Risk
The Newfoundland government has selected a trial lawyer to act as consumer advocate in its hearings on insurance issues before the Public Utilities Board (PUB).Tom Johnson, a partner in O’Dea Earle Law Offices, will speak on behalf of consumers at the hearings, which commence October 4. First the PUB will hold a “benchmark hearing” an […]
By Canadian Underwriter | September 27, 2004
2 min read
Claims
Early estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide pegs damages at US$5-$9 billion. Risk Management Solutions (RMS) says insurers could pay US$4-$8 billion.Thus […]
1 min read
Converium had a spot of good news Monday, learning it faces a possible upgrade by Standard & Poor’s. S&P says it will upgrade the reinsurer to “BBB+” if it can successfully complete its proposed US$420 capital-raising move. Converium says it will take the steps to raise the capital from shareholders, and adds that it is […]
State Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with an expectation of total payouts reaching $10 million. Toronto-based AirIQ Inc. says it has secured […]
By Canadian Underwriter | September 26, 2004
Hurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For insurers, the storm makes it likely 2004 will top the losses experienced as a result […]
Industry
The Law Society of Upper Canada (LSUC) late last week delivered its report to Ontario’s Attorney General regarding proposed rules for regulating paralegals. The proposal, in essence, expands the existing consumer protection function of the Law Society to take in all providers of legal services this expansion was mandated by the Attorney General earlier this […]
The Insurance Brokers Association of Canada (IBAC) is preparing to support the “next generation” of brokers through technology, education and marketing initiatives, says new president Keith Wilson.Wilson took over the captain’s seat to lead “the voyages of the brokership IBAC” at the association’s agm on Saturday. He say the “next generation” theme highlights IBAC’s work […]
The total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners and businesses will be filed as a result of the hurricane.The ISO notes that Florida […]
By Canadian Underwriter | September 23, 2004
Investors Group has received notice that staff of the Ontario Securities Commission (OSC) are considering proceedings against the company for mutual fund dealings between March, 2000 and September, 2003. The financial services firm says it will respond to the notice, and notes that while an OSC review resulted in allegations of “market timing” activities in […]
A new study by a U.S. consumer group finds respondents did not understand credit scores.The survey of more than 1,000 Americans was undertaken by Opinion Research Corp. on behalf of the Consumer Federation of America (CFA) and Providian Financial. A full 47% of respondents were unaware that insurers use credit scores when underwriting homeowners’ policies, […]
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