Industry
The latest Pollara-conducted poll of drivers in British Columbia suggests that about 72% of the driving population favors open competition in auto insurance within the province. The Pollara poll, conducted on behalf of the Insurance Bureau of Canada (IBC), also indicates that 63% of drivers are opposed to the government-run Insurance Corp. of B.C. (ICBC) […]
By Canadian Underwriter | September 9, 2002
1 min read
Home
Governments in Germany and Australia have beat the U.S. to the punch in devising terrorism backstop plans.The German plan has seen the government establish a new insurer, Extremus A.G., now offering up to Eur10 billion (Cdn$15.4 billion) in coverage for commercial property risks including property and business interruption coverage. The mechanism is actually a pool, […]
By Canadian Underwriter | September 6, 2002
Hub International Ltd. is expanding its U.S. brokerage network with the acquisition of New Jersey-based C.S. Nenner Inc. The new operation is being purchased by Hub’s Kaye Insurance Associates Inc. (KIA) in New York, in a deal for undisclosed amounts of cash and Hub stock.Nenner is a specialty group focused on transportation and warehousing coverage […]
By Canadian Underwriter | September 5, 2002
Claims
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) disclosed a net profit of $307,378 for the second quarter of this year compared with the $139,701 loss reported for the same period the year previous. The company’s net earnings for the first six months of this year came in at $91,916 against the $710,761 loss made […]
By Canadian Underwriter | September 4, 2002
Risk
Co-operators General Insurance Co. and Newfoundland’s Minister of Government Services and Lands Walter Noel are locked in a verbal battle over the company’s selling practices in that province. Recently Co-operators decided not to renew about 1,300 auto policies for customers who do not have multiple policies with the company.Noel admits that this practice does not […]
By Canadian Underwriter | September 3, 2002
2 min read
The “widespread support” Lloyd’s claims for its market modernization plans does not include the largest association representing individual members, or “names”.The Association of Lloyd’s Members (ALM) this week advised its members through a letter to vote against Lloyd’s proposals to reform the market. This follows similar responses from other “names” groups. In the letter, ALM […]
After several years of an intense political battle with the banks and direct writers over the conditions of retailing insurance, the Insurance Brokers Association of Canada (IBAC) has reached a point where it feels comfortable that the independent brokerage community's rights have been legislatively entrenched and protected under the new federal financial services bill C-8, says the association's incoming president Brian Gilbert. This new "era of peace" will enable IBAC to focus on developing the skills, tools and consumer recognition of independent brokers nationwide. "We have some huge projects on our plate over the next 12 months," Gilbert notes.
By Sean van Zyl, Editor | August 31, 2002
6 min read
Insurance companies spend considerable time, effort and money keeping brokers and clients abreast of new developments. Unfortunately, much of their educational investments are met with disappointing results. Whether it is the time-delay and obsolescence of print, the information overload of e-mail, the disappointing responses from direct mail or the time requirement of classroom learning, traditional […]
By Mary Beth Kyer, president of Euforea Inc. | August 31, 2002
4 min read
Folksamerica Re has a new Canadian team, also responsible for the English-speaking Caribbean, led by senior vice president and chief agent John Game. Game brings more than 20 years experience to the role, including as a vice president with Gerling Global Re. Gina Ferris also joins the team as vice president, bringing with her 15 […]
August 31, 2002
Recent multi-million dollar reserving adjustments disclosed by prominent insurers in the U.S. with regard to asbestos-related exposures have occupied financial headlines. As well, the storm clouds surrounding asbestos liability appear to be building up on several frontiers: a new wave of "non-product" liability litigation is feeding into the U.S. courts while a recent U.K. court decision applying to multiple-employer responsibility to worker exposure to asbestos has opened up what many in the insurance industry believe is a "Pandora's Box" with global ramifications. In response, several industry financial rating agencies have issued bearish reports on the potential exposure property and casualty insurers face under a new wave of asbestos litigation, suggesting that the U.S. industry alone could be under-reserved by billions of dollars. Is the Canadian market immune?
19 min read
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