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CCIR survey on credit scoring suggests absence of disclosure

November 16, 2009 by Canadian Underwriter

Forty-two per cent of Canadian property and casualty companies that use credit-based insurance (CBI) scores — representing 17% of market share — do not disclose an adverse affect of the CBI scores to policy applicants or policyholders, according to a

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ICBC reports decline in Q3 net income

November 12, 2009 by Canadian Underwriter

ICBC’s net income for the first nine months of 2009 was Cdn$422 million, down Cdn$15 million from the same period last year.Total claims and expenses increased from Cdn$2.6 billion in the first nine months of 2008 to Cdn$2.7 billion in

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What’s New: In Brief (November 10, 2009)

November 10, 2009 by Canadian Underwriter

The 2010 Subaru Legacy is the first car tested by the Insurance Institute for Highway Safety to earn damage estimates under US$1,000 for all four of the institute’s bumper tests.“Bumpers that don’t bump,” resulting in costly damage in what should

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AIG turns a US$455-million profit in 2009 Q3

November 6, 2009 by Canadian Underwriter

American International Group, Inc. (AIG) reported a 2009 Q3 profit of US$455 million, compared with a net loss of US$24.5 billion in 2008 Q3.“Our results reflect continued stabilization in performance and market trends,” AIG president and CEO Robert H. Benmosche

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What’s New: In Brief (October 29, 2009)

October 29, 2009 by Canadian Underwriter

With the 2010 Olympic and Paralympic Winter Games fast approaching, Insurance Bureau of Canada (IBC) is reminding B.C. homeowners to make sure they are properly insured before renting out their property to visitors.Since last year, IBC has been encouraging B.C.

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What’s New: In Brief (October 28, 2009)

October 28, 2009 by Canadian Underwriter

The New Brunswick Insurance Board held a public hearing on Oct. 27 to consider an auto insurance rate filing by IAO Actuarial Consulting Services Inc. (IAO), which recommends an average rate decrease of 6.02% for 2010.The outcome of the meeting

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Nova Scotia brokers “optimistic” about government’s willingness to negotiate future of the auto cap

October 26, 2009 by Canadian Underwriter

CLARIFICATION: The following piece is intended to clarify remarks attributed to IBANS president Ken Myers, as reported by Canadian Underwriter in an online item entitled, “Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers.”

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CEOs debate whether a single tool for estimating reconstruction costs would help solve the ITV problem

October 23, 2009 by Canadian Underwriter

Would adherence to a single tool for estimating reconstruction costs help to resolve the insurance-to-value (ITV) issue?Insurance company CEOs debated the point at the 89th annual convention of the Insurance Brokers Association of Ontario (IBAO), held in Toronto on Oct.

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Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers

October 22, 2009 by Canadian Underwriter

Nova Scotia’s Cdn$2,500 cap on claims payments for minor auto injuries will be scrapped, it’s just a matter of when, the province’s new premier has suggested to the Independent Broker Association of Nova Scotia (IBANS).Nova Scotia Premier Darrell Dexter, a

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Damage to economy may delay hardening of commercial market until at least 2011

October 21, 2009 by Canadian Underwriter

Economists may be declaring the end of a recession, but the resultant damage to the economy could mean commercial property and casualty rates won’t rise until 2011, according to an Advisen briefing.“The recession may have ended, but recovery has not

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FSCO approves average auto rate increase in Ontario of 2.13% in 2009 Q3

October 20, 2009 by Canadian Underwriter

FSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.“In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted

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What’s New: In Brief (October 13, 2009)

October 13, 2009 by Canadian Underwriter

There was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer