News
Strict rate regulation contributes to solvency risk: PACICC report
April 15, 2009 by Canadian UnderwriterInadequate 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…
PACICC calls for improved provincial financial reporting standards
April 15, 2009 by Canadian UnderwriterThe 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…
Alberta rate board receives no applications for basic auto rate increase in 2009 Q1
April 15, 2009 by Canadian UnderwriterThere 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…
Collision repair shop audits show system is working: ICBC (April 14, 2009)
April 14, 2009 by Canadian UnderwriterOut 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…
Collision repair shop audits show system is working: ICBC (April 14, 2009)
April 14, 2009 by Canadian UnderwriterOf 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…
More vehicle weight, size enhances safety in multiple vehicle crashes
April 14, 2009 by Canadian UnderwriterFront-to-front crash tests, each involving a mini-car or a micro-car colliding with a mid-size model made by the same manufacturer, show how extra vehicle size and weight enhance occupant protection in collisions, the Insurance Institute for Highway Safety (IIHS) reports.The…
New Brunswick collaborates with insurers, brokers to improve access to non-profit insurance
April 14, 2009 by Canadian UnderwriterThe Province of New Brunswick has announced a formal collaboration with insurers and insurance brokers to help find the most appropriate insurance coverage for non-profit organizations at the most competitive rates available.Partners in the collaboration are the province’s Community Non-Profit…
Stagnant premium growth key issue for coming decade
April 14, 2009 by Canadian UnderwriterNegative or stagnant premium growth will be a key issue for property and casualty insurers in industrialized countries, including Canada, during the next 10 years, says Standard & Poor’s.In its report, The Key Issues for Property/Casualty Insurers During the Next…
U.S. P&C industry profits tumble 96.2% in 2008
April 13, 2009 by Canadian UnderwriterThe net income of private U.S. property and casualty insurers tumbled 96.2% in 2008 — from US$62.5 billion in 2007 to US$2.4 billion in 2008, according to the Property Casualty Insurers Association of America (PCI) and Insurance Services Organization (ISO).The…
2008 record year for tornado losses in U.S.
April 13, 2009 by Canadian Underwriter2008 was the worst year for catastrophe losses stemming from U.S.-based tornadoes, as well as among the worst years on record for the frequency of tornadoes, reports A.M. Best Company Inc.In its special report, Another Year, Another Record: Tornado Threat…
Tribunal’s publication of insurance claimants’ medical info is not prohibited: Saskatchewan court
April 13, 2009 by Canadian UnderwriterThe online publication of personal medical information contained in a tribunal decision concerning an auto insurance claimant’s case is not a violation of the claimant’s statutory privacy rights, the Court of Queen’s Bench for Saskatchewan has ruled.Elaine Germain asked the…
What’s New: In Brief (April 13, 2009)
April 13, 2009 by Canadian UnderwriterIncreasing demand for directors’ and officers’ (D&O) insurance is being fuelled by concerns about the economy, shareholder action, litigation and the increasing engagement by regulators, according to Marsh. FTSE 100 companies are buying 20% more D&O insurance than 12 months…