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
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
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
Bill-28, introduced in Newfoundland to change the province’s auto insurance system, is raising ire from the insurance industry. The Insurance Bureau of Canada (IBC) says the regulative changes do nothing to deal with escalating physical injury claims costs at the root of premium increases. The bill is “focused on the symptoms, not on the illness”, […]
December 31, 2002
2 min read
Financial services giant Fairfax Financial Holdings (TSX: FFH) is restructuring its U.S.-based TIG Insurance Group, a move which will see group assets transferred back to the parent company. The move will also impact Fairfax’s subsidiaries Commonwealth Insurance Co. and reinsurer Odyssey Re. Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger […]
What promised to be the “year of the rebound” in 2002 was anything but. Despite price hardening, claims have continued to grow, particularly with never-ending medical payouts on auto claims. And, this is just the tip of the iceberg facing claims managers. Added to the mix are the struggle to attract bright young adjusters, the […]
By Vikki Spencer | December 31, 2002
21 min read
No one would argue the insurance industry is one that stands still, particularly not in today’s market. For adjusters, the changes are keenly felt, impacting how they do their jobs on a daily basis. From mergers and acquisitions to changing auto legislation to the growing litigious environment, there is no shortage of challenges for the […]
The financial numbers for insurers and reinsurers across North America are not good – but they may only tell part of the story of the property and casualty insurance industry’s woes. It has become a familiar refrain, the need to return to core underwriting discipline. But are companies listening? “We need profound and committed change […]
For decades it has been routine business practice in Canada to purchase occurrence-based general liability insurance policies. In recent years governmental authorities have begun to require the clean up of environmental pollution resulting from corporate activities that occurred long ago. The liability associated with such clean up is arguably covered by insurance policies issued for […]
By Jim Hamilton, director of marketing, and William Russell, CEO at | December 31, 2002
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