Segment
Claims
104 Ontario insurers enrolled in HCAI as of Jan. 2
January 11, 2008 by Canadian Underwriter**CLARIFICATION** This story includes information omitted from first publication on Jan. 11 The new Health Claims for Auto Insurance (HCAI) system for electronically submitting accident benefit health care claims forms in Ontario has 104 insurance companies enrolled as of Jan.…
Correction: Sovereign General Insurance not entitled to void policy in B.C. wine collection case
January 11, 2008 by Canadian Underwriter**CORRECTION**Yesterday, Canadian Underwriter reported that the B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up. This was…
D&O rates expected to rise after subprime mortgage crisis
January 10, 2008 by Canadian UnderwriterThe subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in…
What’s New: In Brief (January 09, 2008)
January 9, 2008 by Canadian UnderwriterClive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate…
Sovereign General Insurance ordered to pay its half of $2.3-million policy
January 9, 2008 by Canadian UnderwriterThe B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up, according to Canadian Press.A rare and expensive…
Crawford restructures global operating structure
January 7, 2008 by Canadian UnderwriterCrawford & Company announced a new operating structure that includes a smaller Global Executive Management team and four business units.The new units will include legal settlement administration as well as the information and communications technology division. In addition, Crawford Global…
IBC calls for formation of working group to ensure best protection against B.C. earthquake
January 7, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two…
2007 natural catastrophe losses increase without mega-catastrophe
January 3, 2008 by Canadian UnderwriterDespite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.“Despite the general absence of extreme events, overall economic…
MPI releases Top 5 frauds for 2007
January 2, 2008 by Canadian UnderwriterAn insured arranging to have his vehicle stolen in lieu of keeping up payments on the vehicle is the Number 1 fraud for 2007, according to Manitoba Public Insurance’s (MPI) list of Top 5 frauds for 2007. Number 2 on…
Corporate liability to greenhouse gasses likely to increase in the future: Willis
January 1, 2008 by Canadian UnderwriterCorporate exposure to liability for environmental damages related to greenhouse gasses is expected to increase, according to a report by Willis’ North American Environmental Practice. As a result, D&O exposure is expected to increase as well, as governmental agencies and…
What’s New: In Brief (December 21, 2007)
December 21, 2007 by Canadian UnderwriterPilot Insurance Company has signed on to a Cdn$120,000, three-year financial commitment to OSAID (Ontario Students Against Impaired Driving), an association organized and run by high school students to increase awareness about the perils of impaired driving.As well, Pilot will…
B.C. court says ICBC fails onus to prove fraud allegations
December 20, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) failed to prove an insured tried to defraud the corporation by faking the theft of his minivan, and B.C.’s provincial court ordered the public insurer to allow the claim. In Brummitt vs. ICBC,…