Industry
New requirements for marine insurance proposed by the B.C. government are coming under fire from the province’s tourism operators. The Council of Tourism Associations is concerned that the new requirements may not respect “the unique nature” or individual marine-based adventure tourism operations.”Reputable tourism operators already work with their insurance brokers to carry coverage that is […]
By Canadian Underwriter | June 10, 2002
2 min read
Toronto-based Kingsway Financial Services (TSE: KFS, NYSE: KFS) has announced it hopes to offer $75 million in common shares, with a 15% overallotment on both the U.S. and Canadian markets.A prospectus has been filed with the Canadian securities regulator, and a registration statement in the U.S. to this effect.The offering of common shares will be […]
By Canadian Underwriter | June 7, 2002
1 min read
Rating agency A.M. Best has downgraded the financial strength rating of Ontario’s Gore Mutual Insurance Company to B+ from B++ on the back of deteriorating operating results and its heavy concentration of business in the troubled Ontario market. “For the past three years, net income has declined due to large underwriting losses and declining investment […]
By Canadian Underwriter | June 6, 2002
Quebec’s insurers could soon find themselves under the umbrella of a “super regulator” which would also oversee securities, deposit-taking institutions and other financial services.The new regulator, proposed in Bill 107, would enforce the Insurance Act and Automobile Insurance Acts in the province, as well as a multitude of other financial services legislation. It would replace […]
The Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise and that will continue to negatively impact motorists in every province in this region,” says […]
By Canadian Underwriter | June 4, 2002
Specialty risks auto insurer Kingsway Financial Services Inc. (TSE: KFS) has received a $66.5 million credit facility from a banking syndicate consisting of Canadian Imperial Bank of Commerce (CIBC), LaSalle Bank National Association and HSBC Bank Canada. The insurer says the debt funds will be used for "general corporate purposes". Toronto-based debt rating agency, DBRS, […]
By Canadian Underwriter | June 3, 2002
Rating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data” rating system just introduced by A.M. Best is an attempt to note the limited nature […]
The "auto insurance standard invoice" (AISI) - which applies to personal injury auto claims - has entered a new phase following its introduction six months ago. AISI is now a critical component of the operating environment of both insurers and healthcare providers.
By Mark Yakabuski, vice president of Ontario at the Insurance Burea | May 31, 2002
6 min read
Most operation executives would agree that web services can help insurers meet increasingly sophisticated client demands and improve client relations. Most would also agree that creating such services can be a long and complex business process. However, whatever challenges might be presented, the process does not have to be onerous. Charting a technology road map can help smooth the bumps.
By Andree Ryckman, certified management consultant, Call Centre Con | May 31, 2002
5 min read
Stan twisted open the throttle on the outboard and our boat skimmed smoothly away from the dock. The lake was glassy calm in the late afternoon sun and we were anxious to pull in a couple of good walleye before it got too dark to see. Stan’s successful brokerage was in a town of some […]
By Axiom | May 31, 2002
8 min read
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