Segment
Claims
B.C. caps vicarious liability for vehicle rental companies
May 18, 2007 by Canadian UnderwriterThe B.C. government has capped at Cdn$1 million the vicarious liability car rental companies and by extension, their insurers face for accidents and damages caused by customers who rent vehicles.Currently, car rental companies face unlimited liability for accidents and damages…
Lower investment gains, underwriting income eat into ING’s 2007 Q1 profits
May 16, 2007 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported a 2007 Q1 net income of Cdn$126.2 million, down from Cdn$185.9 million recorded during the same quarter last year.Lower gains on invested assets and, to a lesser extent, underwriting results reduced our profitability, ING…
Ontario court deems mosquito bite an accident
May 15, 2007 by Canadian UnderwriterOntarios Court of Appeal has deemed the 2002 biting of an outdoor worker by a West Nile Virus-carrying mosquito an accident and has awarded the worker $130,000 of coverage under his policy.Ryszard Kolbuc was working as a plasterer when he…
Law Society to regulate SABS representatives
May 14, 2007 by Canadian UnderwriterThe Law Society of Upper Canada is now responsible in law for regulating independent paralegals, including Statutory Accident Benefits Schedule (SABS) representatives.FSCO has been consulting with the law society on how the transition to paralegal regulation by the law society…
ICBC reports Q1 profits of $111 million
May 9, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported net income of $111 million for the 2007-Q1, an increase from 2006-Q1s $85 million. According to an ICBC statement there were more than 64,000 crashes in the first three months of…
Five insurers dominate U.K. non-life market, A.M. Best finds
May 4, 2007 by Canadian UnderwriterThe United Kingdom non-life insurance market is dominated by Aviva, Royal Bank of Scotland (RBS), Royal & SunAlliance, AXA and Zurich, an A.M. Best special report finds.The U.K. is the third largest non-life market in the world. In highly commoditized…
B.C. case affirms claimants must provide complete information
May 4, 2007 by Canadian UnderwriterA recent B.C. Supreme Court jury decision in Rallahan v. Siu and Litt reinforces the need for claimants to provide complete and accurate information when making a claim with auto insurers.The court ruled Balwinder Singh Rallahan failed to provide medical…
Kingsway ‘disappointed’ with Lincoln General results
May 2, 2007 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported a 2007 Q1 profit of US$19.6 million, compared to US$28.9 million in 2006 Q1.The company’s combined ratio was 105% in 2007 Q1, compared to 96.2% in 2006 Q1.Changes in estimated unpaid claims…
What’s New: In Brief (April 26, 2007)
April 26, 2007 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a…
Claims officers, underwriters must talk way through litigious environment
April 25, 2007 by Canadian UnderwriterGiven that litigation against insurers is on the rise in Canada and the countrys courts have responded with unpredictable decisions regarding policy coverage it is critical for insurance claims and underwriting departments to be in constant communication, a seminar leader…
Decreased reinsurance premium pool in 2007: Partner Re
April 18, 2007 by Canadian UnderwriterRenewals in January 2007 have demonstrated some negative trends in the market that are expected to intensify through 2007, according to Partner Res 2006 Annual Report, entitled The Value of Risk.Partner Re reported that Jan. 1, 2007 was a good…
New Jersey tops list of U.S. states vulnerable to insured tornado damages
April 17, 2007 by Canadian UnderwriterWhen you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of…