Auto
Edmonton’s Superintendent of Insurance recently issued a CD$45,000 penalty to State Farm Mutual Automobile Insurance Company, according to a release from the government of Alberta. The penalty represents a violation of The “Insurance Act,” stemming from the auto insurers failure to charge clients with premiums approved for compulsory auto insurance in relation to a new […]
By Canadian Underwriter | October 13, 2006
1 min read
Industry
Western Financial Group has recently completed the acquisition of two insurance brokerages in Southern Alberta Thomsen Fisher Agencies and Willow Creek Agencies.Thomsen Fisher Agencies is located in Alberta’s seventh-largest city, Medicine Hat, Alberta. Willow Creek Agencies is based in Claresholm, Alberta, one hour south of Calgary.In a press release announcing the acquisitions, Western Financial Group […]
2 min read
Risk
The Federation of European Risk Management Associations (FERMA) has launched an electronic training initiative designed to help smaller businesses avoid financial failure, A.M. Best reports.The program, known as Professional in Risk Management, was unveiled at FERMA’s fall seminar at the Hotel Bristol Stephanie in Brussels, Belgium. Prorim, as the initiative has been dubbed, is aimed […]
Risk and liability associated with Internet communications is a “vast insurance field that is only beginning to open,” a lawyer told people attending a Professional Liability Underwriting Society (PLUS) Canada education seminar in Toronto.”As long as the Internet is around, the work will never end” for lawyers or risk managers, Robert J. Howe, a partner […]
By Canadian Underwriter | October 12, 2006
A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a+” from “a-” of Allianz Global Corporate & Specialty AG (AGCS) (Germany), formerly known as Allianz Marine & Aviation Versicherungs Aktiengesellschaft. The outlook for both ratings is stable.AGCS is the result of the […]
Royal & Sun Alliance Insurance Group plc (R&SA) has made changes to the Group’s operating structure, reflecting the Group’s strategic focus set out to the market in June 2006.Moving forward, the Group will be organized into three main operating businesses including: the UK, International and Emerging Markets. These changes will be effective immediately, according to […]
Collision Solutions Network (CSN) recently welcomed Sarnia, ON-based St. Clair Auto Repair as the newest member to the network. St. Clair represents the 45th facility to join the network. St. Clair Auto Repair, an 8000 sq ft facility with 15 employees, offers complete collision service for both foreign and domestic cares. They also feature an […]
Claims
Although they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004 and 2005 storms have failed to provide insurers the opportunity to earn back their cost […]
By Canadian Underwriter | October 11, 2006
ICBC has taken to the airwaves to dismiss a Fraser Institute report that slams government-run auto insurance schemes as, according to the study’s author, “among the worst performers within almost all measures of market quality, including cost and affordability.”In an interview on CKNW AM980, ICBC representative Doug McClelland denied the study’s claim that B.C. premiums […]
A report recently released by Allianz Group and the World Wildlife Fund reveals that insurers need to increase their efforts in dealing with damages resulting from climate change.Insurers are called to the table by the report, entitled “Climate Change and Insurance: An Agenda for Action in the United States,” to work with catastrophe modelers and […]
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