Claims

Heads of financial institutions urge G8 to tackle climate change

The heads of some of Canadas financial institutions have signed a letter to the G8 that warns unless action against climate change is taken immediately, by 2040 the world could experience annual economic losses as high as US$1 trillion.In the United Nations Environment Programme declaration, the executives committed to advancing knowledge and understanding of both […]

By Canadian Underwriter | June 8, 2007

1 min read

Claims

Ontario wholesale broker pleads guilty in connection with US$8.5-million scam

Canadian wholesale broker Ian Stuart-Smith has pled guilty to a felony wire fraud charge and now faces a maximum of 20 years in jail and a maximum fine of US$250,000 or twice the gross gain or loss resulting from the crime. Stuart-Smith (who has gone by many aliases according to New York authorities, including Ian […]

By Canadian Underwriter | June 7, 2007

2 min read

Claims

Insurance industry payrolls increase in the United States

There is a steady rise in insurance payrolls in the United States, according to an A.M. Best report, and there is some debate as to whether the expanding populations property and casualty claims in the wake of 2004-05 hurricanes might be related to the industrys employment increase.A slew of hard storm seasons, new market expansions […]

By Canadian Underwriter | June 6, 2007

2 min read

Claims

AIR updates U.S. hurricane model to better estimate business interruption

AIR Worldwide has updated its United States hurricane model to include an enhanced methodology for estimating business interruption (BI) losses.In the aftermath of the 2004 and 2005 hurricane seasons, which devastated wide swaths of the Gulf Coast and put countless businesses on hold for months or longer, AIR undertook an intensive research and development effort […]

By Canadian Underwriter | June 5, 2007

2 min read

Ontario court examines “crystal ball” of future loss of income

A 62-year-old orthopedic surgeon in Windsor, Ontario has been awarded Cdn$844,450 in damages including Cdn$714,000 based on a presumed future loss of income between the ages of 65 and 70 for injuries he sustained after being thrown from his bicycle when he ran over a raised catch basin.Dr. Robert Yovanovich, 56 at the time of […]

2 min read

What’s New: In Brief (June 05, 2007)

Hub International Limited (TSX: HBG) announced that its shareholders approved the proposed plan for Apax Partners and Morgan Stanley Principle Investments to acquire all of Hubs common shares.The plan of arrangement was approved by 92.7% of the votes cast by all shareholders at the meeting and by 91.9% of the votes cast by disinterested shareholders, […]

1 min read

Human capital risk most significant threat, study finds

International risk managers see human capital risk as being the most significant threat facing their global business operations, according to a survey conducted by the Economist Intelligence Unit and sponsored by the ACE Group of Companies. The surveys findings show that human capital risk, such as skills shortages, succession issues and the loss of key […]

1 min read

Caribbean Catastrophe Risk Insurance Facility now operational

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) funded by participating countries, donors and the World Bank is now operational, starting with a claims-paying capacity of US$110 million on the international reinsurance and capital markets.. Thanks to the support of the international financial markets and all parties involved, insurance coverage can be confirmed to participating countries […]

2 min read

Hannover Re completes sale of Praetorian Financial Group

Hannover Re has completed the sale of its U.S. subsidiary, Praetorian Financial Group, Inc., New York, to the Australian QBE Insurance Group Ltd., Sydney.The deal had been agreed upon in December 2006 and was closed, effective May 31, 2007, upon receipt of the required approval from regulators.QBE’s U.S. subsidiary has acquired all shares of Praetorian. […]

1 min read

Seeking a Connection

Technology trends in claims management revolve around some key themes, including a move to bridge or convert from legacy systems, enhanced performance measurement, improved client access to files, claims "portals" and the increased functionality of wireless adjusting solutions. What was once simply talk is now turning to action for many insurance company claims departments and independent adjusters.

June 1, 2007

13 min read