Canada, served…
Reports of recession’s death may be exaggerated, economist tells NICC
September 20, 2010 by Canadian UnderwriterContrary to bullish analysts, the U.S. economy – and by extension, the Canadian economy – is a long way off from recovery, according to David Rosenberg, Gluskin Sheff & Associates chief economist and strategist.Rosenberg presented his seminar topic, ‘Focus on…
OSFI praises Canadian P&C insurers for strengthening pricing in homeowners’ lines
September 20, 2010 by Canadian UnderwriterCanada’s property and casualty industry has started to make much-needed, across-the-board price corrections in homeowners’ lines, the Office of the Superintendent of Financial Institutions (OSFI) observed at the National Insurance Conference of Canada (NICC) in Montreal on Sept. 20.But the…
Low investment yields means little margin for error on underwriting side: OSFI
September 20, 2010 by Canadian UnderwriterExtremely low investment yields, the result of the financial crisis, means the Canadian property and casualty industry has very little margin for error on the underwriting side, Canada’s solvency regulator told delegates attending the National Insurance Conference of Canada (NICC)…
Reminding policyholders of their own morality may reduce temptation to commit insurance fraud: behavioural economist
September 20, 2010 by Canadian UnderwriterResearch on cheating relevant to insurance fraud indicates a lot of people cheating a little bit is much more costly to society than a few people who cheat a lot.But if insurers are willing to change their approach and remind…