Risk
Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm affected almost the same territory as that devastated by 1999’s Windstorm Lothar, for which RMS […]
By Canadian Underwriter | January 8, 2003
1 min read
Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co.A.M. Best cites Gerling’s leading position in industrial insurance coverage coupled with the groups recently announced restructuring plans as the prime strengths of the […]
By Canadian Underwriter | January 6, 2003
2 min read
The B.C. government’s announcement toward the end of last year that it plans to maintain crown insurer the Insurance Corp. of British Columbia’s (ICBC) monopoly position in providing basic auto coverage has left a bad taste in the mouth of the private insurance industry. Insurers had hoped that the newly elected Liberal Party government under […]
December 31, 2002
11 min read
On December 11, 2002, the Ontario Court of Appeal released its long awaited decision on the insurance issues in Alie et al. vs. Bertrand & Frere, Lafarge Canada. The case provided crucial insight into the application of exclusions and occurrence trigger theories In addition to being one of the longest and most costly trials in […]
7 min read
In the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer’s duty to defend is triggered. The National Association of Insurance Commissioners (NAIC) consists of the commissioners of […]
6 min read
An aircraft carrier is regarded as one of the most powerful assets in a military’s arsenal. However, it is also one of the most vulnerable battle craft due to its sheer size. Needless to say, agility is not one of the strong points of an aircraft carrier, which requires kilometers to complete a turn. In […]
3 min read
Bill-28, introduced in Newfoundland to change the province’s auto insurance system, is raising ire from the insurance industry. The Insurance Bureau of Canada (IBC) says the regulative changes do nothing to deal with escalating physical injury claims costs at the root of premium increases. The bill is “focused on the symptoms, not on the illness”, […]
Financial services giant Fairfax Financial Holdings (TSX: FFH) is restructuring its U.S.-based TIG Insurance Group, a move which will see group assets transferred back to the parent company. The move will also impact Fairfax’s subsidiaries Commonwealth Insurance Co. and reinsurer Odyssey Re. Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger […]
What promised to be the “year of the rebound” in 2002 was anything but. Despite price hardening, claims have continued to grow, particularly with never-ending medical payouts on auto claims. And, this is just the tip of the iceberg facing claims managers. Added to the mix are the struggle to attract bright young adjusters, the […]
21 min read
No one would argue the insurance industry is one that stands still, particularly not in today’s market. For adjusters, the changes are keenly felt, impacting how they do their jobs on a daily basis. From mergers and acquisitions to changing auto legislation to the growing litigious environment, there is no shortage of challenges for the […]
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