Industry
The 8th annual CARSTSTAR industry conference recently held in Ottawa, ON representing over 80% of the CARSTAR network nationwide served as a platform for insurance partner executives to offer opinions and insight into the current state of Canada’s auto insurance market. This year’s conference, "In The Spotlight," included sessions on insurance trends and claims and […]
By Canadian Underwriter | August 25, 2005
2 min read
ING Insurance Company of Canada and ING Novex will reimburse 180,000 Ontario clients as a result of the miscalculation of a discount from August 2003 until April of this year.The reimbursement applies to clients with a combined home and auto insurance package approximately 6% of their customers. A system decimal rounding malfunction caused these clients […]
By Canadian Underwriter | August 23, 2005
1 min read
Sandra S. Wijnberg will resign from her position as senior vice president and chief financial officer, Marsh & McLennan Companies, Inc. (MMC) in March 2006. Wijnberg joined MMC in January 2000 to assume her current position. Previously, from 1997 through 1999, she held the position of senior vice president and treasurer of Yum! Brands, Inc. […]
Regarding the case, Michael Avery et al vs. State Farm Mutual Automobile Insurance Co., the Illinois Supreme Course recently ruled that the lower court made an error upon granting a group of State Farm policyholder’s class action status.Representing over 40 states seeking relief under Illinois consumer fraud claim, the policyholders alleged that the insurer used […]
By Canadian Underwriter | August 19, 2005
Jewelers Mutual Insurance Co. will begin offering its commercial insurance program in Canada, pending final approvals.The insurance company has partnered with Canadian Jewellers Block Insurance Services (CJB), which will represent Jewelers Mutual in Canada. The company’s programs offer customized coverage for inventory, buildings, building contents and liability; an annual dividend program for those it insures; […]
The U.S. property and casualty insurance industry boasted profits of US$41.3 billion in 2004, a 28% increase over the US$32.3 billion earned in 2003, according to Weiss Ratings Inc.Weiss reports that the p&c insurers’ continue to report positive results and the independent provider of ratings and analyses adds that, in lieu of the intense hurricane […]
By Canadian Underwriter | August 17, 2005
In the wake of recent investigations into contingency commissions and bid rigging initiated by New York Attorney General Eliot Spitzer, brokers Aon Corp. and Willis Group Holdings Ltd. have managed to successfully restructure their business practice and successfully pull themselves from a negative to stable rating and, according to Standard & Poor’s Rating Services, this […]
The U.S. Attorney’s Office of the Southern District of New York and the U.S. Securities and Exchange Commission recently subpoenaed Lloyd’s of London in regards to finite reinsurance information.The information in question is associated to transactions syndicates in the Lloyd’s market entered. The insurance commissioner of Georgia, John Oxendine, has already subpoenaed Lloyd’s this year […]
By Canadian Underwriter | August 16, 2005
Marsh & McLennan Cos. Inc. (MMC) recently came to a settlement with the District of Columbia Attorney General Robert J. Spagnoletti regarding investigations into potential antitrust violation.These antitrust investigation, looked into whether Marsh had been part of the bid-rigging scandals.Under terms of the agreement, Spagnoletti can directly monitor MMC in order to make sure the […]
Canada’s commercial property insurance industry’s pricing has become increasingly competitive, according to a recent study be A.M. Best. Direct premiums written increased only 1.5% in 2004, to approximately $5.25 billion, representing a rapid descent and unfavorable trend from 2002 when the growth rate peaked at 30%.While the overall growth rate was low in 2004, many […]
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