Hot on the heels of its recent success in a lawsuit against a staged accident auto ring involving 25 defendants and about $1 million in fraud-related costs, the Insurance Corp. of British Columbia (ICBC) has filed an action with the B.C. Supreme Court naming 21 people and three companies allegedly having partaken in similarly fraudulent […]
By Canadian Underwriter | July 24, 2003
2 min read
A U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban future lawsuits. It creates definitions of impairment 10 levels of asbestos-related diseases and a corresponding […]
By Canadian Underwriter | July 15, 2003
1 min read
A decision in favor of Fairfax’s Sphere Drake should not materially impact Germany’s Hanover Re, the reinsurer says.The decision, against brokers and underwriting agents who the court says fraudulently exposed Sphere Drake to U.S. workers’ compensation carve out business, means Sphere Drake has grounds to refuse payment of the losses under the reinsurance contracts.”There has […]
By Canadian Underwriter | July 15, 2003
1 min read
The Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance commissioner Robert Wooley. “Damage estimates will likely increase slightly, but I don’t believe Bill caused […]
By Canadian Underwriter | July 14, 2003
1 min read
The U.S. Senate failed to pass its version of medical malpractice reform last week, much to the chagrin of insurers and President Georg W. Bush.The “Patients First Act of 2003″ (S. 11), which would have capped certain medical malpractice awards and limit attorneys’ fees, did not get the required number of votes to keep it […]
By Canadian Underwriter | July 14, 2003
2 min read
Following the lead of New Brunswick, Nova Scotia has implemented a plan to cap “pain and suffering” awards on minor injuries that result from auto accidents.The cap means the in minor injury cases, such as whiplash, accident victims who go to court to sue for non-economic loss (i.e. “pain and suffering”) will get no more […]
By Canadian Underwriter | July 9, 2003
2 min read
If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance Services Office (ISO) had predicted a $1.55 billion price tag for the storms, but this […]
By Canadian Underwriter | June 20, 2003
1 min read
Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs necessitate the increase, which will add about $21 to the cost of a basic auto […]
By Canadian Underwriter | June 19, 2003
1 min read
Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key issue. The re-elected Conservatives are now moving to cap pain and suffering awards as a […]
By Canadian Underwriter | June 17, 2003
2 min read
In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take into account publicly available data on operating performance and balance-sheet strength. It also uses comparisons […]
By Canadian Underwriter | June 17, 2003
1 min read