News
Tort action against driver may proceed even though claim against insurer is dismissed
March 23, 2009 by Canadian UnderwriterThe Ontario Superior Court has summarily dismissed an action against an insurer because the plaintiff did not have valid insurance on the vehicle involved in an accident. At the same time, the court commented that whether or not the same…
Breach of policy waived if insurer takes too long to claim no coverage: court
March 23, 2009 by Canadian UnderwriterAn insurance company that takes three years to assert no coverage in a claim effectively waives the breach of a client’s policy that otherwise would have voided the insurer’s obligation to pay the full policy limit of its third party…
Fitch questions U.S. P&C industry’s ability to rebound immediately from 2008 losses
March 23, 2009 by Canadian UnderwriterThe U.S. property and casualty market’s ability to rebound in 2009 remains questionable, as a broad market pricing turn is not materializing from the losses of 2008, Fitch Ratings says in its Year-End 2008 Review.The report is a compilation of…
What’s New: In Brief (March 20, 2009)
March 20, 2009 by Canadian UnderwriterWarren Jestin, senior vice president and chief economist with Scotiabank Canada, and Glenn Gibson, global chief strategy officer with Crawford & Company, will be the keynote speakers at the CIP Society’s 2009 Symposium on Apr. 29.The event, ‘A Bridge Over…
U.S. P&C loss reserves depleted by nearly US$14 billion in 2008: Moody’s
March 20, 2009 by Canadian UnderwriterLoss reserves for the U.S. property and casualty insurance industry may have depleted by up to US$14 billion in 2008, according to a new report by Moody’s Investors Service.In its report, U.S. P&C Insurers’ Reserve Adequacy Shrinks, Moody’s estimates the…
Standard & Poor’s financial strength ratings still relevant under Solvency II
March 20, 2009 by Canadian UnderwriterIncreased regulatory scrutiny associated with the Solvency II regime will not make Standard & Poor’s financial strength ratings (FSR) obsolete, S&P’s maintains.In Interpreting Insurer Financial Strength Ratings in Light of Improving Insurer Supervision, S&P’s addresses frequently asked questions about its…
What’s New: In Brief (March 20, 2009)
March 20, 2009 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) is warning consumers of an insurance fraud scheme that involves the misappropriation of premiums.There have been situations in which people have purported to be insurer representatives and misappropriated premiums for their own personal gain,…
Winnipeg sees zero auto thefts during a 24-hour period on March 3
March 19, 2009 by Canadian UnderwriterWinnipeg recently achieved a seldom-achieved milestone: zero auto thefts reported over a 24-hour period.Manitoba Public Insurance (MPI) says the no-theft achievement on Mar. 3 speaks volumes about the reversal of auto theft trends in the province over the past two…
GAO summarizes its investigation of AIG’s U.S. commercial pricing as inconclusive
March 19, 2009 by Canadian UnderwriterAn investigation into whether AIG has been using government aid to undercut competition in the commercial property and casualty market is inconclusive, the U.S. Government Accountability Office (GAO) said.In a presentation to the U.S. House of Representatives’ subcommittee on capital…
Minority of companies with ERM programs use software to support their programs
March 19, 2009 by Canadian UnderwriterThe majority of companies with an enterprise risk management program (ERM) in place operate their programs without the support of ERM software, a Risk and Insurance Management Society (RIMS) survey has found.RIMS’ Technical Advisory Council (TAC) surveyed 651 companies. It…
Increase in lead hull and liability premium: Aon
March 19, 2009 by Canadian UnderwriterLead hull and liability premium increased on average by 7% in 2008, after five years of soft market conditions, according to an Aon report. Following an 11% decline in 2007, the market swung by 18% in the last two years,…
U.S. commercial lines show smallest price reduction in the last two years: Towers Perrin
March 18, 2009 by Canadian UnderwriterCommercial insurance prices in the United States saw a slight decline of 3% during 2008 Q4 compared to the same quarter in 2007, according to Towers Perrin’s most recent commercial lines insurance pricing and profitability trends survey (CLIPS).“This price reduction…