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Views (January 01, 2004)

January 1, 2004 by Canadian Underwriter

The 2003 recipient of the CIP Society’s Fellow of Distinction Award for the GTA is Carolyn Walsh, a partner at CCV Insurance and Financial Services Inc. She has served the Insurance Institutes for over 10 years, is a past president

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Legal Judgement Hits Anthony Clark Balance-Sheet

January 1, 2004 by Canadian Underwriter

A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003. The company suffered a pre-tax loss of $218,724 for the six-month period, versus a

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Loyalist in the Black in Third Quarter

January 1, 2004 by Canadian Underwriter

Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier. These figures do not include

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Peripatetic Rep: Taxing Times…

January 1, 2004 by Canadian Underwriter

With the soft “thump, thump” sound of my wiper blades as background, I drove slowly down the town’s snow-clogged main street, peering through a half-frozen windshield at the blizzard outside. Finally, I spotted the welcoming light of the small restaurant

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What About The Innocent Co-Insured?

January 1, 2004 Richard Davidson

Some years ago, I visited a commercial client to review his cover prior to renewal. I could tell that his mind was not fully attentive to matters I was discussing with him. He then turned to me and posed an

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The Recruiter

January 1, 2004 Sean van Zyl, Editor

With the concerted drive of property and casualty insurers over the past two years to contain claims costs, a great deal of attention has turned to the professionals who provide the critical “fieldwork” to claims management – company and independent claims adjusters. The claims handling profession, from the independent operator to the inhouse employee, has as a result been presented with numerous cost challenges over recent years, confirms Frank Castaldo, president of the Ontario Insurance Adjusters Association (OIAA) for the 2004 term. The cost pressure on the insurance industry has also introduced added stress for both company and independent adjusters, he observes, the result being a more intense workload with insurers less likely to outsource job files. But, the biggest concern arising from the current state of the market is the shortage of new talent coming into the adjusting profession, Castaldo says. This is where he believes organizations such as the OIAA play their most important role.

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Canadian Insurers’ 3-Q Results Dampened by Large Cat Hits

January 1, 2004 by Canadian Underwriter

The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during

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Alignment of Market Forces…

January 1, 2004 Sean van Zyl, Managing Editor

The arrival of 2004 no doubt brought a sigh of relief from many Canadian insurer CEOs in thinking that the climate of the marketplace can only improve going forward after having “survived” the stormy year past. For once, such hopes

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Bring Down The DACs!

January 1, 2004 Scott Knight

To say auto insurance in Ontario is at a crossroads would be an understatement. Ontario recently introduced new auto insurance regulations, which were in “effect” for just a single day before a new political party began governing the province. Subsequently, the Financial Services Commission of Ontario (FSCO) brought in a new roster of medical and rehabilitation DACs, thus adding to the growing regulatory confusion surrounding the province’s auto product.

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Crash Course in Collision Claims

January 1, 2004 Sam Malatesta

In the face of auto insurance rate increases, consumers are changing the way they view the claims process. Expectations for service are high, and severity is increasing as consumers shy away from filing all but the most serious claims. In this atmosphere, insurers and their claims partners have to find a way to win back public confidence while managing costs throughout the claims process.

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Fire – Raising the Alarm!

January 1, 2004 Cyril Hare

Although statistics show that deaths as a result of fires are on the decline, insurers are still vexed by costly property losses. Can these losses be avoided or minimized?

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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.