Claims

2010 Q1 insured natural disaster losses highest since 1994

Insured natural catastrophe losses in 2010 Q1 totalled $9.5 billion, the highest since 1994 Q1.Insured damages in 2004 Q1 reached $26.4 billion (in 2010 dollars) when the Northridge (U.S.) earthquake occurred, reports the Insurance Information Institute.Total insured losses arising from natural catastrophes in 2009 Q1 equalled $7.2 billion.The 2010 Q1 results reflect the earthquake and […]

By Canadian Underwriter | May 20, 2010

1 min read

Claims

Insurance industry teetering on edge of profitability: Lloyd’s CEO

One more catastrophic event in 2010 could tip the insurance industry into a loss position, guardian.co.uk quoted Richard Ward, Lloyd’s CEO, as saying.Ward spoke at the Insurance Day Summit in London on May 18. He described 2010 as the “worst and most challenging year” that Lloyd’s has faced since he became CEO in 2006, a […]

By Canadian Underwriter | May 19, 2010

1 min read

Claims

Saskatchewan regulates sale of incidental insurance

Saskatchewan has passed a new set of regulations targeting the sale of incidental insurance by unlicensed insurance agents. The Saskatchewan Insurance Act Amendment Regulations 2010 specify types of business entities allowed to be licensed to sell insurance through unlicensed employees, and the types of insurance they are allowed to sell.The regulations come into effect on […]

By Canadian Underwriter | May 17, 2010

1 min read

Claims

Canada’s oil sands face risks potentially greater than those in the Gulf of Mexico oil spill: Ceres report

Canada’s oil sands “face significant financial and environmental risks” at least as great as those of the Deepwater Horizon spill in the Gulf of Mexico, according to a new report commissioned by Ceres.Ceres is a coalition of investors, environmental groups and public interest groups working with companies to address sustainability challenges such as climate change. […]

By Canadian Underwriter | May 17, 2010

2 min read

“Scope for more flat-fee arrangements” with lawyers handling claims: procurement manager

Although 95-98% of insurers’ legal bills for handling claims files still follow a billable-hours fee structure, “there is scope for more flat-fee arrangements,” Lori Brazier, claims procurement manager for Aviva Canada, told a seminar at the CIP Society Symposium 2010 in Toronto.But to establish a fair flat fee, an insurer would need to collect data […]

2 min read

Insurer successfully proves arson as the cause of a car fire

The Ontario Superior Court of Justice has dismissed a claim for damages resulting from a vehicular fire, determining instead that arson caused the fire.In Salihi v TD General Insurance Company, Najib Ullah Salihi attempted to sue his auto insurer for $40,000 for breach of contract. A fire occurred in the interior of Salihi’s Toyota Camry […]

2 min read

DAS Canada receives Letters Patent as Canada’s newest insurance company, to specialize in legal expense insurance

Canada’s Minister of Finance has issued Letters Patent to DAS Legal Protection Insurance Company Limited (DAS Canada), making it the first insurer in the country to specialize in offering legal expense insurance. The company will provide customers with policies that cover costs arising from unexpected legal events. “We are in the process of finalizing provincial […]

1 min read

Kingsway makes a 2010 Q1 profit; reports feud with Lincoln’s run-off manager

Kingsway Financial Services Inc. has reported a $24.1-million profit for 2010 Q1, despite sustaining a $29.5-million underwriting loss in the same quarter.Also, Kingsway has reported a new obstacle related to its run-off of Lincoln General, namely a dispute with the appointed run-off manager, Rockwell Financial Advisors LLC. Financially, Kingsway returned to the black after posting […]

2 min read

Comer v. Pilot illustrates challenges that insurers face in proving fraud

Cary Comer v. Pilot Insurance Company demonstrates the challenges insurers face when trying a suspected fraud claim, Richard Bickford told delegates at the ISB-U Education Series. Combat Auto Fraud, an ISB education training and resources session, was held May 12 at the Glencairn Golf Club in Halton Hills. In Comer, the insurance company faced a […]

2 min read

Recovery rate for stolen vehicles drastically reduced, suggesting organized crime involvement: OPP

Ontario Provincial Police jurisdictions currently have a recovery rate of about 50% for stolen vehicles, compared to a 90% recovery rate in 1990. The figures were presented by Stephen Boyd, detective sergeant and program manager for the provincial auto theft team at the organized crime enforcement bureau of the OPP. Combat Auto Fraud, an ISB […]

1 min read