Industry
At a time when some B.C. insurers believe eliminating guaranteed replacement cost (GRC) coverage would eradicate under-valuation of personal lines homeowners policies, ING Insurance Company of Canada announced it is piloting a project to introduce GRC coverage for commercial lines policies.GRC coverage typically promises to rebuild a home or a building after a total loss […]
By Canadian Underwriter | May 12, 2008
2 min read
A company looking to register its name in British Columbia should avoid choosing a name that might create the impression it is engaging in the insurance business unless it is licensed or authorized to do so, according to a bulletin issued by the Financial Institutions Commission of British Columbia. An insurance company is required, as […]
1 min read
B.C.’s revised Insurance Act might not be passed until 2010 about seven years after the Supreme Court of Canada found that B.C.’s Insurance Act was antiquated and needed a re-write, B.C. political affairs columnist Vaughn Palmer told a convention of the Insurance Brokers Association of B.C. (IBABC) With much fanfare, on April 30, the B.C. […]
Saskatchewan’s Court of Appeal has allowed an appeal to make changes to a statement of claim after the expiry of the applicable limitation period.The proposed amendments involve a complete “cannibalization of the original proceedings” in The Insurance Company of the State of Pennsylvania (ICSOP) v. Cameco Corporation, wrote Justice R.G. Richards, a member of the […]
Scott Wollney has been appointed president and CEO of Lincoln General Insurance Company following the retirement of John Clark. Lisa Gelsomino has been appointed president of Avalon Risk Management, Inc., succeeding Scott Wollney.Wollney was a co-founder of Avalon over 10 years ago, has over 18 years experience in transportation related and surety insurance and has […]
By Canadian Underwriter | May 9, 2008
American International Group Inc. (AIG) incurred a net loss of US$7.81 billion for 2008 Q1, a dramatic decrease from 2007 Q1’s net income of US$4.13 billion. The company attributes the loss to the continuation of the weak U.S. housing market, the disruption in the credit markets, as well as equity market volatility.AIG’s general insurance operations […]
Western Financial Group (TSX: WES) reported a 12.1% decrease in its Q1 operating income, from Cdn$4.38 million in 2007 to Cdn$3.85 million in 2008.In a consolidated statement of income, it reported an increased in premium income from Cdn$6.25 million in 2007 Q1 to Cdn$7.161 million in 2008 Q1.”We have an encouraging start to 2008,” said […]
Ontario’s Office of the Director of Arbitrations has dismissed an appeal of an arbitrator’s decision that an injury incurred when stepping off of a public transit bus did constitute an “accident” as defined in s. 2(1) of the SABS-1996.In TTC Insurance Company Limited and Victor Mariano, Mariano had been riding a northbound bus in Toronto […]
***CORRECTION: This news item contains a correction of a news item posted on May 8, 2008. Marsh & McLennan Companies Inc. (MMC) has reported a US$210 million loss in Q1, a dramatic drop from 2007 Q1’s profit of US$268 million.”In connection with its assessment of Kroll, MMC tested the related goodwill on its balance sheet,” […]
The Insurance Corporation of British Columbia (ICBC) has reported a net income for 2008 Q1 of Cdn$102 million, down slightly from Cdn$111 million for 2007 Q1.”ICBC’s strong financial results this quarter are the result of better-than-expected investment income and continued attention to operating costs,” Geri Prior, ICBC’s interim president and CEO, said in a release. […]
By Canadian Underwriter | May 8, 2008
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