Auto
Filing its rates for the first time to the B.C. Utilities Commission, the Insurance Corp. of B.C. (ICBC) is requesting a 1.3% increase to its basic auto insurance policies.The increase is made up of a 0.4% hike to cover premium tax increases and 0.9% to cover increases in the tariff of legal costs to the […]
By Canadian Underwriter | September 4, 2003
1 min read
Risk
As part of further restructuring for U.K. insurance giant Royal & SunAlliance Insurance Group, the company says it remains committed to Canada, despite a decision to all but exit the U.S. market.The company’s standard personal lines and most of its commercial business in the U.S. is being taken over by Travelers. The company says it […]
2 min read
Proposals by the Newfoundland government to change that province’s auto insurance system are the cause of Federation Insurance Co. of Canada’s decision to stop writing personal lines in that province, the company says.In a media release, the company says it will stop writing new business in both auto and homeowners, and discontinue renewals as of […]
Claims
Western Oil Sands, one of the partners in the Athabasca Oil Sands Project (AOSP), says it has filed a “statement of claim” against its insurers with which it will proceed if previously filed claims are not paid.The suit would seek to collect more than $200 million damages, plus $650 million in aggravated and punitive damages.Western […]
By Canadian Underwriter | September 3, 2003
The month of August has become the worst month on record for digital attacks, largely on the back of the Sobig malware attack. Sobig is now the most costly digital attack, leaping over the Klez and Love Bug viruses, and linked to almost US$30 billion in worldwide economic damage. This damage includes lost productivity, clean-up […]
Industry
As expected, the Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198.Premier Ernie Eves today announced the program which includes a reduction in the premium tax from 3% to 2%, which the government says should save policyholders up to $90 million. Other features include basing […]
By Canadian Underwriter | September 2, 2003
Additional auto insurance reforms, coming on the heels of those contained in Bill-198, are being welcomed with open arms by Ontario insurers.The reforms include several measures insurers have long been pushing for in the province, including a reduction in the insurance premium tax and measures to reduce auto insurance fraud.The changes come on top of […]
Waiting in the wings like nervous actors on opening night, risk managers are preparing for the upcoming insurance renewal season, unsure of the reception before them. Over recent years they have received a less than warm greeting from underwriters. But, recent surveys of the commercial insurance marketplace suggest that there may well be a "turning point" near - or at the least a "moderation" of the hard market which has dictated pricing for the last two years. However, CU's annual roundup of Canadian risk management views indicates that the hard market is far from over, although its intensity has shifted from property to casualty/liability lines. And, in light of recent catastrophes from SARS to the "blackout of 2003", the pressure from corporate boardrooms has increased on risk managers.
By Vikki Spencer | August 31, 2003
10 min read
From newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
By Perry Brazeau Canada division manager at FM Global | August 31, 2003
5 min read
According to the Insurance Bureau of Canada's (IBC) "Facts 2002", the individual perils that comprise severe thunderstorms - tornado, hail and straight-line winds - have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.
By David Lalonde & Dr. Tim Doggett | August 31, 2003
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