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Combating Fraud With Quality

September 1, 2004 Greg Smith

Where there is risk, there is normally insurance coverage available. As risk attracts insurance, the latter attracts the possibility of fraud. In today’s high-tech, high-speed world, both insurers and risk managers face increasing challenges in combating fraud through effective loss control. And, although the sophistication behind fraudulent activities will likely continue to develop, new tools and approaches to combating fraud are delivering excellent results in curtailing claims costs.

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Northbridge Combined Ratio Drops for 2-Q

September 1, 2004 by Canadian Underwriter

Northbridge Financial (TSX: NB), the Canadian operational holding company of Fairfax Financial, saw net earnings decline to $43.3 million (85 a share) for the second quarter of 2004 from $57.5 million ($1.16 a share) for the same period a year

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Lloyd’s: Canada Looking Good Again

September 1, 2004 Nicholas Smith

The transition from the previous “soft” to “hard” market impacted global property and casualty insurers significantly – with not all the players having survived the hardship of the pricing cycle. Many global insurers reduced capacity and ceased writing business in some countries and regions, with Canada having attracted a cautious outlook based on the perceived burdensome regulatory environment of doing business in the country. But, with the pricing corrections brought about by the hard market, Canada once again is drawing favorable attention.

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Silica Liability: Ready to Explode

August 1, 2004 Vikki Spencer

Still reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe – silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?

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United Voice

August 1, 2004 Vikki Spencer

The past year has been one of turmoil for the nation’s independent insurance brokers – overhauled auto insurance systems, commercial liability and homeowners’ coverage availability concerns, a strong lobby effort by credit unions and the contemplation of cross-pillar mergers. As Keith Wilson takes over the presidency of the Insurance Brokers Association of Canada (IBAC), he says this year will be focused on sending out a clear, consistent message on these issues to insurers, legislators, and most importantly, the public.

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Liquor Liability: Brother’s Keeper

August 1, 2004 Sean van Zyl, Editor

While the pricing, terms and availability of commercial liability coverage in the Canadian marketplace are easing as insurers have found the “right price” after two years of an intense hard market, taverns and other commercial entertainment hosts engaged in the selling of alcohol continue to suffer from tough insurance conditions. And, with recent legal decisions suggesting that the courts may be willing to broaden the scope of liability relating to alcohol abuse to include employers and even “social hosts”, insurers are less than keen to increase their exposure to the vagaries of the tort system.

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Advertising Dangers

August 1, 2004 William Blakeney

Samuel Johnson once commented that if a man could say nothing against a character but what he can prove, history would not be written.

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Moments In Time (August 01, 2004)

August 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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BIG & Small….

August 1, 2004 Sean van Zyl, Managing Editor

Both Canadian-owned and foreign-owned branch property and casualty insurers can attest to the challenging local underwriting conditions of recent years – evidenced by the extreme volatility in the industry’s financial performance. While the industry as a whole appears to have

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IBC Voices Insurer Concerns Over Bill-30

August 1, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve costs on auto insurers and their customers in the province. Bill-30 was recently signed into law, despite opposition from insurers. “The fact

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Crime Rates Show Increase

August 1, 2004 by Canadian Underwriter

Property crime, including vehicle thefts and break-ins rose over 2003, according to figures released by Statistics Canada. StatsCan data shows the national property crime rate rose 4% over 2003, despite hitting a 20-year low in 2002. The 2003 rate bucks

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SABS Fall Under New FSCO Rules

August 1, 2004 by Canadian Underwriter

Statutory accident benefits (SABS) representatives will face new rules coming into effect from September, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those