Segment
Claims
New firm to serve as liason between insurers and contractors
June 19, 2007 by Canadian UnderwriterAt a time when independent adjusters are voicing concerns about a shrinking job market due to insurers working directly with contractors, a new network is set to enter the Canadian market that will work as a third-party administrator between insurers…
Canadian P&C industry must heed lessons of past soft markets, A.M. Best warns
June 19, 2007 by Canadian UnderwriterThe Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past as 2007-08…
Obesity epidemic could weigh heavily on insurers
June 14, 2007 by Canadian UnderwriterExperts at Lloyds are warning that the global obesity epidemic could have hefty implications for insurers claims payouts. Some jurisdictions are attempting to hold fast food restaurants liable for the epidemic, causing pre-emptive obesity legislation to be passed, particularly in…
What’s New: In Brief (June 13, 2007)
June 13, 2007 by Canadian UnderwriterTravelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer.…
Alberta storms cause more than Cdn$42 million in insured damages
June 13, 2007 by Canadian UnderwriterStorms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of…
FSCO increases service rendered rates for whiplash injuries
June 13, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released an adjustment to its PAF Guideline WAD I and its PAF Guideline WAD II that will see the fees for services rendered (as outlined in Appendix A of the respective guidelines)…
Insurance industry payrolls increase in the United States
June 6, 2007 by Canadian UnderwriterThere is a steady rise in insurance payrolls in the United States, according to an A.M. Best report, and there is some debate as to whether the expanding populations property and casualty claims in the wake of 2004-05 hurricanes might…
Attack class certification early
June 6, 2007 by Canadian UnderwriterInsurers need to decide whether to attack the certification of a class action lawsuit up front, or wait until after certification to respond to the claim, Roderick S.W. Winsor, a partner at Blaney McMurtry LLP, told delegates at the Insurance…
Ontario court examines “crystal ball” of future loss of income
June 5, 2007 by Canadian UnderwriterA 62-year-old orthopedic surgeon in Windsor, Ontario has been awarded Cdn$844,450 in damages including Cdn$714,000 based on a presumed future loss of income between the ages of 65 and 70 for injuries he sustained after being thrown from his bicycle…
Ontario Superior Court reviews law for summarily dismissing a claim
June 4, 2007 by Canadian UnderwriterAn Ontario Superior Court of Justice case, Oliveira v. Mullings, recently considered the standard for summarily dismissing a claim made against an auto insurer.The claim was based on a September 2003 motor vehicle collision, in which one of the defendants,…
What’s New: In Brief (May 31, 2007)
May 31, 2007 by Canadian UnderwriterWith spring flooding being a high risk in certain areas of B.C., the Insurance Bureau of Canada (IBC) is warning people that damage caused by overland flooding cannot be covered by home insurance.“The purpose of insurance is to spread risk…
Swiss Re promotes risk analysis in light of EU “polluter-pays” legislation
May 25, 2007 by Canadian UnderwriterNew, polluter-pay environmental legislation in the European Union is based on a new liability regime under public law and will create unprecedented loss complexes for which claims experience is not yet available, according to a recent report by Swiss Re.It…