Recently added articles from Canadian Underwriter:
Saying 'Hello' to the Hard Market
Jan 01, 2009; ... As we transition into the New Year, we observe that these are indeed transitional times for Canada's property and casualty insurance industry. Right now, the industry's story appears very much to be a grey zone between two market cycles. Insurance company CEOs have noted at ...
MSA UPDATE: INDUSTRY'S UNDERWRITING INCOME FALLS 32.7%
Jan 01, 2009; ... Canadian Market Canada's property and casualty industry (excluding most AMF-regulated companies) has seen its 2008 ninemonth underwriting net income fall 32.7% over the same period last year, according to MSA Research Inc. MSA's numbers show the industry reporting an overall net ...
OSFI ISSUES CONSULTATION PAPER ON REINSURANCE
Jan 01, 2009; ... Reinsurance Canada's solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued its much-anticipated consultation paper on reinsurance. The 21-page document offers a broad synopsis of issues the regulator is currently considering. OSFI does ...
OSFI UPDATE: P&C INSURERS' NET INCOME DROPS CDN$700-MILLION
Jan 01, 2009; ... Canadian federally regulated insurers saw their collective net income drop about Cdn$700 million during the first nine months of 2008 compared to the same period last year. Insurers reporting to the Office of the Superintendent of Financial Institutions (OSFI) posted a Cdn$1.5-billion ...
IBC TO MOVE AHEAD WITH HCAI AFTER SUMMER 2009
Jan 01, 2009; ... The Insurance Bureau of Canada (IBC) has approved plans to move forward with the re-introduction of the Health Claims for Auto Insurance (HCAI) electronic dataexchange system, although re-introduction will not happen before testing begins in the summer of 2009. HCAI is a Cdn$20-million ...
OSFI OUTLINES PART XIII NOTIFICATION REQUIREMENTS
Jan 01, 2009; ... Regulation The Office of the Superinten- dent of Financial Institutions has outlined the type of notice a ceding company can expect to receive from a reinsurer that experiences a change in status as a result of OSFI's changes to Part XIII of the Insurance Companies Act (effective Jan. 1, ...
INDUSTRY BROADLY SUPPORTS PRINCIPLES FOR MANAGING CONFLICTS
Jan 01, 2009; ... Canada's insurance industry is broadly supporting three principles for managing conflicts of interest proposed by the country's insurance market conduct regulator in 2006, a survey has found. These principles include ensuring: * the priority of a client's interest; * disclosure ...
PSYCHOSES RELATED TO PHYSICAL BRAIN INJURIES NOT 'TOO REMOTE FOR RECOVERY'
Jan 01, 2009; ... Claims Pychoses caused by right-hemisphere brain damage arising from a car collision are not "too remote to allow for recovery," the Ontario Superior Court of Justice has found, distinguishing the case from the facts found in the Supreme Court of Canada's decision in Mustapha. In ...
Searching Outside the Box
Jan 01, 2009; ... Laurie Walker, president of the Ontario Insurance Adjusters Association (OIAA) in 2008-09, says recruiters should be able to find prospective new adjusters by searching within other service industries. When it comes to attracting people into the adjusting profession, Laurie Walker, ...
'Faulty Design' Exclusion: All is Not Lost
Jan 01, 2009; ... In a narrow decision, the Supreme Court of Canada ended a 15-year legal saga based on a 'faulty design' exclusion. The scope of the decision may be more limited than people think. With the release of its much-anticipated decision in CN. Rail v. Royal and SunAlliance, the Supreme Court of ...
Prescribing Em*pa*thy
Jan 01, 2009; ... The loss adjusting field has a great deal of resources available to it when it comes to teaching technical knowledge, but the resources dry up when it comes to teaching the critical skill of "bedside manner." em'pa-thy ' Pronunciation; \em-pa-the\ Function: ...
Squaring the Circle
Jan 01, 2009; ... Ontario's hybrid, no-fault/tort auto insurance system is broken. Insurers say no-fault accident benefits are in major need of repair. Trial lawyers say the tort side needs fixing first. Both lay claim to acting on behalf of the consumer's best interests. Who has the upper hand? No one ...
Anatomy of a Deal
Jan 01, 2009; ... The creation of SCM Insurance Services Inc., Canada's largest independent adjustment firm, merges claims adjustment, data management and risk management. Conducting business is always something like a strategic game of chess, but in turbulent times like these, die consequences - good or ...
Catching Smoke
Jan 01, 2009; ... The claims community is perhaps the best witness to the discrepancies that occur between the modelled reconstruction values of properties and the true costs to rebuild them. Claims adjusters are not typically involved in insurance-to-value (ITV) calculations, but they enter the picture ...
Ontario's Quagmire
Jan 01, 2009; ... Opinion/Analysis Ontario's auto insurers have struggled over the past decade with insurance fraud schemes that are a byproduct of an overly complex accident benefits or "no-fault" system. Ontario's mandatory, five-year auto insurance review is due to wind up shortly. One issue ...
Innocent Bystanders
Jan 01, 2009; ... KPMG Regulatory Update Seminar Regulation related to reinsurance licensing and fair value accounting is getting a tough rap these days, but both may be the unfair targets of their critics, KPMG panelists suggest. PART XIII'S SILVER LINING Canada's (re) insurance community ...
When in Doubt, Send it Out
Jan 01, 2009; ... There's no fault in sending out a Notice of Dispute Between Insurers as soon as possible in priority insurer cases, thus making sure the 90-day notice provision doesn't become an issue. Accident benefits (AB) adjusters are faced with more regulated timelines man ever before. A failure to ...
All About the Nails
Jan 01, 2009; ... Research on hurricane damage reiterates the importance of the basics in home building: when it comes to preventing roof damage, the nails need to attach the roof to the walls. It's hard to think about hurricanes in the middle of winter in Canada. It is far more likely that we are ...
Credit Scoring Requires Consent
Jan 01, 2009; ... Letter to the Editor Without specific authorization outside of the insurance application process, automobile insurers in Alberta are not authorized to collect or use an applicant's credit report regardless of whether the application is for compulsory or optional automobile insurance ...
MOVES & VIEWS
Jan 01, 2009; ... UPCOMING EVENTS: FOR A COMPLETE LIST VISIT www.canadianunderwnter.ca AND CLICK MY EVENTS CALENDAR" ON THE HOME PAGE 1 Peter Blodgett is now president of the Insurance Brokers Association of Ontario (IBAO). Blodgett is the owner of Darling Insurance, which has three Ontario locations in ...