News
Insurer ordered to pay accident benefits even though policy expired before accident
January 8, 2009 by Canadian UnderwriterThe Ontario Superior Court of Justice has upheld the principle that an insurer cannot simply deny paying accident benefits to an applicant — even if the policy had been cancelled two months before the accident — so long as there…
Losses of up to US$55 billion if 1938 hurricane hit today
January 7, 2009 by Canadian UnderwriterIf the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the…
What’s New: In Brief (January 07, 2009)
January 7, 2009 by Canadian UnderwriterManitoba’s auto theft rates have dropped to the lowest level since 1993, according to claims data released by Manitoba Public Insurance (MPI). The trend is driven in part by a 40% decrease in auto theft taking place in Winnipeg, MPI…
Kingsway settles with Stilwell Group, cancels shareholders meeting about board members’ ouster
January 7, 2009 by Canadian UnderwriterKingsway Financial Services Inc. has cancelled a special meeting of shareholders called for Feb. 10, 2009 to deal with the potential ouster of two board members, instead agreeing to settle with the shareholder calling for their removal.Minority Kingsway shareholder Joseph…
FSCO upholds practice of combining psychological impairment percentages with physical impairments
January 7, 2009 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has upheld the controversial practice of assigning percentages to psychological impairments and combining these with physical impairment ratings for the purpose of determining an individual’s whole person catastrophic impairment.In Maria Augello and Economical…
Property catastrophe rates up 8%: Guy Carpenter (January 06, 2009)
January 6, 2009 by Canadian UnderwriterProperty catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global…
Property catastrophe rates up 8%: Guy Carpenter (January 06, 2009)
January 6, 2009 by Canadian UnderwriterProperty catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global…
Core claims system vendors need to differentiate themselves: Celent
January 6, 2009 by Canadian UnderwriterInsurers are rapidly replacing legacy systems with upgraded core claims technology, and vendors should differentiate themselves by focusing on improving usability, making implementation faster and less expensive and documenting the value propositions of new technologies, a recent Celent report notes.The…
Outsourcing in economic downturn presents increased challenges
January 6, 2009 by Canadian UnderwriterAlthough the risks of outsourcing during an economic downturn increase, organizations can still benefit if they revisit and revise their risk management practices, PricewaterhouseCoopers (PwC) says. “Even in the best of times, outsourcing requires careful planning and structuring to deliver…
What’s New: In Brief (January 06, 2009)
January 6, 2009 by Canadian UnderwriterDavid Huebel has joined Catlin Canada Inc. as its chief underwriting officer.Huebel will be responsible for the implementation and execution of the Catlin Group’s underwriting plan for all lines of business across Canada.He was most recently the president and CEO…
Hard market is coming and may be prolonged, Advisen says
January 5, 2009 by Canadian UnderwriterThe deteriorating global economy could delay the hardening of the commercial insurance market until the end of this year, but the coming hard market may be more prolonged than past cycles, Advisen Ltd. predicts.Average rate levels for commercial insurance will…
Economic turmoil presents opportunity for reinsurers to regain market share
January 5, 2009 by Canadian UnderwriterThe manner in which cedants select reinsurance partners has shifted as the demand for reinsurance capacity increases, according to a Willis Re report.In 1st View; Capital Rules, Willis Re examines global trends that emerged during the Jan. 1, 2009 renewal…