Topic
Insurance
HCAI roll-out anticipated for 2010
February 4, 2009 by Canadian UnderwriterHealth Claims for Auto Insurance (HCAI), an electronic claims system funded by insurers to the tune of Cdn$20 million, is expected to be rolled out sometime during 2010, the Insurance Bureau of Canada (IBC) has announced.HCAI was designed to be…
ING Canada to become 100% publicly traded company
February 4, 2009 by Canadian UnderwriterING Groep is selling its shares in ING Canada, meaning ING Canada will become a 100% publicly traded company on the TSX stock exchange, possibly by the end of February.“On that day, and for the first time in our industry’s…
Availability of declaratory benefits one of biggest accident benefits issues of 2008
February 4, 2009 by Canadian UnderwriterOut of all of the accident benefits decisions to come out of 2008, perhaps the most significant decision was an Ontario Court of Appeal case that awarded declaratory benefits despite the Statutory Accident Benefits Schedule (SABS).Kadey B.J. Schultz, a lawyer…
9/11 firefighter cautions adjusters on signs of post-traumatic stress
February 3, 2009 by Canadian UnderwriterAdjusters are not immune to strong emotional reactions following a traumatic event that can interfere with their life, delegates of the 42nd annual Canadian Insurance Claims Managers’ Association/Canadian Independent Adjusters’ Association Joint Conference (CICMA/CIAA) in Toronto.Post Traumatic Stress Disorder (PTSD)…
Communication and information key to mitigating property damage losses
February 3, 2009 by Canadian UnderwriterFor claims adjusters, good communication and providing timely information are keys to preventing minor property damage losses from turning into major catastrophes.The subject “Little, Loss? Total Loss?” was the theme of the 42nd annual CICMA/CIAA joint conference held in Toronto,…
Stilwell Group calls for ousting of two more Kingsway board members
February 3, 2009 by Canadian UnderwriterA minority shareholder of Kingsway Financial Services Inc. has requisitioned a special election to remove two more ‘legacy’ board members and put an end to “certain payments to board members.”The Stilwell Group, a New York City-based money management firm, holds…
PartnerRe reports drop in 2008 Q4 and year-end profit
February 3, 2009 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) reported a net income of US$95.3 million for 2008 Q4, compared to US$180.6 million for the same period of 2007.Non-life combined ratio for 2008 Q4 was 102.2%, marking a dramatic increase from 2007 Q4’s 79.0%.Net premiums…
Financial crisis does little to slow IT spending
February 2, 2009 by Canadian UnderwriterDespite the financial crisis, there is no indication of dramatic reductions in IT spending, changes in priorities, disruptions of project pipelines or dramatic shifts in platforms, a 2009 Celent survey of U.S. chief information officers has found.The survey canvassed executives…
Risk management must integrate actuarial functions
February 2, 2009 by Canadian UnderwriterA key lesson learned from the current financial crisis is that risk management must integrate risk and actuarial functions, Swiss Re Canada’s Online newsletter said.Traditionally the focus of risk management has been on identifying and reporting risks, but the crisis…
MPI files rate request for first year of Driver Safety Rating system
February 2, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) is proposing that no one pay increased premium during the first year of its new merit/demerit system, called the Driver Safety Rating (DSR), and that the maximum vehicle insurance discount remain at 25%.MPI filed rates for…
Ambiguity requires trial to determine status of unnamed insured
February 2, 2009 by Canadian UnderwriterThe phrase “companies under management control” is too vague to determine whether an unnamed insured — a roofing company hired by Atomic Energy Canada Ltd. (AECL) — is entitled to the AECL’s property policy coverage without the need for a…
What’s New: In Brief (January 30, 2009)
January 30, 2009 by Canadian UnderwriterRRJ Insurance Group/KRG Insurance Brokers have added Schofield-Aker Limited to the group. Earlier in January 2009, RRJ Insurance Group and KRG Insurance Group merged, with the companies continuing to operate under their respective names. “The addition of Mario Cervoni and…