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LAWPRO Magazine: 2015 May – Review of 2014

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More from the 2015 May – Review of 2014 Issue

Stop. Look. Listen. 1

The phrase, “Stop. Look. Listen.” was a slogan used to help people remember to stay alert while crossing railroad tracks before the invention of mechanical gates and flashing lights. It’s also a great way to remind oneself to be both prudent and responsive. Listening is a key skill for any professional and one we take… Read More »

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2014 financial results explained 2

Net premiums: $114.9 million Net LAWPRO revenues in 2014 were $114.9 million, almost exactly as budgeted. Premiums from the mandatory insurance program were $8.4 million higher than in 2013. Net claims: $99.6 million Incurred claims and adjustment expenses for 2014 increased by $2.9 million compared to 2013. However, they were lower than the $105.3 million… Read More »

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2014 claims report 3

Currently projected claims costs for 2014 hover around $109 million with subtle shifts seen in cause of loss. Claims report As details of the claims picture for 2014 come into focus, it appears that claims costs (including internal claims handling expenses) are on trend around the $109 million mark. The rate of claims per 1,000… Read More »

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LAWPRO evolves in step with the profession 4

2014 marked the fourth year that LAwPRO’s base premium held steady at $3,350, but the terms of the policy have evolved continually since it was first introduced. As lawyers change the way they practise law, LAwPRO has taken steps to ensure that coverage remains relevant and responsive. To facilitate geographical mobility, LAwPRO introduced co-ordinated coverage… Read More »

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Two way communication for better customer service 5

In 2014, LAwPRO provided E&O coverage to Ontario’s nearly 25,000 lawyers in private practice, and to those paralegals who chose to practise in partnership with them. Lawyers’ professional indemnity insurance is complex and sophisticated coverage. To ensure that lawyers have the coverage they need and that is right for them, LAwPRO’s Underwriting and Customer Service… Read More »

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practicePRO program grows in effectiveness and reach 6

In 2014, the practicePRO initiative continued to broaden the reach of its risk management message by providing claims information and risk management content for dozens of speakers who participated in 65 CPD programs and law association and law firm events, to a combined yeaudience of over 8,600 lawyers and paralegals. A particular focus was cybercrime… Read More »

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Title insurance that is meeting market demands 7

New Condo Select In addition to our New Home Program is New Condo Select. Selected new condominium developments in Ontario qualify for a streamlined title insurance application process. It’s simple. Access all New Condo Select developments – on or Realtiweb® Fill out the application online with some basic transaction-specific information Underwriting information is prepopulated… Read More »

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