Segment
Claims
What’s New: In Brief (May 20, 2008)
May 20, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR), The Co-operators and the Downtown Guelph Business Association have partnered in the creation of the disaster-planning program called Open for Business.Launched in Guelph, Ont., the pilot program consists of a disaster planning folder,…
Subprime financial losses expected to be huge, but mitigating factors may temper insurance losses
May 16, 2008 by Canadian UnderwriterProjected to be bigger in scope than the savings and loan crisis in the late 1980s and early 1990s, the subprime mortgage and credit derivative fiasco currently embroiling the United States is merely in its infancy, panelists told people attending…
Health costs, discount rates increase tort awards in catastrophic injury cases
May 15, 2008 by Canadian UnderwriterIn eight years, tort awards in catastrophic cases have increased from the Cdn$600,000-$7000,000 range to between Cdn$10 million and Cdn$15 million, Jess Bush, partner with Blaney McMurtry LLP, told delegates at the Insurance Law: Spring Update 2008 in Toronto on…
Standard view of good faith fails to answer important questions
May 15, 2008 by Canadian UnderwriterThe conventional view of good faith is misleading or incomplete in that it does not answer essential questions such as whether the obligation is contractual, Roderick Winsor, partner with Blaney McMurtry LLP told delegates at the Insurance Law: Spring Update…
Tough winter conditions batter ING Canada’s 2008 Q1 results
May 14, 2008 by Canadian UnderwriterRecord snowfalls and severe winter storms in central Canada caused ING Canada’s 2008 Q1 profit to shrink from Cdn$126.2 million down to Cdn$23 million. ING Canada also cited lower operating income and declines in equity markets as factors in its…
Pitfalls in soft market caused by blind optimism and chasing quarterly profits
May 14, 2008 by Canadian UnderwriterUnwarranted optimism about claims trends and immense pressure to meet quarterly profit targets are two of the primary reasons insurers find themselves in trouble during a soft market, said George Cooke, president and CEO of the Dominion General Insurance Company…
Controversial Guaranteed Replacement Cost (GRC) coverage to be extended to commercial lines
May 12, 2008 by Canadian UnderwriterAt a time when some B.C. insurers believe eliminating guaranteed replacement cost (GRC) coverage would eradicate under-valuation of personal lines homeowners policies, ING Insurance Company of Canada announced it is piloting a project to introduce GRC coverage for commercial lines…
Injury constitutes an accident, Office of the Director of Arbitrations rules
May 9, 2008 by Canadian UnderwriterOntario’s Office of the Director of Arbitrations has dismissed an appeal of an arbitrator’s decision that an injury incurred when stepping off of a public transit bus did constitute an “accident” as defined in s. 2(1) of the SABS-1996.In TTC…
What’s New: In Brief (May 06, 2008)
May 6, 2008 by Canadian UnderwriterThe Standard Insurance Brokers Ltd. intends to acquire Canada Brokerlink’s northwestern Ontario offices in Kenora, Sioux Lookout, Red Lake and Dryden’s Skillen-Squire, as per a letter of intent. The acquisition is subject to certain conditions and the terms of the…
New Brunswick launches emergency recovery program for non-insured flood losses
May 5, 2008 by Canadian UnderwriterThe Government of New Brunswick has launched a detailed recovery program for victims of recent flooding along the St. John River system.“This comprehensive program will help New Brunswickers recover from flood damage and return to their way of life as…
Fairfax sale of credit default swaps leads to increased 2008 Q1 earnings
May 2, 2008 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) reported net earnings of US$631.8million in 2008 Q1, based largely on the strength of the sale of credit default swaps.In comparison, the company’s net earnings were US$110.9 million in 2007 Q1.Fairfax reported…
Failing to identify risks ranked top mistake on claims
May 2, 2008 by Canadian UnderwriterSome of the 10 most common mistakes made in property damage and business interruption claims could be avoided by undertaking some of the most rudimentary tasks, such as identifying risks and negotiating favourable policy terms.Roberta Martoza, first vice president of…