Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…
A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored…
Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…
Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…
The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…
Faced with escalating losses arising from toxic spills associated with domestic oil tanks in the Atlantic provinces, insurers have backed a new treatment process that is expected to significantly reduce corrosion and the potential of leaks.Insurers operating in Atlantic Canada…
In the last fiscal year (July 2000 to June 2001) the Insurance Bureau of Canada (IBC) has played a part in the recovery of 666 vehicles nationwide, valued at more than $16 million. The IBC’s Investigative Services Division (ISD) adds…
A newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal…
Under a new Lloyd’s of London scheme to allow non-U.K. brokers to deal directly with the market’s underwriters, the first Canadian broker is now on board.Montreal-based B.F. Lorenzetti & Associates (BFL) will be the first in this country to deal…
A new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost…
A group of 220 Lloyd’s investors (names) have another chance to make their case for fraud against the 300-year-old insurance market. The charges, which were put down by the U.K. Commercial Court late last year, stem from asbestosis claims of…
The future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could…