Topic
Insurance
Fitch says U.S. P&C industry should be aiming for 95% COR in 2008
February 4, 2008 by Canadian UnderwriterFitch Ratings says the U.S. property and casualty insurance industry will need to produce a combined ratio of about 95.5% in 2008 in order to meet the goal of an 11% return on surplus.Fitch made this observation in a report…
What’s New: In Brief (February 04, 2008)
February 4, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, which allows a vehicle to be written off if the damage exceeds 50% of its market value.Program members suffering a write-off would receive a…
Crawford & Company reports net income of US$3.3 million
February 4, 2008 by Canadian UnderwriterCrawford & Company reported a 2007 Q4 net income of US$3.3 million, compared to a net loss of US$1.3 million for the same period in 2006. Net income for 2007 totalled US$16.1 million, compared to US$15 million for 2006. U.S.…
Greater horsepower leads to higher claims costs
February 4, 2008 by Canadian UnderwriterEven slight increases in horsepower by automakers results in increased insurance claims costs, according to a study by the Highway Loss Data Institute.The addition of just one horsepower per 100 pounds of vehicle weight resulted in an estimated 5% increase…
What’s New: In Brief (February 01, 2008)
February 1, 2008 by Canadian UnderwriterGenworth Financial Canada has named a Grade 6 student from Edmonton the winner of its national writing contest, “Habitat for Humanity Meaning of Home.”Marissa Nahirney was selected as the top contestant from more than 1,900 entries a Genworth release says.A…
Ledger’s death brings focus to coverages for key players in film productions
February 1, 2008 by Canadian UnderwriterThe sudden death of Brokeback Mountain movie star Heath Ledger occurred while he was in the midst of filming a new movie, focussing attention on a little-discussed aspect of the insurance industry coverage for the incapacity of an actor or…
What’s New: In Brief (February 01, 2008)
February 1, 2008 by Canadian UnderwriterEmployees of the Vancouver Gore Mutual office have received the Community Spirit Award for Best Employee Campaign in 2007 at the United Way Spirit Award Celebration. “This year, our United Way campaign donations increased by 46% and, with 90% employee…
Standard of proof high for denying auto accident benefits based on cospiracy to defraud
February 1, 2008 by Canadian UnderwriterInsurers seeking to deny auto accident benefits payments on the basis of an alleged conspiracy to defraud will have to meet a very high standard of proof, based on the Financial Service Commission of Ontario (FSCO)’s decision in a recent…
What’s New: In Brief (January 31, 2008)
January 31, 2008 by Canadian UnderwriterBerkshire Hathaway has taken a 3% stake in Swiss Re. The agreement included a proportional reinsurance contract, in which the US-based company will assume a 20% share of all Swiss Re’s P&C business for the next five years, according to…
City not liable for damage when horesplay results in broken plate glass window
January 31, 2008 by Canadian UnderwriterThe Ontario Superior Court ruled the City of Brantford was not liable for damages after two youths shattered the plate glass of the Brantford Civic Centre while engaging in horseplay.In Mott v. Brantford (City), the plaintiff, Bobby Joe Mott, had…
What’s New: In Brief (January 31, 2008)
January 31, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating to A+ (superior) from A (excellent) for Munich Re America Corporation Group and its member companies. The rating upgrade reflects “the significant level of support provided by MRAC’s ultimate parent, Munich…
Auto insurance policies should not cover punitive damages
January 30, 2008 by Canadian UnderwriterAn insured should not be able to seek coverage for punitive damages under their automobile policy, as the damage is intended to punish a wrongdoer, not compensate an injured person, Stephen G. Ross, of Rogers Partners LLP, told delegates at…