Fire in the Hole (October 01, 2002)
October 1, 2002 Sean van Zyl, EditorPersonal auto insurance – specifically the losses and subsequent pricing actions taken within the private sector markets has become a political “hot potato” almost countrywide. Brokers and consumer groups from the east coast through to the west are beginning to…
New Technology Will Bring Big Changes
October 1, 2002 Ivor Kaye, Grantech TechnologiesYou don’t have to be a mystic to predict that the next five years are going to be a time of change for Canada’s insurance industry, particularly the broker-based property & casualty sector. This should not come as a surprise,…
Cover Story: Broker, Insurer Relations: Under Pressure
October 1, 2002 Vikki SpencerFrom hard to worse. This is the situation facing the nation’s brokers as they try to communicate rising premiums to clients, at the same time they are struggling to find markets for their business. From B.C. to Newfoundland the struggles are shaping up as brokers try to place business in a market that seems ambivalent, if not outright hostile, to accepting risks. And all of this turmoil is taking place amidst a changing regulatory playing field.
CIAG concerned with OEM provisions in draft Ontario bill
September 27, 2002 by Canadian UnderwriterA group representing collision repair shops is concerned by provisions of the draft proposals set out by Ontario’s Auto Insurance Review Committee. Those provisions relate to insurers’ ability to use non-OEM (original equipment manufacturer) parts when repairing vehicles.The proposal reads,…
McNaughton certification hearings begin
September 17, 2002 by Canadian UnderwriterHearings in a London, Ontario courtroom got underway today to decide if the case of McNaughton v. Co-operators General Insurance will be certified as a class action lawsuit.In McNaughton v. Co-operators, the Ontario appeals court ruled that insurers cannot charge…
Cover Story: Danger: Asbestos Exposures
September 1, 2002 Sean van Zyl, EditorRecent multi-million dollar reserving adjustments disclosed by prominent insurers in the U.S. with regard to asbestos-related exposures have occupied financial headlines. As well, the storm clouds surrounding asbestos liability appear to be building up on several frontiers: a new wave of “non-product” liability litigation is feeding into the U.S. courts while a recent U.K. court decision applying to multiple-employer responsibility to worker exposure to asbestos has opened up what many in the insurance industry believe is a “Pandora’s Box” with global ramifications. In response, several industry financial rating agencies have issued bearish reports on the potential exposure property and casualty insurers face under a new wave of asbestos litigation, suggesting that the U.S. industry alone could be under-reserved by billions of dollars. Is the Canadian market immune?
A.B. Claims: Paralegal Probe
September 1, 2002 Cecil Jaipaul, president, Jaipaul ConsultingParalegals and accident benefits claims are often a costly mix for insurers. A recent proposal to regulate this profession, including accreditation and minimum standards, is a step in the right direction.
Industry and government groups support ban on rebuilt airbags
August 29, 2002 by Canadian UnderwriterThe Collision Industry Action Group (CIAG) is applauding a decision by one government body to recommend a ban on rebuilt air bags. Following spring meetings with industry groups, the federal/provincial Canadian Council of Motor Transport Administrators (CCMTA) announced it would…
Risk Management: The Road Less Traveled
August 1, 2002 Vikki SpencerFor risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer’s market, but are becoming increasingly attractive in the current seller’s market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.
A Total Loss
August 1, 2002 Paul Timoteo, president of 43r.caWhen it comes to total loss auto claims, many insurers pay the actual purchase price for replacement which could result in some serious money being “left on the table”. What do insurers do when they have a total loss claim?…
Markham General placed under liquidation order
August 1, 2002 by Canadian UnderwriterTroubled insurer Markham General has been ordered to wind up its business and is having its assets seized by the Financial Services Commission of Ontario (FSCO). Earlier this year the insurer cancelled all policies and ceased writing new business. At…
The Rigors of Reporting
August 1, 2002 Glen Piller, president of Iter8 Inc.Regulators are putting more pressure on insurers for reporting and filing requirements. Companies can complain – or they can respond.