Segment
P&C Companies
ICBC to get $862,000 damages from staged accident ring
July 16, 2003 by Canadian UnderwriterB.C.’s public insurer has been awarded compensatory and punitive damages to the tune of $643,000 from defendants involved in a stage accident ring by a provincial Supreme Court jury. This is on top of $219,000 recovered in pre-trial settlements by…
Insurers unhappy with U.S. asbestos bill
July 15, 2003 by Canadian UnderwriterA U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban…
U.S. med mal bill hits the skids
July 14, 2003 by Canadian UnderwriterThe U.S. Senate failed to pass its version of medical malpractice reform last week, much to the chagrin of insurers and President Georg W. Bush.The “Patients First Act of 2003” (S. 11), which would have capped certain medical malpractice awards…
Ontario auto “white paper” brings positive industry reaction
July 11, 2003 by Canadian UnderwriterInsurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something…
Nova Scotia latest to cap “pain and suffering” awards
July 9, 2003 by Canadian UnderwriterFollowing the lead of New Brunswick, Nova Scotia has implemented a plan to cap “pain and suffering” awards on minor injuries that result from auto accidents.The cap means the in minor injury cases, such as whiplash, accident victims who go…
Broker and insurance exchange set up oil & gas specialist
July 8, 2003 by Canadian UnderwriterCalgary-based brokerage Jones Brown Inc. has joined with the Canadian Petroleum Insurance Exchange Ltd. (CPIXL) to set up a new oil & gas specialist operation. JB Oil & Gas Insurance Ltd. will offer insurance solutions and risk management aimed specifically…
Ontario auto regulations meet insurer approval
July 3, 2003 by Canadian UnderwriterAfter more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the…
Insurers and Auto Makers – Put To The Test
July 1, 2003 Vikki SpencerNever before has the public spotlight been aimed so directly on the insurance industry. As rising auto insurance premiums fuel media and government attention, the insurance industry has shifted up in drive to educate the public on the impact of rising claims costs. At the recent AIM Forum in Toronto, auto insurers, manufacturers and suppliers met to discuss how the current auto crisis can be overcome.
Partners Forever..?
July 1, 2003 Sean van Zyl, EditorThe property and casualty insurance industry has traditionally been a close-knit community, built on long-standing “partnerships” from the street broker to primary insurer and ultimately the reinsurer. The “tides of fortune” affected by the vagaries of the hard to soft…
Insurers Back Ontario’s New Auto Reform Regs
July 1, 2003 by Canadian UnderwriterAfter more than six months, Ontario has put auto insurance regulations on the books in response to Bill-198. The regulative changes, which are largely directed at curbing runaway accident benefits (AB) claims costs, received broad support from the province’s auto…
Atlantic Premiers Investigate Public Auto System
July 1, 2003 by Canadian UnderwriterThe Atlantic provinces may see a harmonized approach to auto insurance finally come to pass, but among their options may be a public auto insurance system. The Atlantic premiers met in Charlottetown recently to address the issue of rising premiums…
Canadian Ops of the Home Insurance Co. in Liquidation
July 1, 2003 by Canadian UnderwriterThe Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which…