Segment
Claims
Compu-Quote launches Web-based rating tool for recreational vehicles and motorcycles
May 7, 2010 by Canadian UnderwriterCompu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full…
Hiring a lawyer can be a “cost-efficient” way to manage some exposures in Ontario’s expanded claims court
May 7, 2010 by Canadian UnderwriterHiring experienced counsel to help craft strategic offers of settlement might just be the most cost-effective way for an insurer to negotiate Ontario’s newly expanded small claims court, Todd J. McCarthy of Flaherty Dow Elliott & McCarthy told a Canadian…
Canadian results buoy RSA group results in 2010 Q1
May 6, 2010 by Canadian UnderwriterRSA’s group results in 2010 Q1 have been buoyed by RSA Canada’s results, according to an RSA ‘Interim Management Statement’ posted on its Web site.Also, RSA stated its losses due to the Chilean earthquake were estimated to cost about £30…
Size matters in commercial lines: MSA/Baron Report
May 4, 2010 by Canadian UnderwriterSize does matter when it comes to writing commercial lines, although the effects vary depending upon whether Canadian commercial insurers are writing property or liability insurance, according to the Q4-2009 MSA/Baron Outlook Report.In her article ‘Commercial Lines — Does Size…
OSFI’s IFRS conversion guidelines address structured settlements
May 4, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has issued draft accounting guidelines related to IFRS conversion, including guidelines for structured settlements.The full guidelines are available at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=3698In Bulletin D-5, OSFI issues guidelines on the reporting by a property…
Comprehensive deductibles in U.S. rising much faster than collision deductibles: Mitchell
May 4, 2010 by Canadian UnderwriterComprehensive deductibles are rising almost twice as fast (160% faster) than collision deductibles in the U.S. auto insurance industry, according to Mitchell International. Mitchell used data that included deductibles from 2003 to 2009 for collision and comprehensive losses. It found…
Partner Re estimates insured Deepwater Horizon losses could exceed $1 billion
May 3, 2010 by Canadian UnderwriterPartnerRe Ltd. (NYSE, Euronext:PRE) estimates insured losses from the explosion and subsequent sinking of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.The oil platform exploded 50 miles off the Louisiana coast…
MSB adds green items to its cost data
May 3, 2010 by Canadian UnderwriterMSB, a worldwide provider of building cost data and estimating technology to the property insurance industry, will add 1,500 new green items to its Total Component Database. Its new database item set will deploy electronically and be available for use…
In Memoriam: Rick Berg
April 30, 2010 by Canadian UnderwriterRick Berg, Canadian business manager for 3M’s automotive aftermarket division, has passed away at the age of 47.In a statement, the Canadian Collision Industry Forum (CCIF) described Berg as “always willing to volunteer, always keen to support the industry from…
Nova Scotia keeps minor injury cap, triples limit to $7,500
April 29, 2010 by Canadian UnderwriterNova Scotia has kept its minor injury cap on pain and suffering awards for automobile accident injuries, but tripled its maximum limit to $7,500.The government announced amendments to the Insurance Act and draft regulations on Apr. 28. The amendments and…
IBC and IBANS committed to working with Nova Scotia on auto cap amendments
April 29, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and the Insurance Brokers Association of Nova Scotia (IBANS) say they are committed to working closely with Nova Scotia to monitor the effect of the changes to the auto cap regulations in the province. Changes…
FSCO outlines transition rules for Ontario’s new auto reforms
April 28, 2010 by Canadian UnderwriterAs of Sept. 1, 2010, as a general rule, the New Statutory Accident Benefits Schedule (SABS) enshrined in Ontario’s new auto insurance reforms “will govern claims processing relating to old accidents,” as well as “the determination of amounts payable by…