Claims

FSCO outlines caps for auto insurer payments to health providers

The Financial Services Commission of Ontario has issued new guidelines for the maximum expenses payable by automobile insurers under the SABS related to the services of health care professions or health care providers.The maximums apply to services rendered on or after July 1, 2006.The maximums are applicable to medical benefits, rehabilitation benefits, case management services, […]

By Canadian Underwriter | June 19, 2006

2 min read

Claims

Watch out for aggravated claims, law report tells insurers

Depending on what the Supreme Court of Canada holds when it decides the point in Fidler v. Sun Life Assurance Co., insurers have “cause for concern” about being hit with aggravated damages for wrongfully denied claims, according to a recent report commissioned by the IBC. “Since it has been held that bad faith is not […]

By Canadian Underwriter | June 16, 2006

2 min read

Claims

Benfield warns of 2007 capacity squeeze

Bermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to squeeze capacity, according to the most recent Bermuda Quarterly Report from Benfield.The 18-page report observed […]

By Canadian Underwriter | June 16, 2006

1 min read

Claims

AIG verifies break-in

American International Group Inc. recently confirmed that on March 31 the company suffered a break-in during which computer equipment containing personal information on approximately 930,000 individuals was stolen from a Medical Excess L.L.C. unit office in Midwest US.The data is a compilation of personal information delivered by 690 brokers. Some of the files even included […]

By Canadian Underwriter | June 15, 2006

1 min read

Canadian business not prepared for pandemic

Canadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey.The survey was released to coincide with the launch of a new Pandemic Preparedness Working Group.Almost 80% of the 75 organizations responding to the survey are concerned about the […]

2 min read

Cats may cost US$150 billion

Hurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed at a seminar titled “Insuring and Mitigating Risks of Large-Scale Disasters: Is Federal Disaster Insurance […]

1 min read

What’s New: In Brief (June 13, 2006)

XN Holdings, Inc., parent company of XN Financial Services, XN Risk Insurance Services and XN Private Client Services, has launched XN Private Client Services on the Web at www.xn.com/pcs.First launched in 2005, XN Private Client Services is a managing general agent and leading online provider of insurance and financial products for high net worth international […]

3 min read

ICBC launches $377,000 civil suit against alleged fraud ring

ICBC has filed a civil lawsuit in B.C. Supreme Court, seeking to recover more than CD$377,000 from 24 people alleged to be involved in conspiracies to defraud ICBC.In a press release, ICBC says “it is suspected the claimants intentionally caused motor vehicle collisions and then made fraudulent claims to ICBC for compensation.”ICBC is seeking to […]

2 min read

Alberto first named storm of the 2006 hurricane season

The U.S. National Hurricane Center has issued a hurricane warning for Gulf Coast residents of Florida, as Tropical Storm Alberto moves toward the northeast gulf of the Mexican Coast.Alberto is the first named storm of what is anticipated to be an active 2006 hurricane season.”A hurricane warning is in effect for the Gulf Coast of […]

1 min read

IBC public campaign advocates helmet safety

Insurance Bureau of Canada (IBC)’s ‘Be Smart. Be Safe.’ campaign is urging parents to make sure their children wear an approved helmet anytime they are participating in wheeled activities such as cycling, skateboarding, in-line skating or riding a scooter.”Every year, more than 500 Canadian children are hospitalized for head injuries from bicycle crashes,” according to […]

2 min read