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Political Sparks…

November 1, 2003 Sean van Zyl, Editor

Rate freezes, rollbacks, premium refunds and government-run insurance. It seems that the language of auto insurance has changed so rapidly that insurers have been left dazed and disorientated in an unknown land. But, based on latest events, it would appear

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Untangling Concurrent or “Overlapping Coverage”

November 1, 2003 Paul Famula, Crawford Adjusters Canada

When two insurance policies appear to insure the same loss, how do you determine if there should be contribution and how is it to be shared? A review of current law, policies in effect, and specifically the Ontario Insurance Act provides some clarity.

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Canadian Risk Managers: Change in the Air

November 1, 2003 Vikki Spencer

Three years ago, risk managers were focused on how to promote their profession. Now, for better or worse, risk management is center stage. But, what will risk managers do with their newfound fame? At this year’s RIMS Canada conference, risk managers “took the bull by the horns” and talked about how to make the most out of the intense pressure they are currently under, to finally advance the cause of enterprise risk management in their organizations.

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Captive & Art Growth: Corporate Retentions Rise in Wake of the Hard Market

November 1, 2003 Sean van Zyl, Editor

Fueled by traditional insurance capacity shortage during 2002, particularly in the liability risk classes and certain specialty risk sectors, the growth in corporate risk retention through establishment of captives and other alternative self-insurance mechanisms is expected to maintain record levels through this year and into 2004 – after coming off a “ten year banner year” for 2001 following the insurance cost impact of the 9/11 terrorist attacks. Canada has not been excluded from this trend, with the number of captives formed during 2002 more than doubling the overall worldwide growth rate of captive formations. Canadian risk solution experts CU spoke to believe that the premium value as well as establishment of self-insurance mechanisms for this year and 2004 will continue to reflect strong growth despite the moderate improvement in traditional insurance capacity and easing of pricing currently emerging in the marketplace.

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Being Ready

November 1, 2003 Sean van Zyl, Editor

The property and casualty insurance industry’s protection mechanism for policyholders against any insurer defaulting on its claim obligations – the Property and Casualty Insurance Compensation Corp. (PACICC) – is set to undergo a major overhaul in response to a changed marketplace. The devastating competitive price impact of the last “soft market”, coupled with spiraling losses and diminishing investment income returns, has created a much more volatile risk environment for the insurance industry, observes Paul Kovacs the newly appointed president of PACICC. And, while the financial picture of insurers has improved vastly in 2003 as a result of two years-plus of “hard market” pricing adjustments, there is still considerable risk for insurer insolvencies over the next three years, Kovacs says.

Andr Fredette, senior vice president of CCR Canada
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Reinsurance Strategies 2003: Signs of Recovery

November 1, 2003 Vikki Spencer

For an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are

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In Memory (October 01, 2003)

October 1, 2003 by Canadian Underwriter

The industry lost a friend with the passing of Imre Strasser, FCII, on September 9. Born in Vienna, he came to Canada in 1957, continuing his career as an insurance underwriter begun in 1949. He was long-time member and supporter

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Letters to the Editor (October 01, 2003)

October 1, 2003 by Canadian Underwriter

Dear Editor, Attached is a copy of a letter I sent to Rob Sampson MPP… To date there has been no response. When is the industry going to publicly explain their situation and counter all the bad press being given?

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Kingsway Reveals $30 Million Reserve Shortfall

October 1, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as

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Odyssey’s 2-Q Earnings Rise on Realized Gains

October 1, 2003 by Canadian Underwriter

The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year.

A beach house in Kitty Hawk, NC, is knocked off its moorings by Hurricane Isabel
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Hurricanes Devastate Canadian and U.S. East Coast

October 1, 2003 by Canadian Underwriter

The east coasts of Canada and the U.S. both felt the lash of Mother Nature with hurricanes in the form of Isabel and Juan causing widespread damage over a short period of time. In Canada, Hurricane Juan slammed into Nova

Kim A. Carpenter-Gunn
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On The Move (October 01, 2003)

October 1, 2003 by Canadian Underwriter

Lawyers’ Professional Indemnity Company (LAWPRO) announces Kim A. Carpenter-Gunn, partner with Waxman, Carpenter-Gunn, has been appointed chairman of the board. She has been a board member since 1995. Cunningham Lindsey Canada Ltd. has named Michael Lowthian as executive general adjuster