Claims
The Insurance Bureau of Canada (IBC) has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B. C. are protected as best as possible against an earthquake. Two strong earthquakes on Jan. 5 shook the area just south of the Queen […]
January 31, 2008
2 min read
Property and casualty insurers in the United States are expected to pay US$6.5 billion to homeowners and business for property losses from 23 catastrophes in 2007, according to preliminary analysis by ISO’s property claim services (PCS) unit. This is the eighth-lowest cost and the seventh-lowest frequency in a decade, the ISO reports in a release. […]
1 min read
A recurrence of the 1998 Ice Storm today would result in total insured losses of between US$1 billion and US$3 billion — potentially twice the US$1.3- billion cost incurred in 1998, according to a retrospective report by Risk Management Solutions (RMS). RMS released the report on the 10th anniversary of the storm that devastated portions […]
Fairfax Holdings Limited and Cunningham Lindsey Group Inc. have closed a transaction pursuant to an agreement with Trident IV, L. P., a private equity fund managed by Stone Point Capital LLC. According to the agreement, Stone Point acquired a 51 per cent interest in a holding company that owns the operating businesses of Cunningham Lindsey […]
In an insurer’s investigation of an accident benefit claim, the non-cooperation of an insured accident victim doesn’t necessarily determine whether or not an insurer had sufficient time to serve notice on other insurers to dispute benefit payment obligations. The Ontario Superior Court issued the ruling recently in Liberty Mutual Insurance Company v. Zurich Insurance Company. […]
The first half of 2008 will likely bring warmer weather in southern Canada and increased storm activity in the southern United States, Aon’s Annual Global Climate and Catastrophe Report: 2007 says. The period between January and May 2008 will mainly be influenced by the El Nino/Southern Oscillation, which is an anomalous warming or cooling of […]
Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re. Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term trend, a Swiss […]
A go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track owned and operated by Pineland Amusements Ltd. when he allegedly lost control of his go-kart […]
Another successful seminar jointly hosted by the Ontario chapters of the Canadian Insurance Claims Managers’ Association and the Canadian Independent Adjusters’ Association was held in Toronto Jan. 29. This year’s theme was “The Future of Claims Service” and the discussions, both formal and informal, were very interesting and thought provoking. One thing is for certain: […]
4 min read
In order to be a profession and be professional, continuing education must be part and parcel of what independent adjusters do. “You’ve got to do something relevant in order to be relevant,” Fred Plant, president of the Canadian Independent Adjusters’ Association (CIAA), says. In an industry that can be dramatically affected by a small policy […]
By Laura Kupcis | January 31, 2008
12 min read
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