Industry
The salesman held out his business card to Bob Davies and flashed him a winning smile. “I really don’t have to sell this car, sir,” he said smoothly, waving his other arm at the sleek silver car behind him. “It sells itself.” My boss, Fred Wilson, who ran my insurance company’s downtown branch office, stood […]
By Axiom | November 30, 2007
8 min read
It all seems to be boiling down to the beginning of a hardening market starting in 2008-09. And it’s time to start planning how to tell consumers about what that might mean for their future insurance rates and availability. Yes, Canada’s insurance market is awash with capital. Yes, Canada for the past two years has […]
By David Gambrill, Editor | November 30, 2007
4 min read
Risk
Gore Mutual Insurance Company hosted a reception on Oct. 26 to celebrate the efforts of local charities. The Gore Mutual Foundation proudly donated more than Cdn$100,000 to the following charities: United Way of Cambridge & North Dumfries, KidsAbility Foundation, Cambridge Shelter Corporation, Cambridge and District Humane Society, Bereaved Families of Ontario (Midwestern Region), Women’s Crisis […]
November 30, 2007
5 min read
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The ARC Group Canada hosted its Annual Seminar on Oct. 25 at the Dominion Club in Toronto, including an insurance industry luncheon, seminar and cocktail reception. The seminar entitled ‘Class Action Litigation: Cost Containment & Avoidance‘ featured a number of speakers and included a view of developments in the United States and Europe. Toa Reinsurance […]
3 min read
Canadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period of 2006. OSFI’s recent quarterly filings show that Canadian insurers regulated by OSFI claimed a net income of Cdn$2.26 billion […]
1 min read
Pricing and claims trends in Canada’s property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1 billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow. Speaking at KPMG’s 16th annual insurance conference in Toronto, Manktelow predicted Canadian insurers would collectively bring in a […]
Ontario’s superintendent of financial services should review the use of the verbal threshold for establishing serious and permanent injury and/or the use of a Cdn$30,000 deductible to discourage plaintiffs from pursuing smaller auto negligence claims, according to the summary of findings in the Civil Justice Reform Project. The author of the report, the former associate […]
Canada needs a formal, public-private, risk-sharing pool to provide businesses with coverage against the risk of terrorist attacks, Lloyd’s of London chairman Lord Peter Levine indicated in a prepared address to The Empire Club in Toronto. Fighting a spell of the flu and laryngitis, Levine read part of his speech aloud and then turned the […]
The booming energy sector generally — and in particular, the hot oil and gas construction industry — can have a serious impact on replacement costs and business interruption coverages, so insurers need to ensure exposures are adequately priced, a Swiss Re report warns. In its latest Focus report, “Energy construction boom — a paradigm shift […]
Canadian insurers are asking industry regulators to consider switching from a system of filing auto insurance rate changes and then waiting for regulatory approval to a more flexible system that would allow insurers to charge their proposed rate changes immediately upon filing them with the regulator. “I believe it is entirely realistic to have every […]
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