Industry
A non-licensed financial services entity calling itself "Royal and Sun Alliance: International Loans and Insurance Group" has set up a website under that name, listing a Toronto address and telephone number.The Office of the Superintendent of Financial Services (OSFI) has issued a bulletin warning that the entity is not licensed to sell insurance in Canada. […]
By Canadian Underwriter | April 23, 2002
1 min read
In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.”The increased cost of automobile insurance has been the focus of much attention lately,” the release, sent to papers in Nova Scotia, New Brunswick and PEI begins. It […]
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The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property claims as a result of three catastrophes, according to preliminary figures.A January winter storm that […]
By Canadian Underwriter | April 22, 2002
Risk
The dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September 11 terrorist attacks, with commercial buyers facing rate hikes, higher deductibles, lower coverage limits and […]
By Canadian Underwriter | April 19, 2002
2 min read
An initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government, and the strike by Ontario’s public employees, have put the project on the backburner.Nonetheless, the […]
In the wake of industry speculation on the fate of Internet-based insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15.In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the company […]
By Canadian Underwriter | April 18, 2002
Claims
International adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending March 31, 2002, along with settlement of two large outstanding claims, were largely to blame […]
The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity [for the company]" as the new CEO takes the helm. Bardswick replaces Terry Squire who […]
By Canadian Underwriter | April 17, 2002
U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
By Canadian Underwriter | April 15, 2002
3 min read
In the face of calls from U.S. President George Bush for a terrorism backstop plan to be approved by the Senate, insurers appear to be creeping back into the terrorism coverage market, albeit hesitantly.The latest is ACE USA, announcing it will offer commercial terrorism coverage in Canada and the U.S. The coverage is focused on […]
By Canadian Underwriter | April 12, 2002
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