News
“But for” language in court rulings should worry auto insurers
February 7, 2007 by Canadian UnderwriterCanadian courts may return to the Amos v. Insurance Corp. of British Columbia case when it comes to deciding what constitutes a car accident, Philippa Samworth, a lawyer at Dutton Brock LLP, said at the OIAA conference in Toronto.Samworth made…
Watch out for bad faith, adjusters warned at OIAA conference
February 7, 2007 by Canadian UnderwriterWhen it comes to bad faith, adjusters need to remember that the importance is not on being right, but on treating the insured humanely, according to Stephen Scullion of Crawford Adjusters.Also, adjusters should rely on detailed investigations as opposed to…
Standardized limitation periods on B.C. and Ontario horizons
February 6, 2007 by Canadian UnderwriterB.C. and Alberta may soon be following the path of Ontario when it comes to standardizing limitation periods for actions against insurers, opting for two-year (or ultimate 10-year) period from proof of loss, according to Sandra Corbett of Parlee McLaws…
FSA moves to more “principles-based regulation”
February 6, 2007 by Canadian UnderwriterThe Financial Services Authority (FSA) has announced that it intends to focus on the organization’s move towards more principles-based regulation (MPBR).The Business Plan for 2007/8 outlines increased spending on financial capability and key investments to be made in people, information…
Auto insurer cleared of liability in murder of child
February 6, 2007 by Canadian UnderwriterAn auto insurer has been found not liable for damages to a murdered boy’s mother by Alberta’s court, reports the Calgary Sun.Naomi Manuel, the mother of the victim, attempted to sue the auto insurer, ING Canada, after Grant Harder, her…
Lawyer warns of dangers of liquor liability
February 6, 2007 by Canadian UnderwriterLawyer Carmen Place, of Lindsay Kenney warned today’s joint CICMA and CIAA conference about the dangers of ‘the general rule’ regarding liquor liability and the social host.Place reviewed the Childs v. Desormeaux case and said that even though the judge…
Identity theft declines in United States
February 5, 2007 by Canadian UnderwriterIdentity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.“Identity fraud is dropping in the United States…
Change to “fair value” accounting may affect insurers’ financial reporting
February 5, 2007 by Canadian UnderwriterStung by the proliferating number of financial restatements over the past few years, the accounting industry is changing towards the use of “fair value” accounting measurements, which may have a future impact on insurance contracts.Fitch Ratings notes the above phenomenon…
RIMS survey finds drop in D&O premium rates
February 5, 2007 by Canadian UnderwriterDirectors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic…
What’s new: In brief (February 05, 2007)
February 5, 2007 by Canadian UnderwriterSedgwick Claims Management Services, Inc. (Sedgwick CMS) recently announces the appointment of Patrick L. Funck as executive vice president, chief information officer of the North American claims and productivity management services organization. As an executive vice president, Funck has also…
Swiss Re calls for action following release of IPCC report
February 2, 2007 by Canadian UnderwriterThe Intergovernmental Panel on Climate Change (IPCC)’s fourth assessment report on climate change have debunked myths and confirmed Swiss Re’s view that human activity is a major contributor to climate change.Ivo Menzinger, Swiss Re’s head of sustainability, held a conference…
In Memoriam: Pauline Ferguson
February 2, 2007 by Canadian UnderwriterThe Toronto Insurance Women’s Association (TIWA) is mourning the passing of Pauline Ferguson, its historian, on Feb. 1, 2007.“She will be missed,” TIWA said of Ferguson in a public statement. “We extend our sympathies to Ted, her husband.”Visitation will occur…