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A last minute attempt to find a buyer for the Canadian reinsurance operation of Gerling Globale Ruck (GGR) fell apart at the end of last year, confirms local group president John Kartechner. Global parent Gerling Konzern announced in late October of last year that its reinsurance interests under financially troubled GGR would cease to write […]
December 31, 2002
2 min read
Industry
In two separate agreements, Royal & SunAlliance Insurance Co. of Canada has handed over its Quebec personal lines and long-haul trucking books as the company turns its focus to commercial lines. CGU Insurance Co. of Canada will be offering renewals on Royal’s Quebec personal lines book as of April 2003. Although the book is profitable, […]
Storms that hit several U.S. states in early December caused US$360 million in insured damage, according to estimates from the Insurance Services Office (ISO). All in all, it has been a relatively high fourth quarter in terms of catastrophe losses, the ISO says. To date, cat losses stand at US$1.3 billion. North Carolina was hardest […]
1 min read
Risk
The federal insurance supervisor will soon begin sharing its new “risk ratings” with insurers for the 2002 year. At a recent luncheon of the Canadian Insurance Accountants Association (CIAA) in Toronto, speaker John Fernandes, director of regulatory and supervisory practices at the Office of the Superintendent of Financial Institutions (OSFI) told the audience while one […]
Ontario Insurance Adjusters’ Association president Brian Nauss (right) and past president Louise Rivett welcome guests to the annual OIAA Christmas Party, held at the Sheraton Centre, Toronto. The event brings together adjusters and their business partners to network, dine and dance into the holiday season. As well, a donation was made on behalf of each […]
The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto insurance claims and therefore premiums.”This bill will not improve the system in the manner consumers […]
By Canadian Underwriter | December 20, 2002
The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a backdrop of poor company financial performance and plummeting stock values. Royal & SunAlliance recently announced […]
With the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was State Farm, with an overall rating of 95%, followed by Farmers’ Mutual of Lindsay, Ontario, […]
By Canadian Underwriter | December 19, 2002
Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high fourth quarter in terms of losses, the ISO says. To date, losses stand at US$1.3 […]
Industry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act, makes no provisions for tort reform and puts new restrictions on underwriting.In a press release, […]
By Canadian Underwriter | December 18, 2002
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