Auto
B.C.’s Utilities Commission has approved a 0.4% increase in the premium rate for mandatory auto insurance made available through crown insurer, the Insurance Corp. of British Columbia (ICBC). ICBC says it will also increase optional insurance coverage rates by 0.4%, with the increases on both classes of business introduced in reaction to changes in the […]
By Canadian Underwriter | November 16, 2003
1 min read
Risk
Global insurers are lagging in the implementation of programs to management risk and capital within their own organizations, according to a new study by Ernst & Young LLP.The “risk management and capital management survey” shows that 65% of insurers are only half-way through implementing holistic risk and capital management frameworks in their companies, challenged by […]
By Canadian Underwriter | November 14, 2003
Industry
Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance Group is a Florida-based managing general agent (MGA) specializing in commercial automobile lines.A Kingsway statement […]
By Canadian Underwriter | November 13, 2003
Claims
Rating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook for the U.S. personal lines market, although individual insurers could be impacted.As for early industry […]
With the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were satisfied with how that claim was handled, according to a survey compiled by the Financial […]
2 min read
A move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce weekly maximum IRBs to $300 from $400 has been rescinded. The change was previously announced […]
By Canadian Underwriter | November 12, 2003
It was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000 judgement against the company for a stock deal gone bad.James Bonifiglio was awarded the $515,000 […]
A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually fall below levels in provinces where auto insurance is government-run Saskatchewan, B.C., Manitoba and Quebec […]
By Canadian Underwriter | November 11, 2003
As Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put the spotlight on new risks face by the nation’s corporations, and highlighted the need for […]
General Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company with focus its global life and health writings on Europe, and write only accident and […]
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