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BC Forest Fires: A Time of Need

January 1, 2004 Wendy Hillier

The storm of wild fires that ripped through British Columbia was a watershed for the Canadian insurance industry – not only did it represent one of the most significant losses in history, but it was also a test of the industry’s ability to rise to the claims challenge.

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Privacy in Perspective

January 1, 2004 Craig Harris

Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) has generated controversy on several fronts, with some arguing that private sector companies are woefully unprepared, while others accuse lawyers and consultants of scare-mongering. A legal challenge from Quebec in late December on PIPEDA’s constitutionality only adds to the confusion. While many support the principles of the legislation, several point out that ambiguities in its practical application will have to be navigated carefully – or interpreted by the courts.

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StatsCan Data Misleads: Fraser Institute

January 1, 2004 by Canadian Underwriter

Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute. The study says that StatsCan has been

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Zapped! Claims Departments Feel the Heat

January 1, 2004 Vikki Spencer

The property and casualty insurance industry has woken to find itself in the “hot seat” of a tumultuous public storm – consumers, the media and provincial governments have set their sights on insurers as an opportunistic menace. The result has seen ongoing, radical provincial auto insurance legislation amendments, blossoming tort losses, and new cost pressures at every level of insurance companies. And, in taking the pulse of claims managers and independent adjusters, CU finds this negative public image and its effects are high on the minds of claims managers and adjusters as the industry moves into 2004.

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Peas In A Pod?

January 1, 2004 Saqib Durrani

The many changes introduced to Ontario’s auto insurance legislation over the years has resulted in insurers responding to the increasingly complex regulatory environment by applying new practices and procedures in their claims handling processes. The effectiveness of these processes in many cases depends on “trial and error” experience, which in itself can unravel new uncertainties relating to specific situations. Such is the case with settlement of loss of income claims made by self-employed individuals.

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Us Tort Costs Hit US$233 Billion

January 1, 2004 by Canadian Underwriter

Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. The single largest factor in the increase is

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MPI Rates to Rise 3.7%

January 1, 2004 by Canadian Underwriter

Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will hike basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger

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Allianz Canada Rating Lowered With Negative Outlook

January 1, 2004 by Canadian Underwriter

Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been

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Moments In Time (January 01, 2004)

January 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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Letter to the Editor (January 01, 2004)

January 1, 2004 by Canadian Underwriter

In his Letter to the Editor (CU’s November 2003 issue, page 49) broker Neil Whetham criticizes writer Craig Harris for comments made in Harris’ August 2003 article “Building Boom Insurance Bust.” In particular, Whetham singles out Harris’ closing comments that,

Nadia Romano
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On the Move (January 01, 2004)

January 1, 2004 by Canadian Underwriter

Sinclair-Cockburn Financial Group has named Nadia Romano as personal lines manager, capitalizing on more than 20 years of insurance industry experience, including two years on the firm’s senior management team. Adjuster Cunningham Lindsey Canada Ltd. announces vice president, operations Lorri

Henry Klecan Jr.,
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SCOR’s Ailing U.S. Ops Get Canadian Help

December 1, 2003 by Canadian Underwriter

Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking