Segment
Claims
Aon launches product to minimize business interruption in Canada
May 2, 2008 by Canadian UnderwriterAon has introduced its Global Rapid Response program to Canada.Global Rapid Response provides post-loss mitigation and recovery consulting, helping on the ground at the loss location. The program is designed to help minimize the financial impact of a catastrophic property-damaging…
Average gross collision loss appraisal decreased in 2008 Q1
May 1, 2008 by Canadian UnderwriterThe average gross appraisal value of a Canadian collision loss in 2008 Q1 was Cdn$3,078, a decrease of Cdn$139 over 2007 Q1, based on data contained in the 2008 Q2 Mitchell Industry Trends Report.Mitchell stats show the average body labour…
Canadian P&C industry definitely in soft cycle: Swiss Re
May 1, 2008 by Canadian UnderwriterAlthough 2007 was a profitable year for Canada’s P&C industry, “it is increasingly clear that the soft phase of the insurance cycle is now upon us,” Swiss Re reported in its 2008 Q1 Canada Property & Casualty Quarterly. “Net income…
Insurers showing a poor spread of risk premium, broker tells CIP Symposium
April 30, 2008 by Canadian UnderwriterThe contention that “strong” premium growth is a feature of the current soft market is laughable because the industry is currently seeing a poor spread of risk premium, Fred De Francesco of Fairview Insurance Brokers told the CIP Society’s Symposium…
Price tag for collision repair shops to limit VOC compounds estimated at Cdn$322 million
April 30, 2008 by Canadian UnderwriterEnvironment Canada has released new regulations for limiting concentrations of Volatile Organic Compounds (VOC) in the use of automotive refinishing products such as paint.The proposed VOC concentration limits for automotive refinishing products are anticipated to result in a cumulative reduction…
Credit union employees granted intervenor status in insurers’ appeal against credit union
April 29, 2008 by Canadian UnderwriterThe Ontario Court of Appeal is currently picking its way through a difficult fraud case that has pitted a credit union suffering substantial losses against its two insurers.The Iroquois Falls Community Credit Union, represented at the appeal court by its…
Expanding companies opening themselves up to potential for fraud: Kroll
April 28, 2008 by Canadian UnderwriterCompanies expanding globally, outsourcing their business operations and adding new IT systems are making themselves more vulnerable to fraud, according to a report from Kroll, a risk consulting company.The latest Kroll Global Fraud Report highlights the growing danger of supply…
AccuWeather predicts hurricane landfalls in Southeast U.S.
April 25, 2008 by Canadian UnderwriterThe number of storms in the Atlantic basin will likely be above average, with an increased chance of hurricane landfall in the United States this year, predicts AccuWeather.com.Joe Bastardi, AccuWeather.com Hurricane Center chief meteorologist, released his early predictions for the…
Chubb’s Q1 profits dip
April 25, 2008 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.Net written premiums increased 2% to US$2.9 billion, a Chubb release says. The combined loss and expense…
Supreme Court upholds right of insurer to examine under oath in adversarial situations
April 24, 2008 by Canadian UnderwriterThe Supreme Court of Canada has rejected leave to appeal a decision of the Ontario Appeal Court that found Insurers are entitled to conduct an examination under oath of an insured, regardless of whether or not the relationship between the…
Allstate Q1 profits plummet in wake of tornadoes
April 24, 2008 by Canadian UnderwriterThe Allstate Corporation (NYSE: ALL) reported a 76.7% drop in its 2008 Q1 profits over 2007 Q1.The company’s Q1 profits tumbled from US$1.495 billion in 2007 to US$348 million, an Allstate release says. Catastrophe losses climbed from US$161 million to…
Canadian class action litigation beginning to resemble that of the United States
April 18, 2008 by Canadian UnderwriterCanada’s class action plaintiff bar is becoming more sophisticated as it adopts U.S.-style litigation practices, delegates of the AIG Canada Product Symposium were told. Canadian plaintiff lawyers are increasingly seeking contingency fees in class action cases, Alan D’Silva, partner at…