Industry
While the past year had seen the situation improve on many fronts for brokers, the events of the past two months in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered Insurance Brokers of Ontario (RIBO). At the annual general meeting of the self-regulatory body for […]
November 30, 2004
1 min read
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). The hurricanes, coupled with the Peterborough, Ontario floods and hailstorms in Western Canada, landed a US$127.7 million blow to third quarter […]
3 min read
Risk
Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management. Executive Risk has been up and running for more than a month, writing D&O cover backed fully by Lloyd’s […]
2 min read
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004, up from $42.3 million ($10.52 per share) during the same period a year prior. The […]
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium in November. For example, in the case of vehicle data systems, or “black boxes”, panelists could not come to agreement on whether such data could be […]
Claims
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting. The insurer netted income of $28.3 million ($1.34 per share) for the third quarter, more than double the income of $10.9 million ($0.48 per share) posted in […]
The 49th Annual Toronto Insurance Conference Black Tie Dinner welcomed special guest speaker Ron MacLean, famed CBC sports commentator. McLean entertained the audience at Toronto’s Four Seasons Hotel with stories about his work with Don “Grapes” Cherry on Hockey Night in Canada, as well as his experiences hosting CBC’s Olympic coverage. The evening also saw […]
Auto
The Insurance Brokers Association of Ontario (IBAO) has officially named David Hare its incoming president for the 2005 term, to take over at the beginning of the year. Hare is a brokerage veteran, having served Petley-Hare Ltd. in Ajax since 1971, where he became president in 1976. Vigil Locating Systems has named Michel Allard its […]
From "bust to boom" is how many insurer CEOs regard the financial landscape of the Canadian property and casualty insurance industry over the past two years. And, with 2004 likely to be the peak year of profitability for the primary insurance sector, many insurer CEOs expect that the coming 12 months will see an overall weakening of the bottom-line as claims frequency and costs - particularly that of the auto product - begin to escalate after two years of a declining trend. Lost consumer confidence, and the negative political and media attention generated in the wake of the dramatic coverage price adjustments implemented by companies over the past two years, will likely remain a challenge in 2005, particularly in light of the controversy sparked by the Spitzer investigation into broker remuneration arrangements, predict insurer CEOs in CU's latest "primary insurer strategies" annual market review.
By Sean van Zyl, Editor | November 30, 2004
17 min read
Risk managers employed by corporations which may have some involvement in research and development (R&D) activities could unknowingly face a significantly uninsured exposure on their business interruption (BI) coverages. Typically, R&D is regarded as an area of the business that supports the development of the company’s products or technology. BI losses in this regard are […]
By Richard Davidson | November 30, 2004
4 min read
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