Claims

Industry experts predict an extension of T.R.I.A.

Leaders of the U.S. property and casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act this year, according to an Insurance Information Institute (I.I.I.) survey.Of the executives polled, 89% are confident that the government will move quickly to extend the law for a significant period or to provide a permanent backstop, […]

By Canadian Underwriter | January 11, 2007

1 min read

Claims

U.S. P/C industry boosts claims-paying resources by US$55.7 billion in 2006

The Insurance Information Institute (I.I.I.) estimates U.S. property and casualty insurers boosted by US$55.7 billion its cumulative claims-paying resources in 2006, a number equal to 93% of the US$59.8 billion in expected net income. The US$55.7-billion figure was a near record, second only to the US$62-billion increase in 2003, as insurers worked to recover from […]

By Canadian Underwriter | January 10, 2007

2 min read

Claims

Almost 20% of consumers change insurers after most recent collision

Nearly one out of five customers considers switching insurance companies after experiencing the collision claim process, according to a new U.S. study.J.D. Power and Associates’ 2006 Collision Repair Satisfaction Study found that 7% of customers chose not to file a claim with their insurer after their most recent collision.And while more than 30% of auto […]

By Canadian Underwriter | January 10, 2007

1 min read

Claims

Report finds mounting global risks

A disconnect continues to grow between the power of global risks to cause major systemic disruption and our ability to mitigate them, according to the Global Risks 2007 report released by the World Economic Forum (WEF).The report, published by the WEF, in cooperation with Citigroup, Marsh & McLennan Companies, Swiss Re and the Wharton School […]

By Canadian Underwriter | January 10, 2007

2 min read

Attendant care hourly rates in SABS fixed, appeal court rules

Attendant care hourly rates in SABS are fixed by legislation and therefore cannot be changed by means of litigation, the Ontario Court of Appeal confirmed in a recent decision.Siding with the insurer in McEwen v. ING Halifax Insurance Company, the appeal court reversed a decision by a motions judge, who held that a 39-year-old woman […]

2 min read

What’s New: In brief (January 05, 2007)

BCAA reported more than five-times the normal wind-related claim rate throughout November and December following the string of storms that pummelled the Pacific Northwest.During the two-month period the firm received nearly 600 claims of this nature with an average cost of $5,400.The most commonly reported damage included collapsed fences, roof and shingle damage, trees falling […]

1 min read

Firms to spend more on operational risk management in 2007

Adoption of and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research.The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next 12 to 24 months.Risk management’s emergence as a critical practice is due to the business need […]

2 min read

Ironshore Insurance formed in response to U.S. market dislocation

Ironshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly formed global insurance company was created in response to the crisis conditions in the U.S. […]

2 min read

B.C. storm claims exceed Cdn$30 million mark

Insurance claims have exceeded Cdn$30 million after a fierce Nov. 15 storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist. Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had passed the $20-million mark as of Nov. 22. “Right now we’re […]

December 31, 2006

1 min read