Segment
Claims
Compensation culture distracting business from core operations: U.K. survey
July 28, 2004 by Canadian UnderwriterBusinesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends…
Property crime rises in 2003: StatsCan
July 28, 2004 by Canadian UnderwriterProperty crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates…
What’s new: In brief (July 28, 2004)
July 28, 2004 by Canadian UnderwriterFairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to…
Paralegal rules come into effect in September: FSCO
July 27, 2004 by Canadian UnderwriterStatutory accident benefits (SABS) representatives will face new rules coming into effect September 1, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those…
Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires
July 26, 2004 by Canadian UnderwriterLast week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month…
Raters have mixed reaction to St. Paul Travelers reserve hit
July 25, 2004 by Canadian UnderwriterRaters gave mixed reviews, although generally produced a fast ratings hit to correspond with the announcement of a US$1.625 billion reserve boost by the newly merged St. Paul Travelers. St. Paul Travelers says the reserve addition, which will be recorded…
Edmonton storm losses top $87 million
July 20, 2004 by Canadian UnderwriterInsured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional…
Update: Edmonton storms could prove costly
July 15, 2004 by Canadian Underwriter(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the…
State of emergency declared following Peterborough floods
July 15, 2004 by Canadian UnderwriterAdjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…
Actuaries say industry not ready to assume terrorism risk
July 14, 2004 by Canadian UnderwriterWith the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…
What’s new: In brief (July 14, 2004)
July 14, 2004 by Canadian UnderwriterKingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has…
New loan facility for Cunningham Lindsey
July 12, 2004 by Canadian UnderwriterIndependent adjuster Cunningham Lindsey Canada has secured a new loan facility for $105 million with Brascan Bridge Lending Fund.The unsecured, non-revolving facility has an initial termination of March 31, 2005, with the possibility of two six-month extensions beyond that date.…