Industry
Along with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a complaint to first speak with their broker and insurer before proceeding with the GIO. If […]
By Canadian Underwriter | October 14, 2004
1 min read
New York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts”. Spitzer also announced that two unnamed executives from […]
2 min read
Aviva Canada is planning to test a new auto rating system which would allow drivers to have premiums based on how much they use their vehicle.The new “Autograph” program will be tested early in 2005, and the insurer is currently looking for 5,000 Ontario drivers willing to test the system.The program allows drivers to track […]
The world’s oldest insurance market is taking its first steps into the debt market as Lloyd’s announces plans to raise 500 million pounds in long-term subordinated debt.The move accompanies other strategies to finance the Society of Lloyd’s central fund, notes CEO Nick Prettejohn. Lloyd’s has also asked for direct contributions from members and set up […]
By Canadian Underwriter | October 13, 2004
In its latest “industry report card” on North American insurance holding companies, rating agency Standard & Poor’s says the more stable outlook on the p&c industry should not be cause for celebration just yet. “there are a few mountains to move before ratings can turn around, the largest being massive increases in industry reserves for […]
By Canadian Underwriter | October 12, 2004
Allianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November, notes an AGR Canada press release. Among its offerings in this country will be commercial […]
Ending weeks of speculation, ING says it has bought Allianz of Canada Inc., although Allianz will retain the industrial lines book in Canada under Allianz Global Risks.The Allianz of Canada Inc. portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as […]
By Canadian Underwriter | October 11, 2004
Non-life premiums in emerging markets are expected to double over the next decade, according to Swiss Re’s latest sigma study. While premiums in these markets, which include Africa, Asia, Eastern Europe, Latin America and the Middle East, were about US$123 billion last year but this figure is expected to blossom to US$250 billion by 2014, […]
By Canadian Underwriter | October 7, 2004
Following improved financial performance, three of the four subsidiaries of Montreal-based Optimum General Inc. have been upgraded by A.M. Best to "B-" (fair) from "C++" (marginal). These ratings apply to Optimum Insurance Co., Optimum Farm Insurance Inc. and Optimum Frontier Insurance Co. Only Optimum West Insurance Co. of B.C. remains affirmed at the "C++" level.The […]
Manitoba Public Insurance (MPI) says it is “on target” for the first six months of its fiscal year. The province’s public auto insurer posted net income of $40.8 million for the first-half ending August 31, 2004, up from $39.2 million a year earlier. The public insurer generally begins the year building income which will offset […]
By Canadian Underwriter | October 5, 2004
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