Industry
The latest quarterly financial filings by Canada’s property & casualty insurers shows an industry profit of $1.24 billion in the second quarter ending June 30, 2004. This compares with net income of $584.4 million as reported by the Office of the Superintendent of Financial Institutions (OSFI) for the second quarter of 2003.Combining commercial and auto […]
By Canadian Underwriter | August 31, 2004
1 min read
Risk
The Toronto Insurance Conference has set the line-up for its annual seminar, slated for Thursday, September 9 at the Toronto Marriott Eaton Centre. The program, which runs through the morning, focuses on “Errors & Omissions” for brokers and commercial clients. Speakers include Rod Finlayson (CG&B Group), John L. Monette (Monette May & Assoc.), Hugh Fardy […]
By Canadian Underwriter | August 30, 2004
Both Ontario and B.C.’s financial services regulators are putting the stop to a “Stop ‘N Cash” operation selling insurance without a license.The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order for SNC Insurance Company (Barbados) Inc. and Stop ‘N’ Cash 1000 Inc., located in Kitchener, ON. “An investigation found that […]
Swiss Re’s August 2004 Canadian Economic Outlook suggests the nation’s economy has shown resiliency despite slowdown in other countries. Swiss Re chief economist Kurt Karl predicts GDP growth of 2.7% for 2004, and 3.5% in 2005 for Canada. He also predicts the Bank of Canada will begin to raise interest rates on September 8, to […]
Claims
As Floridians continue to rebuild following Hurricane Charley, another intense storm is following in his tracks. Hurricane Frances, which as of Monday was classified as a category three storm, has the potential to hit Florida over the Labor Day weekend.On Sunday, Tropical Storm Gaston lashed South Carolina with intense rain, causing power outages affecting more […]
CNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group (TWIG) has joined with BC-based Travel Underwriters to launch a blended critical illness and travel […]
By Canadian Underwriter | August 29, 2004
Three of the world’s largest reinsurers have recently reported healthy profit gains in the second quarter of this year.Zurich-based Swiss Re says it posted net income of CHF 1.4 billion for the first six months of 2004, up from CHF 691 million during the same period a year earlier. While the company’s premiums dropped 1.7%, […]
2 min read
In two separate cases, the Insurance Corporation of B.C. has seen drivers plead guilty to providing false information to the public insurer.Salvatore Figliuzzi of Coquitlam, BC, received a fine of $800, and ordered to pay ICBC $1,074 in restitution. He had reported hitting a shopping cart with his vehicle, but a claims investigation revealed this […]
Police in Ontario’s York Region have laid 130 criminal charges against five men after recovering stolen vehicles worth more than $2 million.The charges followed a 16-month investigation dubbed “Project Romeo” which led to the recovery of over 50 luxury vehicles which had been reported stolen.”The 16-month investigation uncovered the use of counterfeit United States certificates […]
Insurers are taking umbrage with the idea of making their regulatory rate filings public. In a submission to hearings being conducted by Nova Scotia’s Insurance Review Board (IRB), the Insurance Bureau of Canada (IBC) says insurers rate filings contain proprietary information which should be kept private for competitive reasons.”We believe that certain rate filing information […]
By Canadian Underwriter | August 26, 2004
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