Topic
Insurance
What’s New: In Brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterInsurers have handled more than 1,000 claims with property/casualty losses estimated at US$68 million in the week following a string of 7 tornadoes that struck Florida last week, reported A.M. Best.Michal Connolly, a spokesperson for State Farm Florida Insurance Co.,…
BC adopts home warranty insurance product procedures
February 8, 2007 by Canadian UnderwriterThe Insurance Council of British Columbia (Council) decided to proceed with the implementation of recommendations for the distribution of home warranty insurance products as they were originally published.In 2006 the Council requested industry feedback on the proposed changes.Five issues were…
Kingsway net income for 2006
February 8, 2007 by Canadian UnderwriterKingsway Financial Services recently announced a US$123.3 million net income for 2006.Net income in the quarter was $16.8 million (C$19.2 million), compared to $35.9 million (C$42.1 million) in the fourth quarter of last year. Net income for 2006 was $123.3…
Lack of cats lead to dramatic drop in demand for independent adjusters
February 8, 2007 by Canadian UnderwriterThe quiet 2006 hurricane season in the United States has lead to a plummeting demand for independent adjusters, reports A.M. Best.December’s nonfarm payroll report released by The Bureau of Labor Statistics showed a 6.9% decrease in claims adjusting jobs in…
Willis Group Holdings posts 2006 profit of US$449 million
February 8, 2007 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported a 2006 Q4 net income of US$148 million, compared with a 2005 Q4 net income of US$55 million.Throughout all of 2006, Willis reported a net income of US$449 million,…
IBC provides $500,000 for research into building safer homes
February 7, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical…
What’s New: In Brief (February 07, 2007)
February 7, 2007 by Canadian UnderwriterToronto Insurance Women’s Association (TIWA)’s annual Wine and Cheese event will be held this year at the Metro Toronto Convention Centre on Feb. 15, 2007.Featuring complimentary wine, hors d’oeuvres, draw prizes from many industry sponsors and great entertainment, the event…
“But for” language in court rulings should worry auto insurers
February 7, 2007 by Canadian UnderwriterCanadian courts may return to the Amos v. Insurance Corp. of British Columbia case when it comes to deciding what constitutes a car accident, Philippa Samworth, a lawyer at Dutton Brock LLP, said at the OIAA conference in Toronto.Samworth made…
Watch out for bad faith, adjusters warned at OIAA conference
February 7, 2007 by Canadian UnderwriterWhen it comes to bad faith, adjusters need to remember that the importance is not on being right, but on treating the insured humanely, according to Stephen Scullion of Crawford Adjusters.Also, adjusters should rely on detailed investigations as opposed to…
Standardized limitation periods on B.C. and Ontario horizons
February 6, 2007 by Canadian UnderwriterB.C. and Alberta may soon be following the path of Ontario when it comes to standardizing limitation periods for actions against insurers, opting for two-year (or ultimate 10-year) period from proof of loss, according to Sandra Corbett of Parlee McLaws…
FSA moves to more “principles-based regulation”
February 6, 2007 by Canadian UnderwriterThe Financial Services Authority (FSA) has announced that it intends to focus on the organization’s move towards more principles-based regulation (MPBR).The Business Plan for 2007/8 outlines increased spending on financial capability and key investments to be made in people, information…
Auto insurer cleared of liability in murder of child
February 6, 2007 by Canadian UnderwriterAn auto insurer has been found not liable for damages to a murdered boy’s mother by Alberta’s court, reports the Calgary Sun.Naomi Manuel, the mother of the victim, attempted to sue the auto insurer, ING Canada, after Grant Harder, her…