Industry
Some time ago at a CEO forum, a broker asked insurance company executives to provide the best standard of financial health in these tough economic times. The confusion motivating the question is well-placed: one minute an insurer publicly reports having excellent quarterly underwriting earnings; the next day we learn it is bankrupt, awash in a […]
By David Gambrill, Editor | November 30, 2008
3 min read
Risk
BROKERS NEED STRONG CANADIAN REPRESENTATION AMONG THEIR MARKETS Brokers must maintain a balanced portfolio and resist relying too heavily on European-based insurers, warned Colin Simpson, senior vice president and chief strategy officer of Kingsway Financial Services. Simpson spoke at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast in Toronto on the need for brokers […]
November 30, 2008
1 min read
Claims
In the October/November Spotlight feature, John Schick was incorrectly listed as an adjuster at MidWest Claims Services. He is, in fact, the company’s auto/machinery appraiser. We apologize for the error. •
Alberta’s Grid Risk-Sharing pool is reporting $171.1 million in total claims incurred but not reported (IBNR) as of Oct. 31, 2008, including a provision of about $81.5 million for claims liability related to Alberta’s court’s cap decision. Alberta’s Non-Grid Risk-Sharing Pool has reported a total of $44.1 million in IBNR claims as of Oct. 31, […]
2 min read
The Nova Scotia Supreme Court has allowed the admissibility of six doctors’ records in a personal injury case even though the physicians were not available to testify, but the opinions contained in the doctors’ records are not admissible astruth. InTingley v. Wellington Insurance, theplaintiffs, Patricia Tingley, Margaret Burton, Kelli Smith and Todd Smith, wanted to […]
Manitoba’s Court of Appeal has denied an application for leave to appeal a decision that denied an insured the right to claim accident benefits under section 138 of the Manitoba Public Insurance Corporation Act, which carries no maximum limit for personal home assistance. Steven Fletcher was paralyzed from the neck down as result of a […]
An Ontario Superior Court judge has issued a strong rebuke to the insurance industry for failing to resolve coverage disputes between insurers quickly, thereby causing a public fund to pay statutory benefits to victims during the time it takes to resolve the dispute. Ontario Superior Court Justice Romain W. M. Pitt made his remarks in […]
Alberta’s auto insurance industry is accumulating an estimated $400 million per year in unfunded liability as a result of a provincial court decision late last year that struck down the province’s $4,000 cap on minor injury claims. Barbara Sulzenko-Laurie, vice president of policy, Insurance Bureau of Canada (IBC), made the observation in remarks made at […]
The Supreme Court of Canada has overturned an Ontario Court of Appeal decision and ordered a group of property insurers to cover the costs related to a damaged tunnel boring machine under an all-risk policy. In Canadian National Railway Co. v Royal and SunAlliance Insurance Co. of Canada, a panel of four Supreme Court of […]
As I pen this message the Christmas season is just coming into full swing, however by the time it is published all the festivities will have come and gone and many of us will be assembling at the CICMA/CIAA Ontario Chapters’ 42nd Annual Joint Conference. Related meetings occur throughout the year in several regions across […]
By Reno Daigle | November 30, 2008
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