Industry
Fairfax Financial Holding’s has reported a surge in its Q2 profit, increasing from US$27.6 million in 2008 Q2 to US$275.4 million in 2009 Q2.The company’s combined ratio for the quarter improved from 2008 Q2’s 105.8% to 98.4% in 2009 Q2.On a consolidated basis, the company turned an underwriting profit of US$17.3 million in the quarter, […]
By Canadian Underwriter | July 31, 2009
1 min read
Aon has reported a net income of US$149 million for 2009 Q2, compared to US$1.1 billion for 2008 Q2.Total revenue decreased 4% to $1.9 billion due to a 9% decline resulting from foreign currency translation and a 69% decline in investment income. This was partially offset by a 7% increase from acquisitions, primarily due to […]
Claims
Manitoba will upgrade its forest-fighting fleet with a $1.4-million investment in advanced avionics. The fleet consists of seven water bombers and will be enhanced with vision systems for pilots to help them battle fires when visibility is low, said Stan Struthers, Manitoba’s conservation minister. “This is key. It will increase our efficiency and make sure […]
July 31, 2009
Health Claims for Auto Insurance (HCAI), an electronic system for processing auto insurance claims, is once again entering a pilot phase, starting on Sept. 1, 2009. HCAI was shut down in April 2008 at the request of the Insurance Bureau of Canada (IBC). At the time, insurers said they were experiencing serious disruptions in their […]
2 min read
The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately $15.3 million worth of unreconciled gold. The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference in gold was the result of an accounting or transaction recording error. The report concluded: […]
A first insurer in Ontario has a legal obligation to start paying accident benefits to an auto injury claimant, even though the only “sufficient nexus” between the claimant and the insurance company is information contained in an apparently fraudulent pink insurance slip. The Financial Services Commission of Ontario (FSCO), made the finding in Vladmir Danilov […]
The Alberta Court of Appeal has ruled that the province’s legislation introducing a $4,000 cap on insurance claims for minor auto injuries does not infringe the Canadian Charter of Rights and Freedoms. In doing so, the appeal court overturned a lower court decision in February 2008 that found the Alberta cap legislation discriminated against victims […]
The Ontario Superior Court of Justice has overturned an order to dismiss, on account of delay, two motor vehicle insurance claims (each of which has lasted for six years or longer) that arose from an October 2001 auto accident. A court registrar made an order to dismiss the two cases on Feb. 18, 2009, after […]
As my term of office as president of the Canadian Independent Adjusters’ Association winds down, I can truly say the experience of serving our great organization in this capacity has been the ultimate highpoint of my 42-year career as an independent loss adjuster. I had great expectations of accomplishing many of CIAA’s objectives and while […]
3 min read
As the climate changes, so do the risks facing the insurance industry. Water damage has risen to the number one spot in terms of claims relating to warming weather.
By Laura Kupcis | July 31, 2009
14 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
