Claims
Food producers must be better prepared to manage not only the possibility of a product recall, but any reputational damage that could sink the company as a result.”It takes 20 years to build a reputation, and about five minutes to ruin it,” Ed Mitchell, senior underwriter for product recall at XL Insurance Company Limited, said.He […]
By Canadian Underwriter | March 18, 2008
2 min read
Industry
The Insurance Corporation of British Columbia (ICBC) will be taking a phased-in approach to rate design changes targeting high-risk drivers, and delay the introduction of a second initiative targeting vehicles with multiple drivers (some of whom are high-risk).ICBC in Spring 2007 announced plans to charge high-risk drivers higher premium rates than other drivers. But following […]
La Capitale General Insurance’s net profits in the property and casualty insurance segment reached Cdn$33.3 million in 2007, an Cdn$11-million increase compared to 2006, the company reported.This sector showed marked overall growth of 8.6%, with total sales of Cdn$473 million, La Capitale noted in a release. The auto insurance line posted excellent results, with premium […]
1 min read
An Ontario Superior Court judge has allowed hearsay medical and real estate evidence to be given at an accident benefits trial arising from an automobile accident because the victim has since moved to a foreign jurisdiction.Hong v. Song arises from a 2002 motor vehicle accident in which Eugene Song was a passenger in a vehicle […]
Ted Belton, who dedicated half a century of his life to the Canadian insurance industry, died of a cardiac arrest in Toronto on Mar. 12.Belton is perhaps best known as the president and C.E.O. of Edward F. Belton Enterprises Inc. and Forecast Publishers, the publisher of The Belton Report. The Belton Report, discontinued upon Belton’s […]
By Canadian Underwriter | March 17, 2008
Today’s risks are increasingly being shaped by a number of different factors, including globalization, global warming, terrorism, and cyber risk and credit risk, according to Joseph Plumeri, chairman of Willis Group Holdings. Historically, the risks were property, casualty, marine, aerospace, executive risks, and so forth, according to speaking notes from a presentation Plumeri gave at […]
A group of 20 U.S. property-casualty reinsurers wrote US$22.7 billion of net premiums during 2007, a decrease of US$3.1 billion over the same period in 2006.A Reinsurance Association of America (RAA) study notes the combined ratio for the group was 94.7%, a slight improvement over the 94.9% combined ratio reported for 2006.The combined ratio is […]
The average annual cost of automotive repair is forecasted to increase to Cdn$1,141 in 2010 from Cdn$1,044 in 2006, according to the 2007 Outlook Study released by the Automotive Industries Association (AIA) of Canada. In the period spanning from 2001 to 2006, the average annual growth rate in repair costs was 3.1%, the study shows. […]
The Financial Services Commission of Ontario (FSCO) has ordered Eva Wren, an applicant for arbitration with State Farm Mutual Automobile Insurance Company, to provide written notification as to whether or not she intends to advance a tort claim against the insurer.Reyn claims to have been injured in an August 2005 motor vehicle collision. She applied […]
By Canadian Underwriter | March 14, 2008
The Risk and Insurance Management Society (RIMS) has expressed concern about how to apply Standard & Poor’s (S&P’s) proposal to implement an enterprise risk management (ERM) analysis for credit ratings of non-financial companies. Overall, RIMS commends S&P’s work to elevate the visibility of ERM in businesses and supports S&P’s adoption of an ERM framework as […]
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