Championing Brokers
February 1, 2002 Vikki SpencerOn the cusp of the launch of a broker-insurer Internet portal, the eyes of the industry are on Klaas Westera, president of the Centre for the Study of Insurance Operations (CSIO). Brought on board to rejuvenate the forum between insurers and brokers, Westera has put in motion the development of the portal, a long sought after but never yet achieved innovation. Blending technology with a passion for the broker distribution channel, Westera’s plans are putting the Canadian property and casualty insurance industry on the map.
New CGL Exposure History Repeats
February 1, 2002 William Blakeney, of Blakeney Henneberry Baksh & MurphySince automobiles became the predominant means of transportation in North America, disputes have arisen between automobile and general liability insurers from time to time over losses related to the use or operation of a motor vehicle. A recent court decision, which will require specific exclusions to be made to future CGL policies, goes back full circle to a case decision made more than 40 years ago.
Dominion gets discount approved for “I Promise” program
January 18, 2002 by Canadian UnderwriterDominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…
Canada tops U.S. in car theft rates
January 4, 2002 by Canadian UnderwriterStudies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This…
Insurers lose on “preferred shop” appeal
January 2, 2002 by Canadian UnderwriterA decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw…
Terrorism Exclusions Walking a Thin Line
January 1, 2002 Sean van Zyl, EditorWith the January 1st deadline for when the vast majority of reinsurance treaty renewals take effect having come and gone without any response from the federal government on providing an alternative financing source for terrorism risks, primary insurers have begun issuing policy exclusions on both commercial and personal lines of cover — the consequence being that large parts of both the small and large business sectors, as well as individuals, have now been left uninsured to potential terrorism losses. While discussions between insurers and the federal government continue into the new year, it seems clear that the government’s future involvement, if any, will be limited to “high risk target” exposures, and that the general terrorism exclusions implemented by insurers in Canada will stay in place. How will this affect the property and casualty insurance industry in Canada? CU approached company CEOs and several organizations impacted by the withdrawal of reinsurance terrorism cover to determine how they will deal with the problem.
News (January 01, 2002)
January 1, 2002 by Canadian UnderwriterMichel Allard (pictured) of Boomerang Tracking invited sleuths to the company’s “track a car thief” event in Toronto recently. The event was also a chance to launch the Boomerang2 device, which instantly tracks unauthorized vehicle movement through Bell Mobility’s wireless…
Collision Repair Following Global Leadership
January 1, 2002 Vikki SpencerAs insurance rates begin climbing upwards, pressure is also increasing to reduce claims costs, particularly in auto insurance. And, while costs associated with collision repair are an obvious target, the size of this segment of the market has been declining over recent years in both revenue and the number of repair shops, delegates at the annual CARSTAR Industry Conference heard. Speakers also highlighted new challenges facing bodyshops through technology and growing customer demands.
ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada
December 11, 2001 by Canadian UnderwriterInsurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…
Chubb tops FSCO claims survey
November 15, 2001 by Canadian UnderwriterOnce again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…
Mexico, Untapped Opportunities for Brokers
November 1, 2001 Peter Bassel, Toronto branch manager of Loyalist Insurance BrokeFor Canadian brokers, the prospects of developing their existing client relationships by maximizing on the dramatic growth in Canadian business and tourism to and within Mexico is immense. The trick lies in not being overwhelmed by the prospect of dealing with foreign business practices.
Personal Injury Fraud: Time for Healing
November 1, 2001 Vikki SpencerLast year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF)…