Industry
Legal action against insurance companies in the U.S. for alleged unauthorized use of aftermarket parts in vehicle repair have bubbled up into Canada. Within months of a successful $1.2 billion class action in Illinois against State Farm Insurance, similar suits have been filed in Quebec against AXA Canada, Groupe Desjardin and ING Canada, and in […]
By David Carr | April 30, 2000
8 min read
Risk
The number of policyholders in the high-risk Facility Association pool continued to decline in 1999, reports president Stan Griffin at the association’s recently held annual general meeting. Although the combined ratio of the market rose by 10 percentage points year-on-year to close 1999 at 87% (the highest level since 1996), premium volume measured against that […]
April 30, 2000
1 min read
The Fourth Annual Women in Insurance Cancer Crusade (WICC) dinner was held Wednesday, March 29 at the Toronto Marriott Hotel. Pat Trywhitt, of Insurance Portfolio Inc., was the first ever recipient of the Lew Dunn Memorial Award for outstanding volunteer work. The annual award is named after Lewis Dunn, past president and chief executive officer […]
With the creation of the Financial Services Commission of Ontario (FSCO) in 1998, the province took on the task of reconciling the interests of consumers with a patchwork quilt of industries governed by almost a dozen different set of rules. That balancing act fell squarely on the shoulders of Dina Palozzi, first commissioner, now chief […]
By Vikki Spencer | April 30, 2000
6 min read
Home
Last year proved to be a turning point for the insurance industry’s technology standards organization, the Centre for Study of Insurance Operations (CSIO), says chairman Howard Moran at the annual general meeting. Subsequent to the appointment of a new president, Klaas Westera, in July of last year, the CSIO completed an internal study highlighting the […]
2 min read
The Risk and Insurance Management Society (RIMS) has revealed plans to develop standards for the exchange of loss data between insurers, service providers and the risk management community. The results of a viability study were presented to RIMS last month. Although the RIMS’ data standard initiative is being driven from the U.S., the president of […]
Auto
Airbags recovered from written-off vehicles will be used for collision repairs in British Columbia, likely before the end of the year, says a researcher at the province’s public insurance organization. The decision follows testing on salvaged airbags conducted by the Insurance Corporation of British Columbia (ICBC) which shows the bags are a safe alternative to […]
3 min read
Auto physical damage claims (APDs) represent a significant portion of claim costs for most insurers dealing in personal lines business. But, should this area of claims management be simply seen as the “dark evil” of being in the business, or rather an opportunity to improve profitability and gain a competitive edge. If you believe APD […]
By Roch Lacroix, vice president of Mitchell International Canada | April 30, 2000
Imbalances in growth rates for property/casualty insurance premiums, losses and expenses could lead to a record downturn, says Frank J. Coyne, president and chief operating officer of Insurance Services Office Inc. (ISO). Forecasts based on third-quarter 1999 growth rates show the industry’s combined ratio would increase from 107.5% to 111.7% this year, and 136.2% for […]
In February’s Moves and Views, an incorrect address was given for the Property and Casualty Insurance Compensation Corporation’s website. The correct address is www.pacicc.com. CU regrets the error.
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