Industry
Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for the latest reporting period amount to 19c a share against the 9c a share shown […]
By Canadian Underwriter | November 5, 2002
2 min read
Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of a warning issued last week by SCOR that it will likely disclose a net loss […]
1 min read
Rating agency Standard & Poor’s has placed its ratings on Aon Corp., including a “A- counter-party credit rating”, on “credit watch” with negative implications following an announcement by the Chicago-based corporate brokerage house that it plans to raise about US$1 billion in funding to strengthen its balance-sheet and to replace maturing debt.Aon recently disclosed its […]
By Canadian Underwriter | November 3, 2002
Despite criticism this past week by opponents to the recent auto insurance legislation reform measures brought into place in Ontario, the Insurance Bureau of Canada (IBC) holds firm that the actions taken will provide long-term cost benefits for policyholders. “the [Ontario] government’s auto insurance reform legislation will control costs and ensure the long-term affordability of […]
Applications by Ontario private passenger auto insurers for rate increases in the third quarter 2002 were up 8.33% on average, compared with average increases of 5.9% in the second quarter.At September 30, 2002, the average cost of auto insurance was 11.99% higher than at the end of the third quarter 2001, adds the Financial Services […]
By Canadian Underwriter | November 1, 2002
The U.K. government says it will not extend its insurance backstop coverage scheme for the airline industry against third-party terrorism and war liability risks beyond the recently past October 31 expiry date. The U.K. government believes that sufficient private sector insurance options are now available in the market.The U.K. government decision follows on a recent […]
Life under Ontario's current no-fault accident benefits system is no picnic for insurance adjusters and claims investigators. A system originally intended to curb fraud has in fact exacerbated the situation and insurers are fighting an uphill battle against a rising tide of fraudulent claims. At the recent Toronto Fraud Forum, the Ontario system was put under the microscope with the conclusion that insurers need to step up the heat against fraud.
By Vikki Spencer | October 31, 2002
5 min read
In the wake of the terrorist attacks of September 11, 2001, Canada, like many other nations sought to develop programs to cover losses that result from terrorist acts. The process has been a tedious one, which has been exasperated by a global reinsurance market position that terrorism is an uninsurable exposure that cannot be quantified. Most reinsurance companies around the world, in the period following the attacks moved to exclude terrorism risk from their contracts.
By Donald Callahan, president of Guy Carpenter & Co., Ltd. | October 31, 2002
The year past was marked by the cost pressures of rising claims costs, plummeting investment returns and a steely attitude of global insurance head-offices to the writing of new business. The impact has been profound, from consumers, brokers through to the management of insurance companies. The effect thus far has been lost markets, vanished capacity, […]
By Sean van Zyl, Editor | October 31, 2002
3 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating income for this year’s third quarter amounted to $23.5 million, equivalent to 659 a share, […]
October 31, 2002
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