Claims
Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West Virginia finished as the second-worst state, while Delaware ranked as the best in terms of […]
By Canadian Underwriter | March 12, 2004
1 min read
Auto
Ontario’s brokers are “extremely pleased” with the decision to remove the cap on towing and storage costs that had been part of a package of reforms to the province’s auto insurance system.Insurance Brokers Association of Ontario (IBAO) CEO Bob Carter met with Mike Colle, parliamentary assistant to the Minister of Finance and the man responsible […]
By Canadian Underwriter | March 11, 2004
Risk
A new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by 18% as a result. But this reduction in losses belies the serious potential exposures faced […]
Industry
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year.Jane Voll, chief […]
By Canadian Underwriter | March 10, 2004
2 min read
Fairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its existing operations, with Broadspire management and CEO Dennis Replogle maintaining control of the company.Under the […]
Expectations are that the $300 cap on vehicle towing and storage costs to be in force in Ontario by mid-April will now be dropped. The Collision Industry Action Group (CIAG) says that sources close to Michael Colle, parliamentary assistance responsible for insurance reform, are reporting the cap will be canned, and a Toronto Sun article […]
The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, says two arrests have been made as part of an ongoing investigation of fraudulent driver licenses. ICBC has also launched a civil suit against the owner of a Richmond, B.C. driving school, alleging driver licenses were issued for a fee without the required testing […]
Insurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also see many challenges to its implementation. Insurers think ERM can help with product development and […]
By Canadian Underwriter | March 9, 2004
Economic crime, and cybercrime in particular, are on the rise, says a new survey by PriceWaterhouseCoopers LLP. The consulting firm says more than one-third of companies report being a victim of fraud in the last two years, a figure much higher than in earlier surveys. And Canada was particularly hard hit, with almost one-half of […]
Insurance giant Kingsway Financial Services says it has entered into a new revolving credit facility with a syndicate of three banks for $150 million. The new facility replaces two existing credit facilities, the company notes. The banks involved include CIBC, LaSalle National and The Bank of Nova Scotia.Kingsway has also responded to the recent downgrade […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
