Industry
Ontario's rules of civil procedure have not always mandated disclosure of insurance. In the years before 1984, under Ontario's old rules, plaintiffs settled or proceeded to trial with no knowledge of whether the defendant was insured. Counsel used strategies to get around the lack of procedural requirement to disclose insurance.
By Ani Abdalyan, barrister & solicitor | June 30, 2003
6 min read
Risk
Never before has the public spotlight been aimed so directly on the insurance industry. As rising auto insurance premiums fuel media and government attention, the insurance industry has shifted up in drive to educate the public on the impact of rising claims costs. At the recent AIM Forum in Toronto, auto insurers, manufacturers and suppliers met to discuss how the current auto crisis can be overcome.
By Vikki Spencer | June 30, 2003
The property and casualty insurance industry has traditionally been a close-knit community, built on long-standing “partnerships” from the street broker to primary insurer and ultimately the reinsurer. The “tides of fortune” affected by the vagaries of the hard to soft market swings have historically been shared by all in relative proportion, thereby cementing the kind […]
By Sean van Zyl, Editor | June 30, 2003
4 min read
U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). […]
June 30, 2003
3 min read
Auto
After more than six months, Ontario has put auto insurance regulations on the books in response to Bill-198. The regulative changes, which are largely directed at curbing runaway accident benefits (AB) claims costs, received broad support from the province’s auto insurers. Among the changes are a pre-approved framework for minor bodily injury treatment, a code […]
2 min read
Rating agency Standard & Poor’s has reduced its financial rating for Aviva Canada Inc. to “A” from “A+”. S&P says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with negative implications. “This action follows S&P’s review of Pilot’s [Pilot Insurance Co., the Ontario personal lines carrier for Aviva Canada] $195 million […]
1 min read
The Atlantic provinces may see a harmonized approach to auto insurance finally come to pass, but among their options may be a public auto insurance system. The Atlantic premiers met in Charlottetown recently to address the issue of rising premiums and came away with a promise to implement harmonized reforms this year. A task force […]
The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which occurred after the company had been placed in March under rehabilitation control of the Commissioner […]
With provincial privacy legislation stalled, insurers must prepare for the federal act to come into force at the beginning of 2004, notes David Young of Lang Michener in a recent presentation to the Canadian Insurance Accountants Association (CIAA) in Toronto. That said, there are many “gray areas” still to be worked out in terms of […]
Insurers bounced back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance Bureau of Canada (IBC) preliminary industry data. As a result, the industry’s ROE clocked in […]
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