Industry
A decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw does not violate insurers’ rights under the Canadian Charter of Rights and Freedoms.The city operates […]
By Canadian Underwriter | January 2, 2002
2 min read
Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be sold to Fairfax Inc. as of January 1, 2002, the company announces. The value of […]
By Canadian Underwriter | January 1, 2002
1 min read
Insurance adjusters are witnesses to carnage. They see tumult in places where days, and in some cases hours before, people were going about their daily business in an orderly world. It is part of the job. But how do you react when you are assigned to adjust claims stemming from the collapse of the World Trade Center on September 11? Three seasoned adjusters from Cunningham Lindsey say the assignment was not like any other they had experienced.
By Andy Walker | December 31, 2001
7 min read
Despite the events of September 11, the International Insurance Association (IIA) sees a bright future for insurers, says its executive director Patrick Kenny. In anticipation of the association’s annual seminar scheduled to take place in Singapore during July, Kenny says Asia is becoming a key emerging market for insurers. The entry of China in the […]
December 31, 2001
As insurance rates begin climbing upwards, pressure is also increasing to reduce claims costs, particularly in auto insurance. And, while costs associated with collision repair are an obvious target, the size of this segment of the market has been declining over recent years in both revenue and the number of repair shops, delegates at the annual CARSTAR Industry Conference heard. Speakers also highlighted new challenges facing bodyshops through technology and growing customer demands.
By Vikki Spencer | December 31, 2001
5 min read
"Hub power" is likely going to be the next big technology push in the North American property and casualty insurance industry, with the claims handling arena at the forefront of this advancement. Are you ready?
By Dale Hardy, president of Correlation Technologies Inc. | December 31, 2001
All major sector players operating in the Canadian financial services environment — from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds — have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), to be officially opened from July this year, will handle consumer complaints across […]
A recent decision taken by British Columbia's Supreme Court against one of Canada's major banking groups with regard to the selling of credit insurance could have broader implications with regard to limiting at the provincial level the types of financial service products the banks have branched into under federal regulations.
By Brian Reeve, partner at Cassels Brock & Blackwell LLP | December 31, 2001
6 min read
While independent claims adjusters may achieve a short-term gain in increased business as insurers once again begin addressing outsourcing of their claims handling requirements as pressure mounts to cut operating costs, too much emphasis on "cost cutting" could prove detrimental in the long run to both parties.
By Margaret Oudkerk, a regional claims manager at ING Halifax | December 31, 2001
3 min read
Creating value for customers and shareholders is something all insurance companies strive to achieve. But how does a company continuously deliver value amid global and knowledge-based competition? To deliver that value, good business strategies are required to become very good business operations. Management needs to execute these strategies not only within a company, but also […]
By Ken Whiteside, solutions architect, SAP Canada Inc. | December 31, 2001
4 min read
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