Industry
Claims professionals should be aware of the limitations of Functional Capacity Examinations (FCEs), the protocols of which aren’t necessarily conclusive in determining whether or not people with physical injuries will be able to return to work.Elizabeth Chapman, a kinesiologist who performs medical assessments for insurers, made the observation during a Webinar designed for claims managers. […]
By Canadian Underwriter | February 17, 2009
2 min read
If members of the insurance industry are going to survive the hard market in an economic downturn, they must go back to basics, said Bob Tisdale, president and chief operating officer of Pembridge Insurance.Tisdale spoke at the Insurance Brokers of Toronto Region (IBTR) luncheon on Feb. 17, 2009 in Markham, Ont.Surviving the economic crisis in […]
Ontario’s broker regulator has issued a bulletin to the province’s brokers, saying that although the rules prohibiting credit scoring for the purpose of underwriting insurance are primarily aimed at insurance companies, the issue nevertheless affects the day-to-day business activities of brokers.The Registered Insurance Brokers of Ontario (RIBO) addressed the credit-scoring issue in a bulletin that […]
By Canadian Underwriter | February 13, 2009
Once ING Canada morphs into a publicly-traded entity (and adopts a new name, as expected), it remains an open question whether the new entity will become the hunter or the hunted when it comes to potential merger and acquisitions activity in the future.ING Groep, formerly the parent company of the soon-to-be-Canadian insurer, is selling its […]
The judge of the Supreme Court of Nova Scotia who dismissed the challenge to the province’s minor injury cap has issued a second part to his written decision.In the second part of his decision, he finds that even if the province’s auto cap legislation did stereotype or discriminate against the injured — a moot point, […]
Despite a decrease in the distance motorists are driving, there is not a decrease in the number of accidents being reported, Rick Tuuri, president of Audatex told delegates at the Canadian Collision Industry Forum in Toronto.“The average collision happens within five miles of your house, so even though people are driving a measurable percentage less, […]
By Canadian Underwriter | February 12, 2009
Jacques Aigrain has announced his resignation as CEO of Swiss Re, effective Feb. 18, 2009.The reinsurer’s board of directors has appointed Stefan Lippe, currently Deputy Chief Executive Officer and COO, as his successor. In early February, Swiss Re announced an expected net loss of CHF 1 billion (roughly the same in Canadian dollars) for 2008. […]
1 min read
Willis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a 2008 Q4 profit of US$62 million, compared with $95 million in 2007 Q4.For the entire year of 2008, Willis had a net income of US$303 million, down from US$409 million a year ago.The company indicated its results were “significantly affected by the acquisition […]
XL Capital Ltd reported a net loss of $2.63 billion for 2008, marking a drop from 2007’s $205.4 million net income. The company’s insurance segment in 2008 Q4 accounted for gross premium written of $1.1 billion for property and casualty operations (down from $1.3 billion in 2007 Q4) and the reinsurance segment accounted for $104.5 […]
By Canadian Underwriter | February 11, 2009
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has issued a reminder to the province’s insurers that the use of credit scoring for the purpose of auto insurance quoting and underwriting is prohibited by law.It is also considering revisions to the OAF 1, in which a consumer gives consent to an insurer to […]
3 min read
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