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Moody’s downgrade outlook for U.S. commercial property and casualty sector

April 17, 2009 by Canadian Underwriter

Moody’s Investors Service has revised its outlook for the U.S. commercial lines insurance sector to negative from stable.The downgrade is based on a “confluence of factors,” including intensified stress on insurers’ investment portfolios and financial inflexibility arising from capital market…

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FSCO in 2009 Q1 approves average auto rate increase of +0.95%

April 17, 2009 by Canadian Underwriter

Auto rate applications approved by the Financial Services Commission of Ontario (FSCO) for 2009 Q1 averaged +0.95% based on the entire market. In 2009 Q1, the average rate change was +3.09% for the 30.91% of the market that had approved…

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Housekeeping, home maintanence claims not subject to threshold: Ontario court

April 16, 2009 by Canadian Underwriter

Auto accident claims for housekeeping and home maintenance expenses in Ontario are not subject to the province’s legislative threshold that restricts payments only to those claimants who suffer from “serious and permanent” impairments, the Ontario Superior Court of Justice has…

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Drive-by shooting injury not covered by auto policy

April 16, 2009 by Canadian Underwriter

A catastrophically injured victim of a drive-by shooting is not entitled to coverage under the OPCF 44R–Family Protection Coverage Endorsement, the Ontario Court of Appeal has ruled.Louise Russo walked into a Toronto-area sandwich shop in 2004, when a van with…

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Many insurers relying on stale information to manage risks; study finds

April 16, 2009 by Canadian Underwriter

Many insurers manage risk using stale, outdated reports and information, a study by the London-based Economist Intelligence Unit found.In 2008 Q4 and 2009 Q1, the EIU surveyed 446 senior executives from 10 industries around the world about their views on…

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The Co-operators reports decreased net income in 2008

April 16, 2009 by Canadian Underwriter

The Co-operators has reported a net income of Cdn$82.4 million in 2008, a decrease from Cdn$158.7 million in 2007. “The Co-operators and its member-owners reflected upon a year marked by unprecedented economic upheaval and market volatility,” according to a company…

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Over-regulation poses real threat: survey

April 15, 2009 by Canadian Underwriter

The threat of over-regulation looms large for global insurance experts, according to results from a Geneva Association survey. In early April, 46 senior insurance experts and professionals from around the world, including 15 heads of supervisory and regulatory authorities, participated…

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Strict rate regulation contributes to solvency risk: PACICC report

April 15, 2009 by Canadian Underwriter

Inadequate pricing is the primary reason why insurers fail, and strict rate regulation is among several contributors to inadequate pricing, the Property and Casualty Insurance Compensation Corporation (PACICC) says in its recently released report, Why Insurers Fail: Inadequately Pricing the…

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PACICC calls for improved provincial financial reporting standards

April 15, 2009 by Canadian Underwriter

The Property and Casualty Insurance Compensation Corporation (PACICC) is planning to encourage legislative reforms that would align the financial reporting standards of provincially supervised insurance companies with those of federal and international solvency regulators.“PACICC continues to advocate improved public disclosure…

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Alberta rate board receives no applications for basic auto rate increase in 2009 Q1

April 15, 2009 by Canadian Underwriter

There were no applications for increases of premium level for basic coverage for private passenger vehicles to the Alberta Insurance Rate Board in 2009 Q1.Only one change to the basic rate for private passenger vehicles was approved in Q1, and…

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Collision repair shop audits show system is working: ICBC (April 14, 2009)

April 14, 2009 by Canadian Underwriter

Out of the thousands of random drop-ins at collision repair shops by ICBC, only 48 collision repair shops required a formal audit because of a suspected problem so far this year, according to the ICBC. Of the 48 audits, only…

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Collision repair shop audits show system is working: ICBC (April 14, 2009)

April 14, 2009 by Canadian Underwriter

Of the thousands of random drop-ins at collision repair shops by ICBC, only 48 collision repair shops required a formal audit because of a suspected problem so far this year, according to the ICBC. Of the 48 audits, only 39…