Risk
With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is the result of seven months of hearings to come up with a possible public auto […]
By Canadian Underwriter | April 4, 2004
2 min read
In an effort to harmonize insurance practices across the country, the Canadian Council of Insurance Regulators (CCIR) is looking for input on market conduct issues, including inducements, rebating and tied selling.In a consultation paper, the CCIR is asking for response to proposals arising from a consultation process begun in May, 2002. On the subject of […]
By Canadian Underwriter | April 1, 2004
Industry
The Insurance Bureau of Canada’s (IBC) investigative division will focus on auto theft and organized crime in the future, handing its individual claims investigation service over to another firm.As of April 1, the IBC will no longer accept new requests for individual claims file investigations, but will direct members to Forensic Investigations. Forensic Investigations has […]
1 min read
In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side of business owners as they warm to an increasingly stable economy. While 43% of companies […]
Claims
The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application on this relationship to seismic zoning (seismic zones being areas of earthquake activity likely sharing […]
With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to see an extension of the Terrorism Risk Insurance Act (TRIA) past December 31, 2005. The […]
By Canadian Underwriter | March 31, 2004
When Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering the “Great Depression” with more than 1.5 million people on relief with an unemployment rate […]
By Vikki Spencer | March 31, 2004
10 min read
Canada's insurance "wholesale" market, which includes underwriting managers, managing general agencies (MGAs) and special risk facilities, has swollen to a considerable size after a turbulent three years. Some of the larger players are now on the same footing as standard carriers when it comes to premium volume. The main question emerging today is how much, and what kind of business will flow back to regular insurers as market conditions change?
By Craig Harris | March 31, 2004
Home
Regulation of Quebec's auto insurance system has a long history of controversy. Now, with private auto insurance in the other provinces of Canada seemingly having lost anchorage with runaway accident benefit claims costs, Quebec's system has been held up as a shining example of a workable model. The question is, can this be maintained? Recent political pressures to restrict insured benefits of drivers convicted of a criminal offence and to allow innocent victims to sue such offenders could reopen the door to increased tort costs.
By John Morin | March 31, 2004
4 min read
The specialty lines business. Fat premiums. The appearance of fast, easy money. When markets turn soft and growth sounds good, they can attract insurers like mice to cheese. But, those hungry insurers who venture uninformed and unprepared into the high-risk specialty areas of insurance are more often than not dealt a blow that leaves them reeling.
By Mark Ram | March 31, 2004
5 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
