Topic
Insurance
Lawyer ordered to pay costs after client doesn’t show up to three pre-hearing discussions about benefits
September 17, 2008 by Canadian UnderwriterAn Ontario arbitrator has upheld a personal cost award against a lawyer who could not get his client to attend three different scheduled pre-hearing discussions concerning an accident benefits claim.The lawyer’s client, Roman Luskin, was injured in a 2005 motor…
Companies divulge exposure to Lehman Brothers and AIG
September 17, 2008 by Canadian UnderwriterKingsway, Swiss Re and Manulife Financial have a combined exposure of more than Cdn$1 billion to global investment bank Lehman Brothers and subsidiaries of American International Group (AIG), both of which face insolvency, based on individual public statements the company…
What’s New: In Brief (September 17, 2008)
September 17, 2008 by Canadian UnderwriterMarine insurers are concerned some shipyards may be compromising quality to increase production, according to BestWire.There’s some indication the increasing cost of steel might be forcing shipyards in certain countries to cut back on the quality of steel used in…
What’s New: In Brief (September 16, 2008)
September 16, 2008 by Canadian UnderwriterICBC has launched a free online service that allows customers to look up a vehicle’s status, helping them to make informed buying decisions about used vehicles. All vehicles in North America are assigned a status to describe the general state…
Canadian and U.S. litigation trends growing more and more similar
September 16, 2008 by Canadian UnderwriterPrivate companies in Canada and the United States are facing similar trends in litigation based on legal actions launched by customers, shareholders, employees and business partners, a Chubb Insurance Company of Canada survey has found.“The survey findings were surprising, as…
What’s New: In Brief (September 16, 2008)
September 16, 2008 by Canadian UnderwriterE2Value Inc. has inked an agreement with Compu-Quote Inc. to deploy and provide access to the eValueMCV cost engine and methodology.Beginning in September 2008, Compu-Quote will distribute the ezITV insurance to value application to insurance brokers across Canada, a Compu-Quote…
Where the parties stand on cross-pillar mergers
September 16, 2008 by Canadian UnderwriterRemoving a de facto ban on allowing cross-pillar mergers between banks and insurance companies is “not a priority” for the Conservative Party of Canada.The Liberal Party of Canada says it would analyze the possibility of such mergers on an individual…
CIAA inaugurates new president
September 15, 2008 by Canadian UnderwriterReno Daigle was inaugurated as president of the Canadian Independent Adjusters’ Association this past Saturday at Dalvay By the Sea in Prince Edward Island. “It is with pleasure that I pass to you the gong of office,” Fred Plant, immediate…
AIG’s future uncertain in wake of subprime-related security woes
September 15, 2008 by Canadian UnderwriterAmerican International Group Inc. (AIG)’s stock took a serious hit following disclosure that American investment banks Lehman Brothers Holdings Inc. had declared bankruptcy and Merrill Lynch was sold.Shares in AIG fell 31% on Sept. 12, and then plummeted more than…
Hurricane Ike damage estimates between US$6 and $16 billion
September 15, 2008 by Canadian UnderwriterHurricane Ike has caused insured losses from both onshore and offshore damage of between US$6 billion and US$16 billion, catastrophe modellers estimate.The storm made landfall on Sept. 13, hitting Galveston Island, Texas as a strong Category 2 storm.Ike featured hurricane-force…
What’s New: In Brief (September 15, 2008)
September 15, 2008 by Canadian UnderwriterJim Haskins has been appointed Aviva Canada Inc.’s executive vice president of claims and procurement, effective Sept. 22.Haskins “possesses strong strategic and leadership skills, customer focus and operations management experience,” Aviva noted in a release. “He joins Aviva Canada after…
Mark Yakabuski resigns as IBC president and CEO
September 12, 2008 by Canadian UnderwriterMark Yakabuski has resigned as president and CEO of Insurance Bureau of Canada (IBC), effective immediately. “Having established a strong strategic course for the organization as president and CEO, he is leaving after 15 years of service to IBC in…