Industry
The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest government offering predates discussions which occurred between the insurance industry and FSCO, and in this […]
By Canadian Underwriter | October 31, 2001
2 min read
FIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one month’s notice. Following the incident, AXA said it would renegotiate the deal under new terms. […]
By Canadian Underwriter | October 30, 2001
1 min read
A new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the largest the insurance industry has ever seen, there is renewed interest in investment in the […]
Faced with escalating losses arising from toxic spills associated with domestic oil tanks in the Atlantic provinces, insurers have backed a new treatment process that is expected to significantly reduce corrosion and the potential of leaks.Insurers operating in Atlantic Canada have incurred 50%-a-year increases over recent years in claim costs associated domestic oil tank spills, […]
By Canadian Underwriter | October 26, 2001
Rating agency Standard & Poor’s has joined the voices of insurance industry bodies calling for the creation of a federal government-backed reinsurance pool for terrorism covers.In the aftermath of the September 11 terrorist attacks, several insurer associations and regulation bodies have proposed to U.S. Congress the creation of a terrorism insurance funding mechanism similar to […]
By Canadian Underwriter | October 24, 2001
A recent decision by U.S. regulators not to require Lloyd’s members to fully fund the market’s reinsurance trust will ease some of the pressure on the market’s liquidity, says rating agency Standard & Poor’s (S&P). However, insurers have reacted with concern to the decision, questioning Lloyd’s ability to meet its obligations as a result of […]
By Canadian Underwriter | October 23, 2001
In the last fiscal year (July 2000 to June 2001) the Insurance Bureau of Canada (IBC) has played a part in the recovery of 666 vehicles nationwide, valued at more than $16 million. The IBC’s Investigative Services Division (ISD) adds that it has assisted police in recovering more than $20 million in stolen vehicles in […]
By Canadian Underwriter | October 22, 2001
U.S. insurer Allstate is among the first to report post-September 11 results, and the picture is not a pretty one. Not only was the company hit with exposures from the September 11 attacks, to the tune of US$32 million. But higher homeowners claims and investment losses were largely to blame for an earnings drop of […]
By Canadian Underwriter | October 19, 2001
Rating agency Fitch is predicting 2001 will be the worst underwriting year ever for p&C insurers, largely as a result of the September 11 terrorist attacks. In a new report, Fitch notes that the industy will likely post its worst underwriting loss ever. Even if losses from the terrorist attacks are at the low end […]
A newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal injury claims that contained some form of fraud.The claims included accident benefit (AB), bodily injury […]
By Canadian Underwriter | October 17, 2001
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