News
PACICC plans to increase insolvency preparedness
April 13, 2005 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies.At Wednesday’s annual general meeting, PACICC deputy chairman Kevin McNeil,…
What’s new: In brief (April 13, 2005)
April 13, 2005 by Canadian UnderwriterA.M. Best has produced a methodology for the equity credit it gives for the use of hybrid securities issued by insurers. Specifically, it looks at the assessment of the impact of these instruments on financial ratios and financial flexibility of…
What’s new: In brief (April 12, 2005)
April 12, 2005 by Canadian UnderwriterChubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap &…
Abbotsford family agrees to pay ICBC $126,000
April 12, 2005 by Canadian UnderwriterAn Abbotsford, BC family found to have filed a claim on a staged accident has agreed to pay B.C.’s public auto insurer $126,000.The Insurance Corp. of B.C. was assessed $126,000 in punitive damages after a 2003 trial concluded that Deepak…
Facility Association sees significant improvement in 2004
April 12, 2005 by Canadian UnderwriterComing off a disastrous 2003, the Facility Association (FA) the industry’s risk sharing mechanism to cover high-risk drivers is reporting stronger results in 2004, with lower losses and reduced numbers of drivers in the system.At the FA’s annual general meeting…
U.S. insurers produce first underwriting profit since 1978
April 12, 2005 by Canadian Underwriter2004 marks the first underwriting profit produced by U.S. p&c insurers in more than 25 years, a feat which boosted net income and surplus to record highs, according to date released by the Insurance Services Office (ISO) and the Property…
European insurers outperform market in 2004: S&P
April 11, 2005 by Canadian UnderwriterEuropean insurers reported profit growth of more than 15% in 2004, outperforming the S&P Europe 350 Index, says rating agency Standard & Poor’s.S&P expected improved results for insurers in the region last year, on the back of strong non-life underwriting,…
U.S. judges say frivolous lawsuits not on the rise
April 11, 2005 by Canadian UnderwriterThe filing of frivolous lawsuits is not a significant problem, according to a survey of U.S. federal court judges.The survey, taken by the Federal Judicial Center, was intended to assess the appropriateness of “Rule 11” of the Federal Rules of…
Farm co-operatives’ pension class action certified
April 11, 2005 by Canadian UnderwriterA lawsuit launched on behalf of members of a farm co-operatives pension plan have seen their class action certified.Ontario Superior Court Justice Warren Winkler certified the suit, which stems from investment losses suffered by the Participating Co-operatives of Ontario Trusteed…
What’s new: In brief (April 11, 2005)
April 11, 2005 by Canadian UnderwriterFormer AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to…
Groupe Promutuel posts $36 million profit
April 10, 2005 by Canadian UnderwriterGroupe Promutuel, a group of Quebec-based mutual insurers, says its members posted combined net earnings of $36 million for 2004. Premium volume grew by 11% last year to reach $456 million, and member equity rose from $291 million in 2003…
FSCO publishes consumer guides on homeowners’ insurance
April 10, 2005 by Canadian UnderwriterOntario’s insurance regulator has published a series of guides on homeowners’ insurance, including one which talks specifically about insurer concerns regarding older homes.The Financial Services Commission of Ontario (FSCO) notes that buyers of older homes need to be aware of…