Topic
Mergers and Aqcuisitions
Comer v. Pilot illustrates challenges that insurers face in proving fraud
May 13, 2010 by Canadian UnderwriterCary Comer v. Pilot Insurance Company demonstrates the challenges insurers face when trying a suspected fraud claim, Richard Bickford told delegates at the ISB-U Education Series. Combat Auto Fraud, an ISB education training and resources session, was held May 12…
Recovery rate for stolen vehicles drastically reduced, suggesting organized crime involvement: OPP
May 13, 2010 by Canadian UnderwriterOntario Provincial Police jurisdictions currently have a recovery rate of about 50% for stolen vehicles, compared to a 90% recovery rate in 1990. The figures were presented by Stephen Boyd, detective sergeant and program manager for the provincial auto theft…
IBC launches initiative to tackle insurance-to-value (ITV) issue
May 12, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.For insurers, IBC released best practice guidelines. The best practices offer…
Insurance companies in N.S. could see 17% increase in claims costs after change to minor injury cap
May 11, 2010 by Canadian UnderwriterRecent amendments to Nova Scotia’s minor injury cap and definition will increase average bodily injury claims costs by 17%, Oliver, Wyman Limited estimates. The Nova Scotia government announced amendments to the Insurance Act and draft regulations on Apr. 28, 2010.…
New Brunswick plays game of wait-and-see with Nova Scotia’s new minor injury cap
May 11, 2010 by Canadian UnderwriterNew Brunswick is keeping an eye on the outcome of Nova Scotia’s recent decision to triple its minor injury damages cap from $2,500 to $7,500, according to a report by the Times & Transcript, based in Moncton, New Brunswick.New Brunswick…
For Aviva plc, Canada’s good weather in 2010 Q1 makes up for Europe’s bad weather
May 11, 2010 by Canadian UnderwriterCanada’s good weather in 2010 Q1 helped offset a higher-than-normal claims volume in Europe during the first quarter, Aviva plc reported.“Claims were higher than expected in the first quarter because of adverse weather in the U.K. and Europe, but these…
B.C. solicitor general considers making driving records public
May 10, 2010 by Canadian UnderwriterBritish Columbia’s solicitor general is mulling over the idea of making driving records — including impaired driving infractions — public, reports the Times Colonist.Mike de Jong, B.C.’s solicitor general, told the Times Colonist he would consider setting up a system…
MPI working to solve computer problems
May 10, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) has made “significant progress” to correct problems plaguing its computer system.The problem stems from an issue with one of MPI’s data banks, an MPI release says.“We expect all Autopac agents and service centres will have some…
Hurdles to growth likely to create shifts in global mutual landscape: A.M. Best
May 10, 2010 by Canadian UnderwriterAlthough mutual insurers generally fared the economic downturn better than their non-mutual insurer counterparts, mutuals’ growth potential may be limited in the post-recession economy, A.M. Best reports.The limited growth potential will likely lead to more affiliations, partnerships and joint ventures,…
AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors
May 10, 2010 by Canadian UnderwriterGap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance…
Compu-Quote launches Web-based rating tool for recreational vehicles and motorcycles
May 7, 2010 by Canadian UnderwriterCompu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full…
Hiring a lawyer can be a “cost-efficient” way to manage some exposures in Ontario’s expanded claims court
May 7, 2010 by Canadian UnderwriterHiring experienced counsel to help craft strategic offers of settlement might just be the most cost-effective way for an insurer to negotiate Ontario’s newly expanded small claims court, Todd J. McCarthy of Flaherty Dow Elliott & McCarthy told a Canadian…