Industry
A.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best notes the “superior level of capitalization” and “historically strong operating performance” of Wawanesa Mutual and […]
By Canadian Underwriter | September 30, 2004
1 min read
The Insurance Institute of Canada (IIC) is working with LOMA, an international financial services education group, to offer a new designation.The program is a p&c concentration in LOMA’s “associate, customer service” (ACS), and integrates the IIC’s “chartered insurance professional” (CIP) curriculum with LOMA’s “foundations of customer service” course. The ACS program with a concentration in […]
By Canadian Underwriter | September 29, 2004
Risk
Members of The CIP Society from numerous Institutes and chapters across Canada (Saskatchewan, Manitoba, Hamilton/Niagara, Ottawa, London and Toronto) will participate in the CIBC “Run for the Cure”, this Sunday, October 3. The society’s goal is to raise $20,000 for breast cancer research. The CIP asks anyone interested in participating to contact their local Institute/chapter […]
The burning issue of reinsurance recoverables appears to have moderated somewhat in 2003, notes a new report by Fitch Ratings.The report, which takes in results from 1998-2003, finds the industry’s exposure to reinsurance grew much less in 2003 than in the previous five years. Overall, the industry’s retention ratio rose 0.2% last year, to 78.8%, […]
2 min read
Insurance executives are becoming less and less optimistic of the industry’s ability to be profitable in the face of increased competition, according to a new survey by KPMG LLP. The survey, conducted at KMPG’s annual insurance conference in New York, found no respondents rated the industry’s chances of increasing margins in the next one to […]
Former Insurance Brokers Association of Canada (IBAC) president Brian Gilbert was the recipient of the “Jean-Charles d’Auteuil Memorial Award of Merit” at the association’s recent agm in Regina. IBAC Chair Ken Orr presented the honor to Gilbert in recognition of his long-time service to brokers. Gilbert started on the board of the Insurance Brokers Association […]
By Canadian Underwriter | September 28, 2004
Claims
Issues insurers may face when dealing with marijuana grow operations extend beyond the threat of fire, delegates at the Annual Toronto Fraud Forum learned Tuesday.Staff Sgt. Marc Pineault of the Ottawa Police Services says another significant problem is mold growth in grow houses.Pineault says the grow op issue in Ontario has escalated significantly over the […]
In its new focus on auto theft and injury rings, the Insurance Bureau of Canada (IBC) is trying to highlight that insurance fraud and theft are far from “victimless” crimes. Speaking at the Annual Toronto Fraud Forum, co-hosted by the Association of Certified Fraud Examiners Toronto Chapter (ACFE) and the Canadian Association of Special Investigation […]
Florida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the earlier hurricanes, Charley, Frances and Ivan, were seen as unlikely to trigger assessments to Florida’s […]
Calgary-based Canada Brokerlink Inc. has set up a website to speak out about the new Alberta auto insurance system. The site, www.albertaautoinsurance.ca, is a response to what Canada Brokerlink president Jon Ouellete says is an “extremely political and not very accurate” $1.2 million advertising campaign by the provincial government, which purports to explain the new […]
By Canadian Underwriter | September 27, 2004
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