Industry
Televised media coverage of the September 11 terrorist attacks that took place in downtown Manhattan, New York City, left little doubt in the minds of those that watched this tragic event that the cost of recovery -- although never replaceable in lost lives -- would be great in terms of both direct expenditure as well as economic loss. However, a new cost evaluation report suggests that the rebuilding and cleanup cost associated with the World Trade Center (WTC) attacks may prove to be billions of dollars less than originally anticipated.
By Sean van Zyl, Editor | April 30, 2002
3 min read
Ouch! Auto insurers just cannot seem to win. Across Canada auto claim losses are pouring in with the supposed “prize market” of the country — Ontario, which accounts for about a third of all premiums in Canada — delivering some of the worst results as rate adjustments are left in the dust of accelerating bodily […]
Take a moment and look at your insurance company from your customer’s perspective. They selected your product from a sea of competitors, perhaps having questioned brokers and waded through copious amounts of advertising. You likely managed to break through based on the merits of your product and your company’s brand image. But what have you […]
By Steve Heck, managing director, Symcor Art & Logic | April 30, 2002
4 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. TIWA Annual General Meeting. Toronto, ON. For further information call Josie Van Ryswyck at 416-229-5438 or email josie_ryswyck@ ca.cgugroup.com. […]
April 30, 2002
2 min read
In the wake of industry speculation on the fate of “virtual” insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15. In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the […]
Insurers should adjust their investment strategies in the face of an increasingly global marketplace, former federal cabinet minister and Brinson Canada Co. CEO Michael Wilson told attendees at a recent meeting of Canadian Insurance Accountants Association. Canadian p&c companies have traditionally invested 80% in fixed income and 20% in Canadian and foreign equities, but “this […]
1 min read
Broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has gained regulatory approval to repurchase a total of 576,988 of its outstanding common shares, equal to about 5% of the company’s total shares in issue, over the next 12 months. The broker consolidator says it has already repurchased approximately 98,000 common shares. The company believes that […]
By Canadian Underwriter | April 30, 2002
The Association of European Airlines (AEA) has established a terrorism insurance scheme called "Eurotime" which is expected to replace current temporary government backstop facilities for this particular peril. Airliners from around the world have been operating mostly with the insurance support of their respective national governments since the September 11 terrorist attacks as traditional insurers […]
In light of the recent cancellation of policies by Ontario’s Markham General Insurance Company, the industry association representing bodyshops is suggesting its members get money up front from the company’s claimants for repairs. In an “urgent notice to shopowners”, the Collision Industry Action Group (CIAG) is advising member shops “that they should consider having the […]
By Canadian Underwriter | April 29, 2002
A report issued by the Reserve Bank of New York estimates that the cleanup and rebuilding cost in downtown Manhattan following the World Trade Center (WTC) terrorist attacks could be US$6 billion less than what had been originally anticipated. The Reserve Bank has pegged a total cleanup/rebuilding cost of between US$25-US$29 billion, of which about […]
By Canadian Underwriter | April 26, 2002
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