Lawyers call for consumer insurance bureau in Ontario
Two Canadian lawyers are calling for a new consumer insurance bureau for Ontario. Litigation specialists Peter Cozzi and Darryl Singer say that regulatory changes and government policy restricts the ability of plaintiffs to get a fair settlement following motor accidents. They suggest that a consumer insurance bureau, popular in the Nordic countries, would help consumers to understand their rights and benefits. Writing in the Law Times the lawyers are critical of the
Insurance Bureau of Canada which they claim spend millions of dollars “to train insurance representatives on how to restrict payouts and, most significantly, lobby the Ontario government about insurance issues from the insurance industry’s perspective.”
Americans advised to switch health plans or pay more
A new analysis of health plans reveals that those who stick with the same plan will pay 15 per cent more on average in 2016 than they did this year. The Kaiser Family Foundation’s report is in line with what the Obama administration has also been advising consumers to do. Looking at the lowest level of coverage (silver plans) the analysis found that a 40 year old man willing to switch his plan could save an average $322 next year. It highlights that there are new insurers entering the market with more competitive pricing than some existing ones.
Everest, AEGIS announce strategic alliance
Bermuda-based insurance firm Everest Re Group Ltd has announced a strategic alliance between its US primary specialty insurer Everest National Insurance Company and Associated Electric & Gas Insurance Services (AEGIS). The partnership provide primary admitted coverages to AEGIS members, and non-member energy companies, in the utility and related energy industry, including those involved with exploration & production. It will mean that Everest will provide offerings for primary and excess workers’ compensation coverage, general liability, and automobile coverage, written on either a guaranteed cost or loss sensitive basis, subject to underwriting guidelines. The alliance will be in operation from Jan 1. 2016.
