Industry
Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking the restructuring of the U.S. company. Over the past two years, the U.S. operation has […]
November 30, 2003
1 min read
A new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a detriment to the province’s financial position.Among the negative effects is a net loss of $64 […]
By Canadian Underwriter | November 28, 2003
2 min read
The Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that changes made by the previous Conservative government reflect that there were no real savings in […]
In its pre-budget submission to the federal government released this week, the Insurance Brokers Association of Canada (IBAC) is asking the federal government to conduct a study of the impact of the goods and services tax (GST) on brokers. Currently, brokers are tax exempt in terms of collecting GST on insurance sales, but must pay […]
By Canadian Underwriter | November 27, 2003
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B.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving false information on a claim statement to the Insurance Corp. of B.C. (ICBC). His Jeep […]
A full 92% of U.S. property & casualty insurers list asbestos claims as their number-one concern, according to a survey conducted at the Executive Conference for the P&C Industry in New York recently. Standard & Poor’s rating agency released the survey results, which show that the second largest concern is workers’ compensation claims, with 87% […]
By Canadian Underwriter | November 26, 2003
The new Ontario government under the Liberal Party has introduced the Automobile Insurance Rate Stabilization Act, which if passed, will freeze insurer’s auto rates at levels applied by companies at October 23 of this year. The rate freeze, which is effective for a 90 day period, will expire by January 23, 2004. At this point […]
In a recent report, rating agency Standard & Poor’s points the finger at actuaries for problems with property & casualty insurer reserve shortfalls. “Actuaries are signing off on reserves that turn out to be wildly inaccurate,” says S&P’s Steve Dryer. “It’s an abysmal track record. S&P predicts U.S. insurers will top 2002 reserve enhancements of […]
By Canadian Underwriter | November 25, 2003
Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2c a share for the latest quarterly reporting period against the 1c a share shown for the […]
French reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer says the downgrade, which comes just two weeks before the company is set to complete […]
By Canadian Underwriter | November 24, 2003
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