Industry
At long last, the U.S. commercial lines sector has seen its outlook revised by rating agency Standard & Poor’s to stable, in line with the personal lines outlook.S&P points to a “delicate balance” between earnings growth and legacy reserving issues still hampering the commercial lines industry.2003 saw 10.7% premium growth in commercial lines, with S&P […]
By Canadian Underwriter | June 14, 2004
1 min read
Auto
The Canadian Independent Adjusters Association (CIAA) has revised its program for the 2004 annual convention to be held in Whistler, BC, September 9-12. Friday now includes an entire day of educational sessions, revolving around the issues of legislative change and self-regulation. The annual golf tournament, trade show, agm and president’s dinner will also be featured. […]
Claims
A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could mirror that of asbestos in terms of its far-reaching scope and tail, noting that the […]
2 min read
For health reasons, the president of Groupe Promutuel is stepping down. Mario Fortier has been with the board of directors and executive since 1992, named vice president in 1993, and in 1998 moving into the president’s role. Groupe Promutuel is currently accepting applications from its 34 mutual insurer members to fill the role, which will […]
By Canadian Underwriter | June 13, 2004
Following a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each.Brothers Luciano John and Secondo Pietro Podorieszach face the penalties after a panel of the ASC found them guilty of artificially inflating the […]
With the introduction of provincial privacy legislation in Alberta, adjusters in that province are reconciling these requirements with the federal privacy act.The Personal Information Protection Act (PIPA) has been deemed to be substantively similar to the federal Personal Information Protection and Electronic Documents Act (PIPEDA), thus clearing the way for the provincial legislation to supercede […]
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and winter windstorms.The agenda was set out at the ICLR’s agm in Toronto Friday by outgoing […]
The Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial guest speaker Lee Samis of Samis & Co. will tell insurers to “let the customer […]
By Canadian Underwriter | June 10, 2004
Rating agency Standard & Poor’s has revised the outlook for Allianz Canada from negative to stable, citing the expectation of improved results in 2004 and 2005. As well, Allianz Canada (which includes Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada) has seen its “BBB+” counterparty credit and financial strength ratings affirmed.”In 2004, […]
The Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment.”Rest up” is the IBC’s newest safety initiative, and also part of its five-point plan to tackle auto insurance reform in New Brunswick (other […]
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