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A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO). The losses include homeowners, auto and business claims. The fire destroyed approximately 300 dwellings, resulting […]
July 31, 2002
2 min read
Auto
Don Ungaro, president of the Insurance Brokers Association of British Columbia (IBABC) for the 2002/3 term remarks, “as for the challenges ahead, there’s certainly going to be some”. Ungaro delivered his presidential speech at the associations annual general meeting and conference which recently took place in Whistler, B.C. At the top of IBABC’s concern list […]
Industry
Troubled insurer Markham General has been ordered to wind up its business and is having its assets seized by the Financial Services Commission of Ontario (FSCO). Earlier this year the insurer cancelled all policies and ceased writing new business. At the time, Markham General statements indicated the company would be paying all outstanding claims, but […]
The Financial Services Commission of Ontario (FSCO) has named Bryan Davies as superintendent, replacing Philip Howell. Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada, and prior to that chief administrative officer for the University of Toronto. He has also been deputy treasurer and deputy minister of economics […]
1 min read
Sports and entertainment specialist managing general agent (MGA) K&K Insurance Group is back in business after having found a new underwriting partner. Following a series of poor underwriting results, the MGA’s former underwriter, TIG, withdrew its business. K&K is the biggest MGA in Canada for the leisure and entertainment industries. K&K’s new carrier, Sovereign General […]
Rating agency A.M. Best has affirmed the A+ (Excellent) rating of Winnipeg-based Wawanesa Mutual Insurance Company and its U.S. subsidiary, San Diego-based Wawanesa General. Outlook for the rating is stable.The rating reflects strong capitalization and operating performance, as well as Wawanesa’s “long-standing market position in the Canadian p&c industry”. Conservative reserving and consistent profitability are […]
By Canadian Underwriter | July 31, 2002
U.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this was not the largest loss event of the quarter by far. Severe weather between April […]
By Canadian Underwriter | July 30, 2002
Risk
Transport Canada has extended its third-party war risk liability coverage for the nation’s airlines, airports, navigation and security firms. The government stepped in to offer the coverage following the September 11 terrorist attacks when private insurers cancelled coverage.Originally, the coverage was offered on a limited basis on September 22, 2001, but the deadline has been […]
By Canadian Underwriter | July 29, 2002
Despite speculation that legislation to create a government backstop for terrorism reinsurance was stalled, progress seems to be in the offing with the formation of a committee to write a consensus bill. Seven Senators have been appointed to find middle ground between a Congressional bill created late last year and the more recent Senate solution, […]
A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes. Public sentiment also favors a need for change to the auto insurance framework within the […]
By Canadian Underwriter | July 26, 2002
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