Segment
Claims
Crawford & Company expands alliance with MJM Investigations
May 25, 2007 by Canadian UnderwriterCrawford & Company (Canada) Inc. is expanding their strategic global alliance with MJM Investigations into Canada. MJM provides investigative products and services to insurance carriers and is Crawfords preferred provider of both surveillance services and global insurance fraud mitigation and…
SCOR to take WTC settlement to arbitration
May 24, 2007 by Canadian UnderwriterSCOR Reinsurance has served notice that it intends to take to arbitration a recent US$2-billion settlement that was designed to bring an end to the six-year legal battle between seven insurers and the leaseholder of the World Trade Centre over…
Timmins, Ontario to open Collision Reporting Centre in July 2007
May 23, 2007 by Canadian UnderwriterTimmins, Ontario will have a Collision Reporting Centre by the end of July 2007.Located in northeastern Ontario, the City of Timmins has a population of about 44,000 people.Accident Support Services Ltd., which facilitates collision reporting to the insurance industry, has…
B.C. caps vicarious liability for vehicle rental companies
May 18, 2007 by Canadian UnderwriterThe B.C. government has capped at Cdn$1 million the vicarious liability car rental companies and by extension, their insurers face for accidents and damages caused by customers who rent vehicles.Currently, car rental companies face unlimited liability for accidents and damages…
Lower investment gains, underwriting income eat into ING’s 2007 Q1 profits
May 16, 2007 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported a 2007 Q1 net income of Cdn$126.2 million, down from Cdn$185.9 million recorded during the same quarter last year.Lower gains on invested assets and, to a lesser extent, underwriting results reduced our profitability, ING…
Ontario court deems mosquito bite an accident
May 15, 2007 by Canadian UnderwriterOntarios Court of Appeal has deemed the 2002 biting of an outdoor worker by a West Nile Virus-carrying mosquito an accident and has awarded the worker $130,000 of coverage under his policy.Ryszard Kolbuc was working as a plasterer when he…
Law Society to regulate SABS representatives
May 14, 2007 by Canadian UnderwriterThe Law Society of Upper Canada is now responsible in law for regulating independent paralegals, including Statutory Accident Benefits Schedule (SABS) representatives.FSCO has been consulting with the law society on how the transition to paralegal regulation by the law society…
ICBC reports Q1 profits of $111 million
May 9, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported net income of $111 million for the 2007-Q1, an increase from 2006-Q1s $85 million. According to an ICBC statement there were more than 64,000 crashes in the first three months of…
Five insurers dominate U.K. non-life market, A.M. Best finds
May 4, 2007 by Canadian UnderwriterThe United Kingdom non-life insurance market is dominated by Aviva, Royal Bank of Scotland (RBS), Royal & SunAlliance, AXA and Zurich, an A.M. Best special report finds.The U.K. is the third largest non-life market in the world. In highly commoditized…
B.C. case affirms claimants must provide complete information
May 4, 2007 by Canadian UnderwriterA recent B.C. Supreme Court jury decision in Rallahan v. Siu and Litt reinforces the need for claimants to provide complete and accurate information when making a claim with auto insurers.The court ruled Balwinder Singh Rallahan failed to provide medical…
Kingsway ‘disappointed’ with Lincoln General results
May 2, 2007 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported a 2007 Q1 profit of US$19.6 million, compared to US$28.9 million in 2006 Q1.The company’s combined ratio was 105% in 2007 Q1, compared to 96.2% in 2006 Q1.Changes in estimated unpaid claims…
What’s New: In Brief (April 26, 2007)
April 26, 2007 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a…