Claims
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
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
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 […]
The p&c subsidiaries of Desjardins Group have had their public data rating downgraded by rating agency A.M. Best. The subsidiaries of the Quebec-based insurer include Assurances Generales des Caisses Desjardins Inc., Personal General Insurance Inc. and The Personal Insurance Company.Assurances Generales and Personal General’s ratings were downgraded to B++ from A-, while The Personal’s rating […]
By Canadian Underwriter | June 12, 2003
Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in Loyalist Group Ltd (which runs its insurance arm). This compares with a net loss of […]
By Canadian Underwriter | June 10, 2003
U.S. reinsurers are reporting strong results in the first quarter of 2003, says the Reinsurance Association of America (RAA).In its underwriting report for 29 member insurers, the RAA says net written premiums were up to US$8.5 billion from US$6.7 billion reported in the first quarter last year.Overall, the combined ratio sat at 96.4%, down from […]
Rating agency A.M. Best says it will maintain the “A-Double-Plus (Superior)” rating given to Munich Re and its operating subsidiaries, despite the 238 million loss reported by the group for the first quarter of this year. A.M. Best believes that the capitalization of Munich Re remains “superior” while the group has achieved material improvement in […]
By Canadian Underwriter | June 5, 2003
The Insurance Bureau of Canada (IBC) and Institute for Catastrophic Loss Reduction (ICLR) are doing their part to build safer communities. The IBC recently launched a program to honor “disaster-prepared” communities, while the ICLR unveiled the country’s first “disaster-resistant” home, both as part of National Emergency Preparedness Week. ***************************** Industrial Alliance Auto and Home Insurance […]
May 31, 2003
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