Industry
The Insurance Council of British Columbia (Council) decided to proceed with the implementation of recommendations for the distribution of home warranty insurance products as they were originally published.In 2006 the Council requested industry feedback on the proposed changes.Five issues were addressed in the proposal. They include: claim administration; licensing; holding out and fee disclosure; builder […]
By Canadian Underwriter | February 8, 2007
1 min read
Kingsway Financial Services recently announced a US$123.3 million net income for 2006.Net income in the quarter was $16.8 million (C$19.2 million), compared to $35.9 million (C$42.1 million) in the fourth quarter of last year. Net income for 2006 was $123.3 million (C$139.4 million) compared to $135.0 million(C$163.1 million) reported last year.In the fourth quarter, operating […]
Canadian courts may return to the Amos v. Insurance Corp. of British Columbia case when it comes to deciding what constitutes a car accident, Philippa Samworth, a lawyer at Dutton Brock LLP, said at the OIAA conference in Toronto.Samworth made the remark while noting that the true topic of her speech, the Supreme Court of […]
By Canadian Underwriter | February 7, 2007
2 min read
An auto insurer has been found not liable for damages to a murdered boy’s mother by Alberta’s court, reports the Calgary Sun.Naomi Manuel, the mother of the victim, attempted to sue the auto insurer, ING Canada, after Grant Harder, her son’s father, picked up their son from her Calgary home on December 1, 2002, drove […]
By Canadian Underwriter | February 6, 2007
Lawyer Carmen Place, of Lindsay Kenney warned today’s joint CICMA and CIAA conference about the dangers of ‘the general rule’ regarding liquor liability and the social host.Place reviewed the Childs v. Desormeaux case and said that even though the judge concluded that ‘the social hosts had no statutory duty to monitor the consumption of alcohol […]
Stung by the proliferating number of financial restatements over the past few years, the accounting industry is changing towards the use of “fair value” accounting measurements, which may have a future impact on insurance contracts.Fitch Ratings notes the above phenomenon in a special report, posted online, entitled “Accounting and Financial Reporting: 2007 Global Outlook Measuring […]
By Canadian Underwriter | February 5, 2007
Sedgwick Claims Management Services, Inc. (Sedgwick CMS) recently announces the appointment of Patrick L. Funck as executive vice president, chief information officer of the North American claims and productivity management services organization. As an executive vice president, Funck has also joined the Sedgwick CMS Executive Committee.Funck’s credentials include extensive experience in the identification and introduction […]
The Toronto Insurance Women’s Association (TIWA) is mourning the passing of Pauline Ferguson, its historian, on Feb. 1, 2007.”She will be missed,” TIWA said of Ferguson in a public statement. “We extend our sympathies to Ted, her husband.”Visitation will occur at the Morley Bedford Funeral Services on Sunday, Feb. 4, between 2:00 p.m. and 4:00 […]
By Canadian Underwriter | February 2, 2007
The AXA Group reported its global property and casualty revenues were up 4% in 2006.”Property and casualty revenues increased by 4% to EUR19.793 billion [about Cdn$30.4 billion],” AXA reported in a press release. “Personal lines were up 5% resulting from a combination of strong resilience in most European countries and positive momentum elsewhere. “Commercial lines […]
Allstate Insurance Company of Canada intends to reduce auto insurance rates in Nova Scotia on average by 12% in 2007.”Every Allstate policyholder in Nova Scotia with full coverage will see his or her premiums go down in 2007,” Allstate vice president Christianne Dostie said in a press release. “Allstate is committed to offering a high-quality […]
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