Claims
March marked National Fraud Prevention Month, and the Insurance Bureau of Canada (IBC) released information throughout the month to help educate about and prevent this type of crime.”Insurance fraud is big business,” said Rick Dubin, vice-president, investigations at the IBC. “It is a low-risk, high-reward crime that costs Canadians about $3 billion per year. However, […]
April 1, 2007
1 min read
The Financial Services Commission of Ontario (FSCO) has released its Health Claims for Auto Insurance (HCAI) Rollout Guideline, which includes, among other things, revised accident benefit claims forms and a Central Processing Agency (CPA), an agent designated to receive accident benefit claims forms on behalf of insurers. “The HCAI Rollout Guideline currently applies only to […]
2 min read
As claims officers and defence litigators wrestle with what causes Reflex Sympathetic Dystrophy [RSD], sympathetic Canadian courts are awarding large sums to its sufferers
By David Gambrill | March 31, 2007
4 min read
Reinsurance rates on line for personal lines, standard commercial lines and complex commercial lines in Canada are likely to be flat or up to 10% lower during mid-year renewals of property catastrophe reinsurance programs, Aon Re Global predicts.Additionally, Aon Re Global said it expects plentiful reinsurance capacity in the Canadian market.Aons expectations for Canada are […]
By Canadian Underwriter | March 30, 2007
A new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance Management Societys (ORIMS) Professional Development Day.Rounding out the rest of his observed changes were: the […]
By Canadian Underwriter | March 29, 2007
Fitch Ratings has upgraded Lloyd’s of London’s (“Lloyd’s”) Insurer Financial Strength (“IFS”) rating by one notch to ‘A+’.At the same time, the agency has upgraded the Society of Lloyd’s Issuer Default rating (“IDR”) by one notch to ‘A’. Both ratings have stable outlooks.The rating action follows the confirmation yesterday that Berkshire Hathaway (“Berkshire”) and Equitas […]
By Canadian Underwriter | March 28, 2007
EDS has published crucial risk priorities that financial institutions must consider to minimize the possibility of security breaches.Securing data outside the organization was listed as the top priority. Because regulators demand that non-public personal information be backed up and stored off-site, the danger of the storage mediums being lost or stolen during shipping arises. Security […]
By Canadian Underwriter | March 27, 2007
The Co-Operators has teamed up with Juno award-winner Mitch Dorge, former drummer for the Emmy-nominated Crash Test Dummies, to bring his Life Choices campaign to high schools across the country. The presentation, tailored to meet the needs of the various schools, and typically topics covered include drug and alcohol awareness, driving safety, goal setting and […]
By Canadian Underwriter | March 26, 2007
Managing the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of syndicates were interviewed at random in the Lloyds underwriting room, and for the third year […]
By Canadian Underwriter | March 23, 2007
What difference the year makes: Bermudian reinsurers posted a collective profit of US$11.6 billion in 2006, compared to a US$2.1 billion loss in 2005.2006 was a record year for the Bermudian reinsurance market, with companies reporting bumper earnings and bulging balance sheets as the predicted hurricanes failed to materialise, according to a press release announcing […]
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