Auto
The Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve costs on auto insurers and their customers in the province. Bill-30 was recently signed into law, despite opposition from insurers. “The fact of the matter is that the legislation is merely short-term relief,” says IBC CEO Stan […]
July 31, 2004
1 min read
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Property crime, including vehicle thefts and break-ins rose over 2003, according to figures released by Statistics Canada. StatsCan data shows the national property crime rate rose 4% over 2003, despite hitting a 20-year low in 2002. The 2003 rate bucks a trend of flat and even decreasing property crime rates since 1991. However, despite last […]
Industry
Statutory accident benefits (SABS) representatives will face new rules coming into effect from September, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those representatives have been convicted of an applicable Criminal Code violation. The bulletin includes a list […]
Saskatchewan Government Insurance (SGI), is asking for a 10% increase on its auto rates, effective January 1, 2005. In a submission to the province’s Rate Review Panel, SGI says the increase is need to keep pace with claims. “SGI is requesting the increase primarily because we’re not taking in enough premiums to cover the cost […]
The mutual insurance industry lost a key figure with the sudden passing of Randy Hutchinson on June 27, at the age of 51. Hutchinson, general manager of Farmers’ Mutual (Lindsay), served on the Ontario Mutual Insurance Association (OMIA) board from 1980-1988, including as president. He was also on the Farm Mutual Reinsurance Plan board from […]
Risk
The current hard market for commercial liability and property insurance coverages has made the use of alternative risk management structures attractive again. The liability crisis of the mid-1980s resulted in the formation of a number of offshore captive insurance companies. The current market conditions are likely to result in a new interest in forming captive insurance companies as well as other types of alternative risk management.
By Brian Reeve | July 31, 2004
6 min read
The trucking insurance line has taken its financial lumps in U.S. courts over recent years. And, this liability trend will likely migrate north of the border into Canada, speakers at the recently held "Transportation Seminar" predict. In the meantime, Canadian insurers are also exposed to cross-border trucking operations, all of which point to a head-on collision with a litigation system gone wild.
By Vikki Spencer | July 31, 2004
5 min read
U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance Agents & Brokers (CIAB). As a result, CIAB members once again highlighted rapid price weakening […]
The soft market is well on its way, according to the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey. The risk manager survey shows half of all commercial accounts saw rate decreases on renewal. The survey suggests commercial premiums fell by an average 18% during the second quarter, with previously difficult lines […]
Two massive summer storms struck insurers a hefty blow in July with the total insured loss pegged at around $158 million, according to preliminary data collected by the Insurance Bureau of Canada. The first storm brought heavy rain and hail to Edmonton, Alberta, resulting in large areas of flooding. The second storm event caused flooding […]
2 min read
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