Claims

Watch out for bad faith, adjusters warned at OIAA conference

When it comes to bad faith, adjusters need to remember that the importance is not on being right, but on treating the insured humanely, according to Stephen Scullion of Crawford Adjusters.Also, adjusters should rely on detailed investigations as opposed to suspicions, said Scully, a panelist at a seminar held at an Ontario Insurance Adjusters’ Association […]

By Canadian Underwriter | February 7, 2007

2 min read

Claims

Standardized limitation periods on B.C. and Ontario horizons

B.C. and Alberta may soon be following the path of Ontario when it comes to standardizing limitation periods for actions against insurers, opting for two-year (or ultimate 10-year) period from proof of loss, according to Sandra Corbett of Parlee McLaws LLP.Speaking at CICMA/CIAA Ontario’s 40th Annual Joint Conference in Toronto, Corbett noted the Supreme Court […]

By Canadian Underwriter | February 6, 2007

2 min read

Claims

Swiss Re calls for action following release of IPCC report

The Intergovernmental Panel on Climate Change (IPCC)’s fourth assessment report on climate change have debunked myths and confirmed Swiss Re’s view that human activity is a major contributor to climate change.Ivo Menzinger, Swiss Re’s head of sustainability, held a conference call to discuss the key findings of the report and its implications.Menzinger said that the […]

By Canadian Underwriter | February 2, 2007

2 min read

Claims

FSA warns that “relatively stability” of global economy likely to end

The U.K.’s Financial Services Authority (FSA) noted in its Financial Risk Outlook (FRO) that mounting risks will likely upset the relatively stable global economy, prompting firms to perform stress tests now, rather than waiting for disaster to strike.While the FSA’s overall outlook for the global economy continues to be benign, the FRO identifies an increasing […]

By Canadian Underwriter | February 1, 2007

1 min read

How Do You “Indirectly” Use a Vehicle?

As of press deadline, the Supreme Court of Canada is mulling over two cases that will potentially expand litigation arising out of injuries related to the “indirect” use of an automobile. Let us say straightaway that whether it’s Canada’s high court that fixes the legal sophistry contained in s. 239(1)(a) of the Ontario Insurance Act, […]

January 31, 2007

3 min read

Insurance industry “proactive” in mild 2006 storm season

The benign 2006 storm season bodes well for investors in catastrophe-focused carriers and in alternative risk-transfer vehicles, according to a recent Moody’s Investors Service report.Entitled “Current Trends in Insurance Catastrophe Risk Management,” the report says the reduced storm activity could also signal softening market conditions for peak catastrophe zones at some time in 2007.Nevertheless, Moody’s […]

2 min read

Chubb reports 2006 Q4 profit of US$654 million

The Chubb Corporation [NYSE: CB] has reported a 2006 Q4 profit of US$654 million, compared to a 2005 Q4 net income of US$615 million.”Our continuing focus on underwriting discipline enabled Chubb to achieve the best quarter in our history,” said Chubb chairman, president and CEO John D. Finnegan. “The fourth quarter capped an outstanding year, […]

1 min read

Insurers should set rates with heavy 2007 storm system in mind

Insurers and reinsurers can expect a worse hurricane season in 2007 than in 2006, and should set their rates accordingly, Omega Insurance Holdings CEO Philip H. Cook predicted at the CIP Society-Toronto Chapter’s PROedge Industry Trends Breakfast Series in Toronto.In his annual speech, Cook identifies industry trends, reviews his predictions from the previous year, and […]

2 min read

The Co-operators primed for potential bond upgrade: S&P’s

Co-operators General Insurance Company is among 32 global insurance companies listed among Standard & Poor’s most recent index of 398 global companies in line for potential bond upgrades.”Financials [i.e. including insurers] maintained their preeminent position among sectors most likely to benefit from upgrades (in line with previous months) and displayed a high percentage of issuers […]

1 min read

New tool that measures threat of cyber attack unveiled

Researchers at the University of New Hampshire (UNH) unveiled a tool that calculates the risks of a cyber attack.To determine the overall threat level, analysts enter data for a particular organization or country into the UNH Cyber Threat Calculator, explains a UNH press release.The calculator assigns a value to variables that assess the actor’s intent […]

1 min read