Canadian Underwriter

What’s New: In brief (September 07, 2006)

September 7, 2006   by Canadian Underwriter

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In a survey conducted by US-based Flasphler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. In addition the survey says the company’s standing showed further appreciable improvement in the assessment of the participating brokers, 63.1% chose Hannover Re as the best reinsurer on the North American market. The study was posed to 366 individuals at leading reinsurance brokerage firms and was based on their opinions of 28 reinsurers active in the US market.
Particularly favourable reference was made to the good personal relationships with the underwriters in Hannover and the company’s quick, responsive handling of business, according to the reinsurer. North American reinsurance business is predominantly handled through brokers they place more than two- thirds of the total market volume.

Police and the auto insurance industry are concerned with the increased number of vehicles in the community with fraudulent insurance cards. Fraudulent insurance cards appear valid, but have false policy numbers and or expiry dates. In concert with the Insurance Bureau of Canada (IBC), the Registered Insurance Brokers of Ontario(RIBO) and the Insurance Brokers Association of Ontario (IBAO), a recent week long series of spot-checks was conducted by the Peel Regional Police, focusing on this issue. Over 500 vehicles were investigated at various locations throughout the cities of Brampton and Mississauga. The checks resulted in 71 charges against drivers, of which 32 were insurance related offences and three fraudulent insurance cards were discovered. Police note that drivers may not be aware that they have a fraudulent insurance card. Individuals with poor driving records and or drivers with no Canadian driving history may find themselves facing high costs for car insurance. They may be approached by culprits trafficking in fraudulent insurance cards and offered car insurance at significantly reduced rates. The victims purchase what they believe is valid insurance, but which is in fact fraudulent. Police are urging drivers to ensure the insurance they have for their vehicle is valid and up-to-date. Drivers using fraudulent cards are driving with no insurance and can face fines up to $5,000.00 and/or criminal charges. In addition, if involved in motor vehicle collisions, these drivers may find themselves civilly liable for costs related to the collision and any injuries.

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