News
Ontario auto cost insurers $900 million in 2009: IBC
March 30, 2010 by Canadian UnderwriterCanadian property and casualty insurers writing Ontario auto lost an astounding $907 million in 2009, said Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC).Sulzenko-Laurie presented a ‘State of the Industry’ speech at the Swiss Re–IBC…
Insurance Brokers Association of Nova Scotia says province’s auto injury cap is “warranted,” but needs to be indexed
March 29, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Nova Scotia (IBANS) says limitations placed on pain and suffering awards in the province have “resulted in a satisfied consumer, a competitive marketplace and rate stability that has been continuous since 2003.”The association thus responded…
Manitoba high school driver education course beneficial, MPI survey finds
March 29, 2010 by Canadian UnderwriterNine out of 10 students enrolled in the Manitoba Public Insurance High School Driver Education (HSDE) program said the course helped them to become more careful drivers, according to a Manitoba Public Insurance (MPI) survey. The telephone survey, conducted last…
U.S. property and casualty net income almost triples in 2009: A.M. Best
March 29, 2010 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s profit in 2009 nearly tripled that of 2008, according to A.M. Best Company’s 12-month 2009 property/casualty results.The U.S. industry registered a $35.4-billion profit in 2009, up substantially from its $3.8- billion profit in…
Marsh refuses contingent commissions in Canadian and U.S. core broking segments
March 29, 2010 by Canadian UnderwriterMarsh will no longer accept contingent commissions in its core broking segment in Canada or the United States.The firm will “continue to provide detailed transactional disclosure to clients in its core brokerage operations, including all quotes received and compensation information,”…
OSFI sees Canada’s strengthening dollar as an emerging risk
March 26, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is warning that Canada’s strengthening dollar is an emerging risk for which financial institutions should be prepared.“In recent months, a risk related to the global competitiveness of the Canadian economy has…
A.M. Best affirms LAWPRO’s ‘A’ rating, changes outlook to negative
March 26, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers’ Professional Indemnity Company (LAWPRO), but changed its outlook from stable to negative on the basis of an increased loss ratio and a one-time re-evaluation of reserves…
Wildfire risk under-priced in Canadian market: ICLR
March 26, 2010 by Canadian UnderwriterThe insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray…
Insurance industry ranked “below average” for e-customer service
March 26, 2010 by Canadian UnderwriterThe insurance industry performed well in phone customer service, but was ranked as below average when it came to customer service through email or the Web, an eGain survey found.eGain Communications Corporation, a customer service software provider, evaluated multiple aspects…
Effective supervisory oversight just as important as enforcing rules: OSFI superintendent
March 25, 2010 by Canadian UnderwriterCanada’s solvency regulator says effective supervisory oversight is just as important as the imposition of rules when it comes to the regulation of financial services.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), weighed in with…
Onus is not on an insurer to prove the lack of a settlement agreement: FSCO
March 25, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna…
Lloyd’s reports highest profit in its history in 2009
March 25, 2010 by Canadian UnderwriterLloyd’s of London reported a pre-tax profit of GBP3.9 billion (Cdn$5.9 billion) in 2009, the highest in its history and a marked increase from 2008’s pre-tax profit of GBP1.9 billion (Cdn$3.2 billion).The market reported a combined ratio of 86.1% for…