Segment
Claims
Ontario Police Raid Busts Multi-Million Dollar Chop-Shop
May 19, 2004 by Canadian UnderwriterIndividuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused…
Pilot on “strong financial footing”: Aviva CEO
May 16, 2004 by Canadian UnderwriterDespite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed…
US commercial reserves continue to haunt industry
May 11, 2004 by Canadian UnderwriterDespite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to…
Asbestos litigation hits the skids
May 10, 2004 by Canadian UnderwriterOnce more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an…
ICBC to reward safe driving communities
May 5, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between…
Swiss Re wins another round against Silverstein
May 4, 2004 by Canadian UnderwriterSwiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of…
WTC ruling favors most insurers
May 2, 2004 by Canadian UnderwriterThe jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are…
Lindsey Morden losses widen on U.S. TPA sale
May 2, 2004 by Canadian UnderwriterInternational adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with…
Plaintiffs’ lawyers decry proposed Alberta auto regs
April 27, 2004 by Canadian UnderwriterIn a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says…
Adjusters granted “investigative body” status
April 26, 2004 by Canadian UnderwriterRetroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of…
Corporate scandals still on the minds of risk managers: Lloyd’s survey
April 25, 2004 by Canadian UnderwriterAn overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk…
U.S. cats cost insurers US$963 million for 1-Q
April 21, 2004 by Canadian UnderwriterU.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The…