Topic
Insurance
Insurer’s reserves “should almost never be ordered produced” in Ontario SABS cases: FSCO arbitrator
August 11, 2009 by Canadian UnderwriterAn insurer’s reserves “should almost never be ordered produced” in statutory accident benefits claims made under Ontario’s SABS legislation, an arbitrator for the Financial Services Commission of Ontario (FSCO) has found.Reserves are estimated amounts assigned by an insurer to account…
What’s New: In Brief (August 11, 2009)
August 11, 2009 by Canadian UnderwriterICBC has been awarded more than Cdn$600,000 in damages and interest by the B.C. Supreme Court after a lengthy trial related to an insurance fraud ring. The Supreme Court ruled in Insurance Corporation of British Columbia v. Suska that a…
What’s New: In Brief (August 10, 2009)
August 10, 2009 by Canadian UnderwriterSwiss Re has reported a net loss of CHF381 million (roughly the same amount in Canadian currency) for 2009 Q2 as compared to a profit of CHF564 million for 2008 Q2. Property and casualty operating income increased to CHF1 billion…
AIG posts first quarterly profit since 2007
August 10, 2009 by Canadian UnderwriterAmerican International Group Inc. (AIG) reported a net income of US$1.8 billion in 2009 Q2, its first quarterly profit since the third quarter of 2007.Commenting on the second quarter results, AIG chairman and CEO Edward M. Liddy said the results…
What’s New: In Brief (August 07, 2009)
August 7, 2009 by Canadian UnderwriterThus far, the current wildfires burning in British Columbia have not caused nearly as much property damage as the 2003 fires, experts say.Greg Thierman, manager of Crawford & Company (Canada)’s Kelowna branch, says that while the fires have come very…
Kingsway’s 2009 Q2 result reflects major transition
August 7, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX/NYSE: KFS) reported a net loss of US$38.4 million in 2009 Q2, compared with a US$6.3-million profit in 2008 Q2.The result reflects a company in the middle of a major transformation strategy — including a previously…
Claimants need to meet threshold of due diligence before applying for benefits from Ontario’s insurer of last resort
August 6, 2009 by Canadian UnderwriterAn insurance claimant and his or her legal representative need to meet a minimal threshold of due diligence before they approach the Ontario Motor Vehicle Accident Claims Fund as a “first insurer,” a FSCO arbitrator has found.The Motor Vehicle Accident…
RSA Canada gains ground in first half of 2009
August 6, 2009 by Canadian UnderwriterRSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in…
Securities fraud suit filings outpace securities class action suit filings
August 5, 2009 by Canadian UnderwriterThe number of securities lawsuits filed in the United States dropped significantly in 2009 Q2 when compared to the first quarter of this year, but the decrease may only represent a temporary lull, reports Advisen.One hundred and forty securities cases…
Marsh’s 2009 Q2 fortunes linked to writedown related to Kroll
August 5, 2009 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government…
What’s New: In Brief (August 04, 2009)
August 4, 2009 by Canadian UnderwriterMunich Re’s profit of US$1.4 billion in the first half of 2009 was down 20.1% over the same period last year, the company has reported.In property and casualty reinsurance, the company’s combined ratio came to 97.7% for the months of…
What’s New: In Brief (August 04, 2009)
August 4, 2009 by Canadian UnderwriterThe number of cars stolen in Quebec is decreasing, but the number of thefts of articles taken from inside cars is increasing, reports Insurance Bureau of Canada (IBC).More than 31,000 vehicles were reported stolen in Quebec in 2008, marking a…