Risk
Despite the introduction of new legislation to deal with some of the issues plaguing Ontario’s auto insurance market, and the decision not to open up B.C.’s auto market to competition, auto remains a top priority for the Insurance Bureau of Canada (IBC) in the year ahead. At the IBC’s annual general meeting, CEO Stan Griffin […]
By Canadian Underwriter | December 4, 2002
2 min read
Industry
The new financial institutions ombudservice is now up and running with the establishment of the Centre for the Financial Services OmbudsNetwork (CFSON). The center is the first step in the complaints process, with a free customer assistance and referral service. This service puts consumers in touch with the company representative or industry assistance center to […]
By Canadian Underwriter | December 3, 2002
Broker consolidator Western Financial Group (formerly Hi-Alta) has been incorporated as a bank by the federal Finance Ministry. Known as “Bank West”, the operation is expected to be up and running early in 2003, says Western Financial CEO Scott Tannas. Bank West is the first start-up operation under the country’s new bank legislation, which came […]
By Canadian Underwriter | December 2, 2002
1 min read
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it will sell 8.25% unsecured senior debentures amounting to $78 million. The company filed a prospectus with Canadian regulators today based on an agreement with a syndicate of underwriters who will buy the debentures and sell them in Canada only. That sale should close December 6, 2002.Kingsway […]
The year past was marked by financial downgrades of insurers and reinsurers, investment write-offs, falling capacity, multi-million dollar reserving adjustments and a scarcity of new capital. And, oh yes, this year was the first “real round” of the so-called “hard market” as the property and casualty insurance industry pricing cycle rocketed upward in the aftermath […]
By Sean van Zyl, Editor | November 30, 2002
21 min read
And then there was one. As from the beginning of 2003, the minimum capital test (MCT) replaces the various minimum asset tests (MAT) currently applied across the Canadian property and casualty insurance industry.
By Paul Kovacs | November 30, 2002
5 min read
Small brokers face mounting pressure in the market, with minimum volume requirements, consolidation of carriers and increased local competition. Are their days numbered?
By Craig Harris | November 30, 2002
Royal & SunAlliance is making sweeping global changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus on general insurance, having already sold off much of its life operations. As for Canada, […]
November 30, 2002
When the federal privacy act was passed in 2000 and insurers learned they would not fall under its requirements until 2004, implementation seemed a long way off. Now, the industry must step up its preparations, and there is no clear consensus on just what must be done to meet these new obligations. At the recent Insurance Bureau of Canada (IBC) Regulatory Affairs Symposium, the privacy debate kicked into high gear.
By Vikki Spencer | November 30, 2002
You believe you have automated your office. But, where are your profits? Where is the increased productivity and reduced costs? What happened to the "promises" of automation? An investment in automation is expected to make an improvement, but does it?
By Catherine Trimble, Applied Systems Canada | November 30, 2002
3 min read
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