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Insurers Urged to Sharpen Claim Defense Tools

March 1, 2004 by Canadian Underwriter

Insurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by

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Lawyers Call for Re-Think on Mediation Process

March 1, 2004 by Canadian Underwriter

A new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm

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Kingsway ROE Drops Slightly on Reserve Strengthening

March 1, 2004 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%,

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Insurers’ ROE Bounces Back to 10% for 2003

March 1, 2004 by Canadian Underwriter

Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in

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Hazel Hit Toronto Hard

March 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

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On Firm Ground..?

March 1, 2004 Sean van Zyl, Managing Editor

Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business

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Co-Operators Pulls in Strong 2003 Return

March 1, 2004 by Canadian Underwriter

2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior.

OIAA
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Moves & Views (March 01, 2004)

March 1, 2004 by Canadian Underwriter

The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple

From left: Gordon Rasbach, Bob Carter, Jim Eso, Norm Groot, Keith Edwards, mediator Brian Maltman, Ann Cavoukian
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CICMA/CIAA Joint Conference: Testing the Limits

March 1, 2004 Vikki Spencer

As claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold

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Outsourcing: Regulators Take Notice

March 1, 2004 Brian Reeve

One of the most important trends to have evolved in the insurance industry is the use of outsourcing to reduce costs and improve the quality of service to customers. Most insurers have already reduced their costs as much as possible. However, the use of outsourcing, particularly to offshore low-cost jurisdictions, is rapidly becoming unavoidable in order to remain competitive in the insurance industry.

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The Dawn of Corporate Criminal Responsibility

March 1, 2004 Glenn McGillivray

More than eleven years after an explosion ripped through the Westray coal mine in Plymouth, Nova Scotia killing 26 miners and triggering a decade-long legal battle for victims’ families, new federal legislation will make corporations, their management, directors and officers legally responsible for unsafe work environments.

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Tough Times for Main Street

March 1, 2004 by Canadian Underwriter

Premium hikes and availability issues have prompted the Canadian Federation of Independent Business to call for a federal review of the property and casualty insurance industry. But, insurers and brokers say solutions for small businesses should be market-driven, not political. They also contend that the market is working.