Industry
In response to criticisms for years of poor financial performance, the world’s oldest insurance market Lloyd’s of London has released a series of proposed structural changes to “modernize” the system. Among the changes put forward to the Council of Lloyd’s for the 300-year-old market is the end of unlimited liability for “names”, meaning individual investors […]
January 31, 2002
2 min read
Dominion of Canada General Insurance Co. has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” program. Domion CEO George Cooke, a staunch supporter of the program, had applied to the Financial Services Commission of Ontario (FSCO) for permission to offer a discount […]
The current recession is shaping up to be a mild one, causing one analyst to revise “up” her outlook for the Canadian economy in 2002. Speaking to the Canadian Insurance Accountants Association recently in Toronto, global economic strategist Sherry Cooper predicted that despite the “knee-jerk reaction” of the markets to September 11 and the “lingering […]
Proposed reforms to the structure of the world’s oldest insurance market announced by Lloyd’s earlier this week are being praised by rating agency Standard & Poor’s. Although the announcement does not impact Lloyd’s single-A rating, S&P says the reforms “address many of the structural weaknesses in the Lloyd’s market which, if left unresolved, would make […]
By Canadian Underwriter | January 30, 2002
“Major commercial property/casualty premiums uniformly on the upswing and confusion in the market” is how the U.S. Council of Insurance Agents and Brokers (CIAB) is characterizing the post-September 11 environment. In releasing fourth quarter 2001 results of its Commercial Insurance Market Index the CIAB notes that for medium and large commercial accounts respondents report rate […]
By Canadian Underwriter | January 29, 2002
The Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on the previous quarter by 5.17%, while the third quarter gain averaged 4.92%. FSCO notes that […]
By Canadian Underwriter | January 28, 2002
1 min read
Adjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up 13% to US$11.5 million during the same time. Net income was also up for the […]
By Canadian Underwriter | January 25, 2002
A deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to offer their products to each others distributors and customers.The alliance gives ING a 12% share […]
Allianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best cites the “recent and significant deterioration in the overall financial position” of the companies. “Allianz […]
By Canadian Underwriter | January 23, 2002
As the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20, but will not be extended further. The world’s three largest insurance brokerages Aon, Marsh and […]
By Canadian Underwriter | January 22, 2002
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