Topic
Insurance
Alberta Appeal Court rules that auto cap legislation does not infringe the Charter
June 12, 2009 by Canadian UnderwriterThe Alberta Court of Appeal has ruled that the province’s legislation introducing a Cdn$4,000 cap on insurance claims for minor auto injuries does not infringe the Canadian Charter of Rights and Freedoms.In doing so, the appeal court overturned a lower…
Nova Scotia has public mandate to replace the auto cap with a deductible, but higher premiums would ensue: insurer
June 12, 2009 by Canadian UnderwriterNova Scotia’s newly-elected premier, Darrell Dexter, is within his mandate to remove the cap on minor injuries and replace it with a deductible, but he must be prepared for an increase in the cost of premium for auto insurance, says…
Current economics do not favour sidecars, says A.M. Best
June 12, 2009 by Canadian UnderwriterRenaissanceRe Holdings Ltd. may have just launched a US$60-million sidecar, but don’t take that as a sign that sidecars are coming back into vogue, A.M. BestWeek reports.In the June 15, 2009 issue of BestWeek U.S./Canada, Robert Derose, a vice president…
S&P withdraws ratings of 15 Canadian insurers
June 11, 2009 by Canadian UnderwriterStandard & Poor’s has withdrawn its public information rating on 15 Canadian insurance companies. “We withdrew the ratings because we believe that we no longer have sufficient publicly available information on these companies,” S&P’s notes in a release. A spokesperson…
Spread of H1N1 virus is now a pandemic: World Health Organization
June 11, 2009 by Canadian UnderwriterThe World Health Organization (WHO) has raised the level of pandemic alert from Phase 5 to Phase 6 after scientific criteria for an influenza pandemic were met. “The world is now at the start of the 2009 influenza pandemic,” Margaret…
Fitch maintains negative outlook on U.S. P&C industry in 2009
June 11, 2009 by Canadian UnderwriterFitch Ratings’ outlook remains negative for the U.S. property and casualty industry, for both personal and commercial lines insurers.“While a modest recovery of bond and equity markets may lead to a reduction in unrealized investment loss balances for the first…
Many micro- and mini-cars fail IIHS bumper tests
June 11, 2009 by Canadian UnderwriterNone of the bumpers on the seven micro- or mini-car models tested by the Insurance Institute for Highway Safety (IIHS) earned a ‘good’ rating, and only one earned an ‘acceptable’ rating.While consumers look to these smaller models for cost and…
Majority of global insurers plan international expansion
June 10, 2009 by Canadian UnderwriterNearly two-thirds of insurers have plans to grow outside their home market over the next year despite the global economy, according to an Accenture survey of 104 life and property insurance companies around the world. Three-quarters of the respondents believe…
SGI funds thermal imaging camera system
June 10, 2009 by Canadian UnderwriterSGI has provided funding for a thermal imaging camera system to be mounted in the Saskatoon police service air support unit. The camera will allow air support members to see what is occurring on the ground during the day or…
Ontario arbitrator orders insurer to produce reserve information to claimant
June 10, 2009 by Canadian UnderwriterAn Ontario arbitrator has ruled that there is “no protected zone of privacy for adjusting a first-party insurance file,” and thus ordered an insurer to provide reserve information to a claimant pursuing a bad faith claim against it.Analysis of the…
Auto insurance cap reform not a priority for new Nova Scotia government
June 10, 2009 by Canadian UnderwriterNova Scotia’s new government has indicated it does not consider amendments to the province’s auto insurance system to be a key priority, although it will conduct a review of the system in the future, says Bill Adams, Insurance Bureau of…
What’s New: In Brief (June 09, 2009)
June 9, 2009 by Canadian UnderwriterPaul Johnstone has been appointed manager of Chubb Personal Insurance, Canadian zone, Chubb Insurance Company of Canada. He assumed the role effective May 11, 2009.Johnstone brings 15 years of industry experience to his post, having served in underwriting, marketing and…