Claims
There is a 75% chance the 2007 hurricane season will be above normal, according to the NOAA [National Oceanic & Atmospheric Administration]. An average season is one in which there are 11 storms, six of which become hurricanes and two of which become major [Category 3-5] hurricanes. “For the 2007 Atlantic hurricane season, scientists predict […]
June 1, 2007
2 min read
The Supreme Court of British Columbia recently awarded a widow $6.4 million, $4.2 million of which was for the potential loss of support due to her husband’s death in a 2002 car accident. In July, 2002 Barry Carter was driving a van owned by his employer, a cable company, when he went into hypoglycaemic shock […]
A 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 history to the Insurance Corporation of British Columbia (ICBC) when filing a claim. “It’s […]
The 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 will take place. Currently, SABS representatives are required under the Insurance Act to file […]
The 2007 hurricane season is likely going to be “very active,” with landfall probabilities well above their long-period averages. This is largely due to the rapid dissipation of El Nino conditions, according to researchers at the Colorado State University’s Department of Atmospheric Sciences. The researchers say the probability of at least one major (Category 3-5) […]
May 31, 2007
1 min read
With spring flooding being a high risk in certain areas of B.C., the Insurance Bureau of Canada (IBC) is warning people that damage caused by overland flooding cannot be covered by home insurance.”The purpose of insurance is to spread risk amongst many policyholders,” said Lindsay Olson, IBC vice-president, British Columbia and Yukon. “But overland flooding […]
By Canadian Underwriter | May 31, 2007
Sidecars remain a popular form of raising capital, but a recent Benfield report suggests sidecars could conceivably be headed in a different direction in the future.Reinsurers will typically set up a short-term entity called a sidecar, funded by investors money, as a way to raise capital in anticipation of paying for catastrophic losses.The latest issue […]
The Bermuda reinsurance market wildly fluctuated between fantastic results in 2006 and brutal results in 2005, according to an A.M. Best report. In 2005, the Bermuda market reported a devastating combined ratio of 119.4%. However, in 2006, the combined ratio was only 83.7% a vastly significant improvement. Underpinning this dramatic improvement was the robust level […]
By Canadian Underwriter | May 30, 2007
Royal & SunAlliance has partnered with AIR MILES Reward Program, which will provide customers who purchase or renew a home or car insurance policy with one reward mile for every $20 they spend on premium. Brokers have consistently asked us for support in attracting and retaining new customers, Rowan Saunders, president and CEO of Royal […]
Regulatory overkill is the largest risk facing the global insurance industry, according to the Center for the Study of Financial Informations (CFSI) latest Banana Skins survey, conducted for the first time for the insurance industry, in conjunction with PricewaterhouseCoopers LLP.The Top 10 banana skins threatening to trip up the global insurance industry include: too much […]
By Canadian Underwriter | May 29, 2007
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