Segment
Claims
What’s New: In Brief (March 31, 2008)
March 31, 2008 by Canadian UnderwriterDesjardins General Insurance (DGI) has launched a financial aid fund for caisse members that cannot afford insurance and DGI policyholders that have inadequate coverage potentially leading to their financial demise.The annual budget is 1% of DGI’s net income, to a…
Court upholds future cost of care award that exceeded the highest amount sought by plaintiffs
March 31, 2008 by Canadian UnderwriterFuture care costs may be on the rise in Ontario, given the Court of Appeal’s decision to uphold a jury decision to award plaintiffs an amount more than Cdn$1-million in excess of the highest amount sought. In the 2006 Superior…
Federal issues still persist in wake of Bank Act review
March 28, 2008 by Canadian UnderwriterLivestock insurance, the increase in off-shoring of financial services and fiscal imbalance between the levels of government are all issues that still need to be addressed by the federal government in the wake of the Bank Act review, said Normand…
What’s New: In Brief (March 28, 2008)
March 28, 2008 by Canadian UnderwriterNeil Morrison of HKMB in Toronto has been appointed treasurer of the World Broker Networks’ (WBN, Ltd.) board of directors, according to AJC Consultants Ltd. WBN, Ltd, a privately owned international insurance broker network, has sixty member companies in fifty-six…
What’s New: In Brief (March 28, 2008)
March 28, 2008 by Canadian UnderwriterThree Toronto men have been charged in connection with the alleged fraudulent application for insurance benefits, York Regional Police (YRP) reported. A single motor vehicle collision occurred in the Town of Georgina on July 2, 2007. Subsequent to that, two…
What’s New: In Brief (March 27, 2008)
March 27, 2008 by Canadian UnderwriterThe Reinsurance Association of America (RAA) is urging the U.S. Senate to oppose the proposed expansion of the National Flood Insurance Program (NFIP). The RAA, in conjunction with a coalition representing insurers, environmentalists, consumer advocates and taxpayer groups, is opposing…
The Economical sees slight decrease in 2007 net income
March 27, 2008 by Canadian UnderwriterThe Economical Mutual Insurance Company has reported a net profit of Cdn$117.6 million for 2007, a decrease from 2006’s net income of Cdn$130 million.Net claims and adjustment expenses also increased slightly from Cdn$946 million in 2006 to Cdn$983 million in…
Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)
March 26, 2008 by Canadian UnderwriterIn a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste…
OSFI stats show a slight increase in Canadian insurers’ 2007 Q4 profits
March 25, 2008 by Canadian UnderwriterFederally regulated property and casualty insurance companies in Canada reported a total profit of Cdn$3.284 billion in 2007 Q4, a slight increase over the same period last year.Information posted by the Office of the Superintendent of Financial Institutions (OSFI) shows…
Carriers should offer long-term policies to homeowners in hazard areas
March 24, 2008 by Canadian UnderwriterIn an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.“Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the…
Talent attraction and retention top priority for claims officers
March 24, 2008 by Canadian UnderwriterNinety per cent of 62 property and casualty claims officers surveyed by Towers Perrin late last year said increased competition, consolidation and convergence are among the leading challenges facing their industry in 2008.Survey respondents represented property and casualty insurance companies…
Northern hurricanes rare, but quicker than Gulf storms
March 20, 2008 by Canadian UnderwriterThe northeastern seaboard of North America is highly vulnerable to “northern hurricanes,” a rare form of storm that occurs much quicker than its Gulf of Mexico cousins, reported A.M. Best.These storms tend to be two to three times faster than…