Industry
Lecavalier has launched the first online catalog of recycled auto parts. The site will allow everyone to save an average of 50%, compared to the cost of an original new part, according to the company. Additionally, the purchase of a green product helps to prevent waste. Lecavalier recycles more than 12,000 vehicles that have been […]
By Canadian Underwriter | April 30, 2009
2 min read
More than 600 collision centre owners, managers and technicians have graduated from PPG’s Green Belt Training program. The training is a four-day comprehensive program blending Lean Six Sigma fundamentals and practical application implementation detail. Key program elements include: • success factors that allow some organizations to thrive in rapidly changing environments;• use of simulation games […]
1 min read
The drop in insurers’ investment returns and assets values will lead to a capacity crunch that will inhibit insurers from underwriting higher levels of business in a market where rates are becoming more profitable, said David M. Thompson, vice president and operations manager of FM Global’s Toronto operations.Thompson spoke to delegates of the CIP Society’s […]
Longevity is a unique feature of Canada’s current recession and the country can expect to go three years without growth, Warren Jestin, senior vice president and chief economist of Scotiabank Canada, told insurance industry representatives attending the CIP Society Symposium 2009. “This is not a wind sprint, it’s a marathon,” Jestin said of the anticipated […]
The stakes are quite high for Canada’s auto insurance system — one of the most highly regulated industries in the world — to show signs of a financial recovery, says the Insurance Bureau of Canada (IBC).The industry’s most recent financial results in the auto product have been described as “alarming” by some. Currently the industry […]
By Canadian Underwriter | April 29, 2009
The number of questionable — and perhaps fraudulent — claims is on the rise as the economy continues to falter, according to a new report from the National Insurance Crime Bureau. There is a definite increase in claims related to “opportunistic fraud,” as seen in an analysis of questionable claims submitted by more than 1,000 […]
Historically low interest rates at global central banks over the past six months are exerting downward pressure on the non-life insurance sector’s investment returns and driving the need to increase technical premiums, BestWire reported.“Twelve months ago, balance sheets were strong, investment returns stable and economic growth robust,” Jiten Voralia, vice president of products at Swiss […]
A vast majority of Alberta’s insurers have policies in place to make sure they comply with laws governing their business with authorized insurance agents and insurance adjusters, a risk-based market conduct survey released by the Government of Alberta has found.The survey also found a large majority of the province’s insurance companies have established screening procedures […]
Claims
Climate change is likely to threaten countries’ economic and national security, according to a 360º report from Lloyd’s. This will spark growing tension between states, as competition heats up for increasingly scarce natural resources — food, water and energy, according to Climate Change and Security: Risks and Opportunities for Business. “As climate change takes hold, […]
By Canadian Underwriter | April 28, 2009
The World Health Organization (WHO) has raised the level of influenza pandemic alert from the current Phase 3 to Phase 4, indicating the likelihood of a pandemic has increased but is not inevitable.The WHO committee issued the notice after considering available data on confirmed outbreaks of A/H1N1 swine influenza in the United States of America, […]
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