Auto
Hoping to clarify its position with regard to the need for confidentiality in the rate filing process, The Co-operators has issued a press release on its Nova Scotia filing.Co-operators vice president of personal lines Robert Wesseling says he is surprised that some people have suggested it is inappropriate to request keeping rate filings confidential. “In […]
By Canadian Underwriter | July 18, 2004
1 min read
Industry
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003, under auto legislation from the new […]
Claims
The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding or water seepage is generally not covered, policies may contain coverage for sewer back-up. No […]
Groupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Mr. Viens had been filling the president’s role in the interim, and the board of directors voted to offer him a three-year term in the position at a special meeting last week.Viens is president […]
Saskatchewan’s public insurer, 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 […]
By Canadian Underwriter | July 15, 2004
Risk
The soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers finds commercial premiums fell by an average 18% during the quarter, and even the previously […]
2 min read
(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the Prairie region for the Insurance Bureau of Canada (IBC). Rivait notes the weekend weather damage […]
Adjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in heavy rainfall Thursday.Some areas saw rainfall as high as 230 mm, and the storm watch […]
Fairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in particular, with increased earnings, shareholders’ equity, and even improved underwriting leverage despite an increase in […]
By Canadian Underwriter | July 14, 2004
With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond its December 31, 2005 deadline.In its report, “P/C Terrorism Insurance Coverage: Where do we go […]
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