Segment
Claims
Soft market could be around until 2010
February 6, 2008 by Canadian UnderwriterNorth American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of…
What’s New: In Brief (February 04, 2008)
February 4, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, which allows a vehicle to be written off if the damage exceeds 50% of its market value.Program members suffering a write-off would receive a…
Greater horsepower leads to higher claims costs
February 4, 2008 by Canadian UnderwriterEven slight increases in horsepower by automakers results in increased insurance claims costs, according to a study by the Highway Loss Data Institute.The addition of just one horsepower per 100 pounds of vehicle weight resulted in an estimated 5% increase…
Standard of proof high for denying auto accident benefits based on cospiracy to defraud
February 1, 2008 by Canadian UnderwriterInsurers seeking to deny auto accident benefits payments on the basis of an alleged conspiracy to defraud will have to meet a very high standard of proof, based on the Financial Service Commission of Ontario (FSCO)’s decision in a recent…
City not liable for damage when horesplay results in broken plate glass window
January 31, 2008 by Canadian UnderwriterThe Ontario Superior Court ruled the City of Brantford was not liable for damages after two youths shattered the plate glass of the Brantford Civic Centre while engaging in horseplay.In Mott v. Brantford (City), the plaintiff, Bobby Joe Mott, had…
Auto insurance policies should not cover punitive damages
January 30, 2008 by Canadian UnderwriterAn insured should not be able to seek coverage for punitive damages under their automobile policy, as the damage is intended to punish a wrongdoer, not compensate an injured person, Stephen G. Ross, of Rogers Partners LLP, told delegates at…
Ontario asbestos law could elevate claims costs if risks not mitigated
January 30, 2008 by Canadian UnderwriterNew Ontario regulations dealing with the handling of asbestos could affect insurers’ costs should asbestos be the subject of a claim.Regulation 278/05, which came into effect on Nov. 1, 2005 (the final two sections kicked in on Nov. 1, 2007),…
What’s New: In Brief (January 30, 2008)
January 30, 2008 by Canadian UnderwriterThere’s a new insurance litigation boutique in Toronto called Thomas, Gold & Pettingill LLP.And if its roster of lawyers includes names recognizable from the insurance litigation section of Cassels Brock & Blackwell, that’s because seven of the lawyers in the…
Claims adjusters’ work hours moving from 9-5 to 24-7-365
January 29, 2008 by Canadian UnderwriterAs technology plays a bigger role in the claims process, the independent adjuster will increasingly be called upon to communicate at all times with members of the public and the insurance industry, potentially necessitating the advent of the “night shift”…
What’s New: In Brief (January 29, 2008)
January 29, 2008 by Canadian UnderwriterLosses in the directors and officers liability (D&O) portfolio due to the subprime crisis are expected to be in the neighbourhood of US$9 billion about triple what has been initially predicted, A.M. Best says in a report, citing equity analysts…
Insurers’ frugality may be undermining the insurance defence bar, CICMA/CIAA told
January 29, 2008 by Canadian UnderwriterInsurers, in trying to scrimp on litigation claims costs, may inadvertently be allowing the insurance defence bar to wither away on the vine, a senior member of the bar told members of the insurance industry attending the 41st annual CICMA/CIAA…
Stability control, blind spot sensors, fingerprint scans among key features of new vehicle technology
January 28, 2008 by Canadian UnderwriterAs Canadian auto insurers face an increasing frequency of claims, auto manufacturers are poised to introduce new technology as early as 2010 that would make cars significantly more expensive to fix, though less likely to crash.Greg Horn of Mitchell International…