News
U.S. insurers winning battles, if not war, on litigation
August 12, 2004 by Canadian UnderwriterTwo recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In…
Florida braces for hurricane blast
August 12, 2004 by Canadian UnderwriterAbout 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of…
Lloyd’ rating upgraded on capital and performance gains
August 12, 2004 by Canadian UnderwriterRating agency A.M. Best has upgraded the financial strength rating of Lloyd’s of London to “A” from “A-“, citing overall improvement for the London market and the expectation of further growth.A.M. Best predicts the market’s central solvency capital will rise…
Second study finds teens learn driving habits from parents
August 11, 2004 by Canadian UnderwriterAnother study has come out showing teen drivers take most of their cues from their parents’ driving habits. The 2004 Liberty Mutual/SADD Teen Driving Study finds almost 60% of high school drivers say their parents are the biggest influence on…
Mold remediation documentation guidelines released
August 11, 2004 by Canadian UnderwriterNew guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors are being released via a national roadshow. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was…
Western Financial earnings up 104.4% in first-half 2004
August 11, 2004 by Canadian UnderwriterAlberta-based broker network and bank Western Financial Group (TSX: WES) saw its earnings rise 104.4% in the first half of 2004, up to $2.0 million from $957,000 in the first six months of 2003. Earnings per share were up to…
CANADIANUNDERWRITER.CA WEB SITE WILL BE DOWN ON FRIDAY, AUGUST 13TH
August 10, 2004 by Canadian UnderwriterWe are moving offices. This means that our Web site will be down on Friday, August 13th between 8:00 a.m. and 10:00 p.m. We apologize in advance for the inconvenience. We will work to minimize the duration of this outage…
What’s new: In brief (August 10, 2004)
August 10, 2004 by Canadian UnderwriterIn support of Mike Yang, a long-time insurance industry figure who is returning home following a serious illness, two fundraising events are planned. On Thursday, September 23 from 5-7 pm, Mike will be at the Windsor Arms Hotel at 18…
CFSON releases kit for company complaint handlers
August 10, 2004 by Canadian UnderwriterThose handling complaints for insurers under the new Financial Serves OmbudsNetwork system have on online tool now available to them. The package deals with a number of topics including listening to consumers, developing company practices, use of historical complaint data.…
Texas storm losses cost insurers US$175 million
August 10, 2004 by Canadian UnderwriterStorms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about…
Ontario Liberals release “customized” auto policy plans
August 9, 2004 by Canadian UnderwriterThe Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system which would include “customized coverages” for accident benefits (AB).The Ministry of Finance has posted the discussion paper on its website and is…
Hurricane predictions revised
August 9, 2004 by Canadian UnderwriterTwo groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of…