Industry
New guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors are being released via a national roadshow. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was seen as a void in mold handling practices the need for more standardized documentation, explains […]
By Canadian Underwriter | August 11, 2004
2 min read
Alberta-based broker network and bank Western Financial Group (TSX: WES) saw its earnings rise 104.4% in the first half of 2004, up to $2.0 million from $957,000 in the first six months of 2003. Earnings per share were up to $0.09 from $0.05, an 80% increase, over the same comparative period.Revenue for the first half […]
1 min read
Auto
In support of Mike Yang, a long-time insurance industry figure who is returning home following a serious illness, two fundraising events are planned. On Thursday, September 23 from 5-7 pm, Mike will be at the Windsor Arms Hotel at 18 Thomas St. in Toronto to greet friends, and the reception will include a silent auction. […]
By Canadian Underwriter | August 10, 2004
Those handling complaints for insurers under the new Financial Serves OmbudsNetwork system have on online tool now available to them. The package deals with a number of topics including listening to consumers, developing company practices, use of historical complaint data. It also includes a resource library of sources for complaint handling information and standards.The Centre […]
Claims
Storms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about 32,000 claims at an average cost of $5,000 each. “The Amarillo storm was so destructive […]
Two groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of average, with 14 tropical storms and eight of these intensifying into hurricanes. Three will be […]
By Canadian Underwriter | August 9, 2004
The Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system which would include “customized coverages” for accident benefits (AB).The Ministry of Finance has posted the discussion paper on its website and is asking for feedback by September 10 on the proposal. The basic plan would see policyholders […]
The Canadian Council of Motor Transport Administrators (CCMTA) has released its guidelines for salvage air bags, according to a press release from John Norris of the Hamilton District Autobody Repair Association (HARA).The release notes that some public insurers in Western Canada have been using the air bags, which while salvage, have never been deployed, and […]
Mississauga-based Kingsway Financial Services (NYSE, TSX: KFS) saw net income rise for the second quarter ending June 30, 2004 by 22% to $33.3 million, compared to $27.3 million for the same period a year earlier. This translates to earnings per share of $0.59, up 7% from a year earlier, with 14% more shares outstanding.Investment income […]
By Canadian Underwriter | August 8, 2004
Risk
Over the five-years ending 2003, captives posted net written prmeiums growth of 45%, according to a new report by A.M. Best. In its annual captives review, the rating agency finds over the same five-year period, admitted assets are up 29%, testament to the importance captives are playing in the international risk transfer market.However, captives appear […]
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