Topic
Insurance
Canadian P&C industry records first underwriting loss since 2002 in Q1
July 28, 2008 by Canadian UnderwriterThe Canadian insurance industry as a whole experienced an underwriting loss in 2008 Q1, marking the first industry-wide loss since 2002, according to the MSA/Baron Outlook Report.The industry’s combined ratio has crept up past the 100% mark, from 2007 Q1’s…
RIMS calls on New York regulators to prohibit contingency fees
July 25, 2008 by Canadian UnderwriterRather than re-considering the use of contingency fee arrangements, the insurance industry should instead be eliminating them, the Risk and Insurance Management Society (RIMS) has testified at a public hearing in New York City.The hearings, before New York superintendent of…
What’s New: In Brief (July 25, 2008)
July 25, 2008 by Canadian UnderwriterStephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC,…
KMS and Totten Group to merge
July 24, 2008 by Canadian UnderwriterKMS Assurance and Totten Insurance Group will merge and operate in Quebec under the name Groupe Gestionnaire d’Assurances Totten Ltee. The merger is effective Aug. 1, 2008. Under the terms of the agreement, KMS would merge into Totten Group and…
What’s New: In Brief (July 24, 2008)
July 24, 2008 by Canadian UnderwriterSymbility Solutions Inc. has formed a strategic alliance with e2Value Inc., integrating e2Value’s web-based property Insurance-to-Value (ITV) calculation services to Symbility’s mobile claims estimation application.E2Value, an insurance and IT consulting firm, is a hosted application provider of online replacement cost…
Reinsurance renewal rates continue to drop
July 23, 2008 by Canadian UnderwriterProperty and liability reinsurance renewal rates in 2008 are continuing to decline, according to a Guy Carpenter & Company briefing. For property catastrophe covers, risk-adjusted price dropped between 10% and 20% relative to July 1, 2007, according to Guy Carpenter.The…
Defence counsel allowed to access Facebook photos for use as evidence in claim
July 23, 2008 by Canadian UnderwriterWhy should a claims department pay for surveillance when it can simply look the claimant up on Facebook?Indeed, the Ontario Superior Court of Justice case, Murphy v. Perger, may have opened the door for insurers to use the online “social…
Wildfire losses expected to become more frequent
July 22, 2008 by Canadian UnderwriterThe United States’ past two wildfire seasons have been the most severe on record, and larger fires are expected to be more frequent, A.M. Best notes in a special report.“Annual wildfire catastrophe losses have averaged more than US$1 billion this…
What’s New: In Brief (July 22, 2008)
July 22, 2008 by Canadian UnderwriterTropical storm Cristobal is expected to dump between 50mm and 100 mm of rain on parts of Nova Scotia on July 22. The storm is approaching Nova Scotia from the southwest and will pass south of the province on Tuesday…
FSCO approves auto insurance rate increases in 2008 Q2
July 21, 2008 by Canadian UnderwriterOntario auto rates are on their way up, as insurance companies attempt to make up for escalating claims costs seen in the Ontario auto product over the past two years.Ontario auto rate applications approved during 2008 Q2 averaged +1.10%, based…
Shumka acquires CGI’s claims and risk management services
July 21, 2008 by Canadian UnderwriterThe Shumka Group has acquired the property and casualty insurance claims and risk management services from CGI Group Inc. The transaction will create the largest independent insurance services company in Canada, according to a Shumka Group release. Expected to close…
CCIR recommends privilege for insurers’ self-assessment documents
July 18, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is recommending insurers’ self-audits be considered privileged information that can’t be used against the insurance company in a civil or administrative proceeding (except if that proceeding is against a regulator).The recommendations are contained…