Risk
The B.C. government’s announcement toward the end of last year that it plans to maintain crown insurer the Insurance Corp. of British Columbia’s (ICBC) monopoly position in providing basic auto coverage has left a bad taste in the mouth of the private insurance industry. Insurers had hoped that the newly elected Liberal Party government under […]
By Sean van Zyl | December 31, 2002
11 min read
Industry
Water-related losses on homeowner property covers seem to be seeping increasingly into the red-ink. While insurers have been battling the onslaught of losses arising from auto business, water poses a new threat to personal property covers, one which insurers can ill afford to ignore. If you have been following the homeowner insurance news in the […]
By Susan Vella, senior vice president of personal insurance at Chub | December 31, 2002
5 min read
On December 11, 2002, the Ontario Court of Appeal released its long awaited decision on the insurance issues in Alie et al. vs. Bertrand & Frere, Lafarge Canada. The case provided crucial insight into the application of exclusions and occurrence trigger theories In addition to being one of the longest and most costly trials in […]
By Ruth Henneberry & William Blakeney of Blakeney Henneberry Baksh | December 31, 2002
7 min read
In the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer’s duty to defend is triggered. The National Association of Insurance Commissioners (NAIC) consists of the commissioners of […]
By Brian Reeve a partner at Cassels Brock & Blackwell LLP | December 31, 2002
6 min read
Both insurers and their collision repair partners are facing difficult times, with costs rising and marketshare scarce. Consolidation in either industry has not brought about the kind of cost efficiency dreamed of. Perhaps it is time to see “the big picture” and better understand the role these two industries play in a much larger global […]
By Sam Malatesta, vice president of marketing & insurance relations | December 31, 2002
Pending auto insurance product reform in Ontario presents new opportunities for insurers and their third-party vendors to collaborate in bringing the market back to a healthy state. However, change requires leadership, resolution and an enterprise-wide focus to be effective. We have reached a point in the evolution of the corporate world where astute governance, sound […]
By Jacquelyn Stephens, executive director, Preferred Medical Profes | December 31, 2002
4 min read
An aircraft carrier is regarded as one of the most powerful assets in a military’s arsenal. However, it is also one of the most vulnerable battle craft due to its sheer size. Needless to say, agility is not one of the strong points of an aircraft carrier, which requires kilometers to complete a turn. In […]
By Sean van Zyl, Editor | December 31, 2002
3 min read
U.S. property and casualty insurers achieved a 4.4% return on equity for the first nine months of 2002 compared with the negative 1.2% return reported for the same period the year before. Insurers brought home a taxed profit of US$9.3 billion for the latest nine month reporting period against the net loss of US$2.6 billion […]
December 31, 2002
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003. Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to […]
1 min read
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal was expected to close by the beginning of this year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
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