News
Quebec insurers see rise in premiums, decrease in claims in 2007
June 20, 2008 by Canadian UnderwriterProperty and casualty insurers in 2007 wrote a total of Cdn$7.3 billion in premium in Quebec, marking a 3.6% increase from 2006’s Cdn$7.1 billion, reports the Autorit des march financiers (AMF).Automobile and property insurance premiums increased 3%, up nearly CDn$172…
A.M. Best takes rating actions on more than 50 Canadian p&c insurers
June 20, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating (FSR) of seven Canadian property and casualty insurers, downgraded five, assigned ratings to four and affirmed the FSR of 37 insurers.The following companies have received FSR upgrades: CUMIS General Insurance, B+…
Insurers prepare for claims related to tomato contamination
June 19, 2008 by Canadian UnderwriterInsurers globally are preparing for business interruption claims related to the recent salmonella outbreak that has affected at least 228 people in the United States.As a result of a warning issued by the U.S. Food and Drug Administration (FDA), a…
What’s New: In Brief (June 19, 2008)
June 19, 2008 by Canadian UnderwriterLiquidation World Inc. has imported and sold children’s restraint systems and booster seats from the United States that did not comply with the applicable Canada Motor Vehicle Safety Standards, a Transport Canada (TC) bulleting warns.Approximately 145 of the units were…
What’s New: In Brief (June 19, 2008)
June 19, 2008 by Canadian UnderwriterSCOR has established a “hub” structure for the Americas in New York, encompassing SCOR Canada, SCOR US, and SCOR Global Life Re US.Henry Klecan Jr. is the managing director of the hub. He will remain CEO of SCOR Canada and…
Regulation calls for rate approvals to be submitted on a regular basis
June 19, 2008 by Canadian UnderwriterNova Scotia automobile insurance companies would have to apply to the Nova Scotia Insurance Review Board (NSIRB) for rate approvals and risk classifications at regular intervals, and not just if there is a proposed change to the rates, according to…
What’s New: In Brief (June 18, 2008)
June 18, 2008 by Canadian UnderwriterAfter fires in Nova Scotia forced the evacuation of 5,000 residents, the Insurance Bureau of Canada is reminding those affected to check their policies. A brush fire, which started in Porters Lake just east of Halifax on Friday, forced 5,000…
Post-cap, IBC calling for 36.9% auto insurance increase to “ceiling” grid rates
June 18, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is recommending a 36.9% rate increase to be applied only to the province’s grid rates to compensate for the recent elimination of the province’s cap on minor injuries.The IBC presented its proposal to the…
Federal natural catastrophe backstop debated in the U.S.
June 18, 2008 by Canadian UnderwriterBecause of a natural catastrophe’s high cost to society, some are debating whether or not the U.S. federal government should provide a program to backstop losses for natural catastrophes, Standard & Poor’s (S&P’s) says.In the current market, federal government participation…
What’s New: In Brief (June 18, 2008)
June 18, 2008 by Canadian UnderwriterA.M. Best Co. has affirmed the A+ (Superior) financial strength rating of ING Canada Group.The ratings agency cites ING’s “superior capitalization, above-average profitability and leading market position within the Canadian property/casualty industry,” as reasoning for the rating.At the same time,…
CBA report finds Alberta auto product would continue to be profitable without cap
June 17, 2008 by Canadian UnderwriterAlberta’s automobile industry would continue to be “highly profitable” even if the Cdn$4,000 cap on payments for soft tissue injuries were removed, according to research commissioned by the Alberta branch of the Canadian Bar Association (CBA).The study, ‘Alberta’s Minor Injury…
What’s New: In Brief (June 17, 2008)
June 17, 2008 by Canadian UnderwriterCunningham Lindsey Canada Claims Services Ltd. launched a Causation Forensic Specialists (CFS) division.The division will be lead by Bernard (Bernie) Lefebvre, a fire investigator, a Cunningham Lindsey release says.“CFS fills a very specialized niche which falls under a branch of…