Segment
Claims
New system to replace DACs proposed
March 22, 2004 by Canadian UnderwriterA consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls…
Brokers applaud removal of towing cap
March 11, 2004 by Canadian UnderwriterOntario’s brokers are “extremely pleased” with the decision to remove the cap on towing and storage costs that had been part of a package of reforms to the province’s auto insurance system.Insurance Brokers Association of Ontario (IBAO) CEO Bob Carter…
Lindsey Morden hands off U.S. TPA business
March 10, 2004 by Canadian UnderwriterFairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its…
Ontario cap on tow truck claims to be dropped
March 10, 2004 by Canadian UnderwriterExpectations are that the $300 cap on vehicle towing and storage costs to be in force in Ontario by mid-April will now be dropped. The Collision Industry Action Group (CIAG) says that sources close to Michael Colle, parliamentary assistance responsible…
Sedans luring thieves: Crime Bureau
March 1, 2004 by Canadian UnderwriterThieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles…
Brouwer Claims and McLarens Canada to merge
March 1, 2004 by Canadian UnderwriterThe merger of Brouwer Claims Canada & Co. with McLarens Canada is a “natural step”, says Brouwer chairman and CEO Jacob Brouwer.The two adjusting firms have signed an agreement in principle to merge, creating a national firm with 75 locations.The…
Sedgwick Claims opens Canadian office
February 25, 2004 by Canadian UnderwriterMemphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed…
WTC “occurrence” trial will not affect ratings
February 20, 2004 by Canadian UnderwriterRegardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…
Lindsey Morden loss widens in 2003 despite revenue jump
February 12, 2004 by Canadian UnderwriterAlthough international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003,…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…
Study confirms auto injury losses skyrocketing in the U.S.
January 20, 2004 by Canadian UnderwriterWhile it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…
Farm equipment injuries lead to highest jury awards: study
January 19, 2004 by Canadian UnderwriterVictims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts,…