Risk
The need for government-backed terrorism reinsurance took center stage at the recent Alliance of American Insurers conference in Hamilton, Bermuda. A panel of industry experts spoke on the need for coverage in light of the withdrawal of reinsurers from the market following the September 11 terrorist attacks.Terrorism may be an uninsurable risk, says Alice Schroeder, […]
By Canadian Underwriter | May 2, 2002
2 min read
Industry
At its AGM in Toronto today, Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income is at $16.3 million versus $9.2 million for the first quarter 2001.The result is earnings per share of $0.33 for the quarter, compared […]
Auto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight -- insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
April 30, 2002
11 min read
Auto
Some alarming statistics are coming out of Atlantic Canada on bodily injury claims. The costs of these claims are out of control and have resulted in a call by industry for an overhaul of the system.
7 min read
Enterprise Rent-a-Car hosted its Big “E”vent recently at the Toronto Marriott Eaton Center, with donations to the Toronto Food Bank. From left to right, Jill Lane, Tom Dahlin and Darrin Nikolaus of Enterprise donned their zoot suits to welcome guests to an evening set in the swinging 1940s and featuring well-known swing band Big Rude […]
1 min read
Claims
International adjuster Lindsey Morden is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. This compares to 2001’s first quarter loss of $2.9 million. Among the outstanding claims the company settled was a 32.6 million pounds sterling plus interest claim by Eastgate Group Ltd. […]
Dear Editor, Re: Veteran Griffin to lead IBC, CU web site, April 3, 2002 I keep in touch with the Canadian industry through your web site (www.canadianunderwriter.ca). It was great news that Stan (Griffin) was appointed as George (Anderson)’s successor. Congratulations to both of them as they move into another chapter of their lives. Well […]
As auto claims loss costs rise, there is continual focus on accident reconstruction and new tools are helping experts to determine the causes and conditions of vehicle crashes more accurately. With the introduction of computer programs to "model" accidents, and greater research on the mechanics of crashes, there is still the need to adhere to the fundamentals of accident reconstruction -- scientific analysis and objective conclusions.
5 min read
As insurers and reinsurers gathered for the Insurance Bureau of Canada's (IBC) annual Financial Affairs Symposium held recently in Toronto, the state of the market was front and center. With recent company financials showing the impact not only of the September 11 events, but the build up of years of inadequate pricing and heavy losses in many lines, reinsurers say the time has come for change. But, the remedial actions needed may be a bitter pill for the industry to swallow.
Financial loss due to theft of equipment in the construction field has reached epidemic proportions. The Toronto Construction Association estimates that thieves currently walk or drive off Ontario construction sites with over $12 million worth of equipment each year, with the countrywide theft tally amounting to more than $32 million annually. Can insurers and their construction clients limit their exposures?
3 min read
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