Topic
Insurance
Stagnant premium growth key issue for coming decade
April 14, 2009 by Canadian UnderwriterNegative or stagnant premium growth will be a key issue for property and casualty insurers in industrialized countries, including Canada, during the next 10 years, says Standard & Poor’s.In its report, The Key Issues for Property/Casualty Insurers During the Next…
U.S. P&C industry profits tumble 96.2% in 2008
April 13, 2009 by Canadian UnderwriterThe net income of private U.S. property and casualty insurers tumbled 96.2% in 2008 — from US$62.5 billion in 2007 to US$2.4 billion in 2008, according to the Property Casualty Insurers Association of America (PCI) and Insurance Services Organization (ISO).The…
2008 record year for tornado losses in U.S.
April 13, 2009 by Canadian Underwriter2008 was the worst year for catastrophe losses stemming from U.S.-based tornadoes, as well as among the worst years on record for the frequency of tornadoes, reports A.M. Best Company Inc.In its special report, Another Year, Another Record: Tornado Threat…
Tribunal’s publication of insurance claimants’ medical info is not prohibited: Saskatchewan court
April 13, 2009 by Canadian UnderwriterThe online publication of personal medical information contained in a tribunal decision concerning an auto insurance claimant’s case is not a violation of the claimant’s statutory privacy rights, the Court of Queen’s Bench for Saskatchewan has ruled.Elaine Germain asked the…
What’s New: In Brief (April 13, 2009)
April 13, 2009 by Canadian UnderwriterIncreasing demand for directors’ and officers’ (D&O) insurance is being fuelled by concerns about the economy, shareholder action, litigation and the increasing engagement by regulators, according to Marsh. FTSE 100 companies are buying 20% more D&O insurance than 12 months…
Stable capacity, rate on line projected in June 2009 for Canadian cat reinsurance
April 9, 2009 by Canadian UnderwriterCatastrophe reinsurance in Canada is expected to show a rate on line (ROL) change of between zero and 5% at the June and July 2009 renewals, according to a Reinsurance Market Outlook published by Aon Benfield.ROL is a calculation of…
RIBO notes increasing privacy complaints
April 9, 2009 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) says it has received an increasing number of new complaints in which the privacy of brokers’ clients has been breached.In its spring newsletter, RIBO notes a large portion of these complaints come from…
What’s New: In Brief (April 09, 2009)
April 9, 2009 by Canadian UnderwriterCarla Blackmore, director of commercial programs at Zurich North America Canada, has announced her retirement as of Apr. 30, 2009.Blackmore joined Zurich in 1975. Her career spanned many areas of the organization, including sales and marketing, commercial regional manager and…
MarketScout sees more moderate price reductions in the U.S. insurance market in 2009 Q1
April 9, 2009 by Canadian UnderwriterMarketScout’s insurance ‘Market Barometer’ still shows a soft commercial market in March 2009, but rate decreases in the U.S. commercial property and casualty sector are starting to moderate.MarketScout’s composite property and casualty rate index reflects an ongoing moderation in price…
Auto dealer’s replacement guarantee deemed an insurance product
April 8, 2009 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) considers a motor vehicle replacement guarantee offered by car dealers to be an insurance product subject to AMF oversight. “Motor vehicle replacement guarantees must therefore be issued by insurers, whose regulatory framework — administered…
Court strikes claim that insurer, adjuster and solicitor conspired
April 8, 2009 by Canadian UnderwriterThe Ontario Superior Court has struck the statement of claim of a woman alleging that her insurer, its claims adjuster and solicitor conspired against her to cause economic injury and mental distress.In King v. Kahane-Rapport et. Al. the plaintiff was…
Study finds decrease in lowest quoted auto rates for Q1
April 8, 2009 by Canadian UnderwriterThere was a 1.9% decrease in the average lowest rates quoted for auto insurance rates in Ontario in Q1 2009 as compared to Q1 2008, according to a Kanetix study. The study findings appear to contradict industry trends of increasing…