Claims
The Graduated Driver License Law appears to result in lower death and injury rates for teen drivers, with the median age being 16-years old, according to a study by the AAA Foundation for Traffic Safety. Death and injury crashes for 16-year-old drivers were 20% lower in jurisdictions which place restrictions on nighttime driving and number […]
By Canadian Underwriter | June 22, 2006
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Five years after 9-11 and nearly a year after Hurricane Katrina most of the United States remains unprepared to deal with a major disaster, according to the U.S. Department of Homeland Security (DHS).U.S. insurers appear to be looking at ways to use such information in the future to aid their rate-setting and risk management efforts.A […]
By Canadian Underwriter | June 21, 2006
The use of economic capital models by insurers has grown significantly in recent years and will play an increasingly important role in the rating of such companies, according to a report by Moody’s Investors Service.”Although banks have led the way in the development of economic capital frameworks, the role of economic capital models has increased […]
According to a recent study conducted for The Co-operators, 66% of Canadians find insurance “difficult to understand,” and 63% are “unsure how premiums are calculated.” “The findings are troubling, because insurance is an important financial planning tool and part of most household budgets,” The Co-operators president and CEO Kathy Bardswick said in a press release […]
1 min read
Property and catastrophe capacity, especially in U.S. areas highly prone to losses, was high on the list of concerns for panelists from the property and casualty (P/C) industry at Standard & Poor’s Ratings Services’ recent annual insurance conference, “Insurance 2006: Rethinking Risk.” Whether U.S. P/C insurers price risk properly was a chief concern for the […]
By Canadian Underwriter | June 20, 2006
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
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
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 […]
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
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 […]
By Canadian Underwriter | June 14, 2006
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