Claims
In an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.'”A.M. Best says recent political events in the United Kingdom and the United States are threatening to interfere with insurance pricing in free-enterprise markets.In Europe, for example, the European Commission, […]
By Canadian Underwriter | February 12, 2007
2 min read
Insurers have handled more than 1,000 claims with property/casualty losses estimated at US$68 million in the week following a string of 7 tornadoes that struck Florida last week, reported A.M. Best.Michal Connolly, a spokesperson for State Farm Florida Insurance Co., told A.M. Best that the company anticipates 600 claims and losses of US$23 million as […]
By Canadian Underwriter | February 9, 2007
1 min read
The quiet 2006 hurricane season in the United States has lead to a plummeting demand for independent adjusters, reports A.M. Best.December’s nonfarm payroll report released by The Bureau of Labor Statistics showed a 6.9% decrease in claims adjusting jobs in the U.S., capping a 2006 fourth quarter that saw a 12.6% decline in all such […]
By Canadian Underwriter | February 8, 2007
The Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical 1,900-square-foot, two-storey house enclosed within a corrugated steel shell. The facility enables researches to study […]
By Canadian Underwriter | February 7, 2007
Toronto Insurance Women’s Association (TIWA)’s annual Wine and Cheese event will be held this year at the Metro Toronto Convention Centre on Feb. 15, 2007.Featuring complimentary wine, hors d’oeuvres, draw prizes from many industry sponsors and great entertainment, the event will be held between 5:00 p.m. and 8:00 p.m.Tickets can only be purchased in advance […]
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 […]
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
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
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
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
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