Topic
Insurance
What’s New: In Brief (January 29, 2008)
January 29, 2008 by Canadian UnderwriterLosses in the directors and officers liability (D&O) portfolio due to the subprime crisis are expected to be in the neighbourhood of US$9 billion about triple what has been initially predicted, A.M. Best says in a report, citing equity analysts…
What’s New: In Brief (January 29, 2008)
January 29, 2008 by Canadian UnderwriterManitoba Public Insurance (MPI) is the target of an attempted fraud in which telephone solicitors offered to renew Autopac policies.People posing as telephone solicitors contacted several people in Southern Manitoba recently and offered to renew their Autopac policies, an MPI…
Insurers’ frugality may be undermining the insurance defence bar, CICMA/CIAA told
January 29, 2008 by Canadian UnderwriterInsurers, in trying to scrimp on litigation claims costs, may inadvertently be allowing the insurance defence bar to wither away on the vine, a senior member of the bar told members of the insurance industry attending the 41st annual CICMA/CIAA…
Repair shops losing tradespeople
January 28, 2008 by Canadian UnderwriterForty per cent of collision repair centres responding to a Canadian Collision Industry Forum (CCIF) survey noted they have suffered a loss of tradespeople within the last year, potentially affecting the cycle times of car repairs and, as a result,…
Stability control, blind spot sensors, fingerprint scans among key features of new vehicle technology
January 28, 2008 by Canadian UnderwriterAs Canadian auto insurers face an increasing frequency of claims, auto manufacturers are poised to introduce new technology as early as 2010 that would make cars significantly more expensive to fix, though less likely to crash.Greg Horn of Mitchell International…
Ontario auto becoming industry crisis point
January 28, 2008 by Canadian UnderwriterOntario’s auto market is quickly becoming the main crisis point for the insurance industry, as loss ratios, particularly in accident benefits, climb to unprofitable levels, warns Joel Baker, president and CEO of MSA Research Inc., in the latest MSA/Baron Outlook…
What’s New: In Brief (January 28, 2008)
January 28, 2008 by Canadian UnderwriterTIC Travel Insurance Coordinators Ltd. raised more than Cdn$20,000 for charity this past holiday season, the result of the company’s second annual “Have a Heart” campaign. TIC donated to three charities on behalf of its travel agents and insurance broker…
B.C. asks motor vehicle superintendent to review cell phone use while driving
January 25, 2008 by Canadian UnderwriterBritish Columbia public safety minister John Les has asked motor vehicles superintendent Steve Martin to study the issue of cell phone use in cars and report back by the end of February, according to a report by bclocalnews.com.Les told the…
What’s New: In Brief (January 25, 2008)
January 25, 2008 by Canadian UnderwriterFSCO has approved 2007 Q4 auto insurance rates that averaged +0.08% based on the entire market.During 2007 Q4, for the 20.21% of the Ontario auto insurance market that had rate changes approved, the average rate change was +0.41%, when weighted…
What’s New: In Brief (January 25, 2008)
January 25, 2008 by Canadian UnderwriterA.M. Best has published a rating methodology outlining how risk management is incorporated into the overall rating process for insurers and reinsurers, and exploring the key risk-management trends in the insurance industry.“Risk Management and the Rating Process for Insurance Companies,”…
CCIR strategic initiatives
January 25, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators has published its three-year planning objectives for 2008-2011, among them it listed its strategic initiative including several components. The first component involves facilitating informed consumer decision-making by: developing and facilitating the implementation of consumer…
Postal codes can be key to hidden exposures
January 24, 2008 by Canadian UnderwriterBy taking the six digits of a postal code into consideration, rather than the first three digits, underwriters can determine risk levels of a particular area on a far greater detail, including whether or not a property is located in…