News
What’s New: In Brief (February 10, 2010)
February 10, 2010 by Canadian UnderwriterAn Insurance Bureau of Canada (IBC) steering committee is recommending full adoption by all auto insurers of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010. A number of stakeholder…
IBAO says IBC credit scoring principles “create a false sense of security”
February 10, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security…
Crawford Cares increases funds raised for WICC
February 10, 2010 by Canadian UnderwriterCrawford Cares has donated more than $80,000 to Women in Insurance Cancer Crusade (WICC). Crawford & Company (Canada) CEO John Sharoun presented a cheque for $80,661.95 during a luncheon hosted in honour of WICC on Feb. 9. In years past,…
Dyoll Insurance Company liquidators sue Aon Benfield Canada ULC in Supreme Court of Jamaica
February 9, 2010 by Canadian UnderwriterThe Joint Liquidators (JLs) of Dyoll Insurance Company Limited have commenced proceedings in the Supreme Court of Jamaica against Aon Benfield Canada ULC (formerly known as Aon Re Canada Inc.), seeking damages amounting to roughly US$19.9 million.In a Jan. 27,…
IBC posts insurers’ voluntary Code of Conduct related to credit scoring
February 9, 2010 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released a voluntary Code of Conduct related to insurers’ use of credit-based insurance scores.The code applies to personal insurance only, including auto, homeowner, motorcycle, mobile homes and non-commercial dwelling fire insurance policies. The…
What’s New: In Brief (February 09, 2010)
February 9, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed Echelon General Insurance Company’s financial strength rating of B++ (good) and issuer credit rating (ICR) of ‘bbb+.’EGI Financial Holdings (EFH), Echelon’s publicly traded parent, also had its ICR of ‘bb+’ affirmed.The outlook for all ratings…
2009 sees lowest insured losses in 3 years
February 9, 2010 by Canadian UnderwriterAt $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5…
Halifax Regional Municipality supports Nova Scotia’s auto cap
February 8, 2010 by Canadian UnderwriterThe Halifax Regional Municipality (HRM) supports the province’s existing $2,500 cap on pain and suffering awards for minor auto injuries.The HRM self-insures about 95% of its 1,400 vehicles, including 294 buses, police cars, fire trucks and snow and ice control…
U.S. property and casualty insurers see profits rise from $3.8 billion in 2008 to $30.6 billion in 2009
February 8, 2010 by Canadian UnderwriterThe financial results of the U.S. property and casualty industry in 2009 represent a radical departure from the anemic results in 2008, according to a recent report by A.M. Best.“The U.S. property/casualty industry’s operating results recovered in 2009 from a…
What’s New: In Brief (February 08, 2010)
February 8, 2010 by Canadian UnderwriterAon Corporation (NYSE: AON) reported a net income of $747 million in 2009, marking a 49% decrease from 2008’s profit of $1.5 billion.2008 included a $935-million, after-tax gain on the sales of Combined Insurance Companies of America and Sterling Life…
What’s New: In Brief (February 08, 2010)
February 8, 2010 by Canadian UnderwriterRecent changes to The Rules of Civil Procedure will be front-and-centre in a seminar hosted by the Canadian Independent Adjusters’ Association. The session is to be held on May 7, 2010, from 9 a.m. to 12:30 p.m., at the Albany…
Lack of funds represents largest hurdle to infrastructure development: KPMG
February 5, 2010 by Canadian UnderwriterDespite stimulus spending, public sector executives cite lack of funds as the largest hurdle to infrastructure development, KPMG reports.In its third instalment of a series on global infrastructure surveys, KPMG commissioned the Economist Intelligence Unit to survey 392 senior public…