Segment
Claims
D&O policies may not cover investigative costs
September 20, 2007 by Canadian UnderwriterCanadian corporations need to be cognizant of the type of investigation costs covered in their Directors and Officers (D&O) liability policies, a report from Aons Canadian Financial Services Group warns. Companies need to consider whether, and to what extent, it…
97 defendents now allegedly involved in stolen vehicle ring
September 20, 2007 by Canadian UnderwriterA total of 97 defendants are now allegedly involved in the conversion of vehicles related to 49 stolen vehicle claims, after four civil actions were filed by the ICBC against 95 Lower Mainland residents recently, according to a release. “ICBC…
What’s New: In Brief (September 18, 2007)
September 18, 2007 by Canadian UnderwriterDalhousie University in Halifax was home to a sea of nervous faces at the RIMS Canada conference Sept. 18, as students tested their skills playing Risk, a classic game of strategy, for their chance to win a $5,000 bursary from…
Contract certainty and shorter service time are key
September 17, 2007 by Canadian UnderwriterContract certainty and shortening service time are key areas to focus on in an effort to improve the service the insurance industry offers its customers, the insurers panel told delegates at the RIMS Canada Conference in Halifax, Nova Scotia. Richard…
Court orders Chubb to pay policyholder Cdn$5 million in home fire case
September 17, 2007 by Canadian UnderwriterThe Ontario Superior Court of Justice ordered Chubb Insurance Company of Canada to pay just over Cdn$5 million to Missisauga policyholder Bridgette Sagl, after Sagls house burned down in December 1997.Chubb initially denied coverage based on its (ultimately disproven) theory…
Humberto hits Texas, incurs damages less than $500 million
September 14, 2007 by Canadian UnderwriterHurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business…
Supersport motorcycles lead the pack in death rates and claims costs
September 12, 2007 by Canadian UnderwriterSupersport motorcycles have the highest death rates and worst overall insurance losses among all types of motorcycles, the Insurance Institute for Highway Safety (IIHS) reports. Supersports are built on racing platforms but modified for the highway and sold to consumers,…
What’s New: In Brief (September 12, 2007)
September 12, 2007 by Canadian UnderwriterIn the wake of the tropical storm Chantal, which hit Newfoundland and Labrador at the beginning of August causing an estimated Cdn$5.8 million in insured damages, insures are showing the commitment to policyholders, according to the Insurance Bureau of Canada.…
Estimating solution used has signicant impact on operations
September 11, 2007 by Canadian UnderwriterThe estimating solution an insurance company uses has a significant impact on claims operations, financial performance and corporate image, according to a report released by Celent, Claim Estimation Solutions: Overview and Solution Spectrum. A claim estimation solution documents the physical…
Canada’s Top 100 auto insurers see loss ratios climb 2.6% in 2006
September 10, 2007 by Canadian UnderwriterLoss ratios on the auto side for Canadas Top 100 auto insurers collectively increased 2.6% in 2006, according to a report released by A.M. Best.In its statistical study, ‘Canada Auto, 2006 Direct Premiums Written,’ A.M. Best notes that even though…
What’s New: In Brief (September 10, 2007)
September 10, 2007 by Canadian UnderwriterDaniel (Dani) Goldsmith has been appointed to vice president and CFO at Hub International Limited. He will also be joining Hubs Executive Management Team and Executive Committee. Goldsmith brings with him several years of experience, including international experience, with both…
What’s New: In Brief (September 05, 2007)
September 5, 2007 by Canadian UnderwriterEQUECAT, Inc., a subsidiary of ABSG Consulting Inc. is warning that a category 5 storm with a track through the heart of the Gulf of Mexico U.S. offshore energy platforms could generate producer damage and loss of more than $65…