Industry
The Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that kinesiologists would be prevented from working on auto accident victims. This could affect as many […]
By Canadian Underwriter | September 26, 2003
2 min read
The London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce about $4.3 billion in profit, while 2003 profit, assuming a normal loss year, should be […]
1 min read
Risk
The Risk and Insurance Management Society (RIMS) is praising a new draft document on enterprise risk management (ERM). The draft, created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), its project advisory council and Pricewaterhouse Coopers LLP, is “comprehensive and thorough”, says RIMS.RIMS says it will now look at working together with […]
By Canadian Underwriter | September 25, 2003
Auto
While pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following about six months of research on rising auto insurance premiums in Nova Scotia.Jordan wants to […]
By Canadian Underwriter | September 24, 2003
Manitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers will be able to repay the loan over a one, two or three-year period, with […]
By Canadian Underwriter | September 23, 2003
Risk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims should be about US$600 million, but flood claims could push the total up higher. There […]
Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about one million subordinate voting shares that have been issued by the company from between September […]
By Canadian Underwriter | September 22, 2003
In the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath along the coast of North Carolina and Virginia, with other states as far north as […]
The Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane is expected to lose much of its momentum and intensity as it moves deeper inland, […]
By Canadian Underwriter | September 19, 2003
Claims
Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in some communities, despite the fact that fires continue to rage in certain areas, the final […]
By Canadian Underwriter | September 18, 2003
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