Risk
The Canadian government is once more extending the deadline for covering third part war risks for the country’s air services.The coverage, which includes airlines, airports and other services such as NavCanada, was first introduced on September 22, 2001, as a temporary measure. The Transport Ministry was responding to the lack of available war risk liability […]
By Canadian Underwriter | March 18, 2002
1 min read
Industry
Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. which operates globally in the primary insurance, reinsurance and life sectors has been put up for sale by one of the company’s majority shareholders, Deutsche Bank, a statement released by the group says.The troubled insurance group, which wrote total gross premiums of around US$8.5 billion for 2000, indicated earlier […]
By Canadian Underwriter | March 15, 2002
2 min read
As part of its lobby effort to persuade North American governments to back terrorism reinsurance, the Risk and Insurance Management Society (RIMS) recently asked Canadian members to comment on their views. Although confidential, the survey did show that Canadian RIMS members were concerned about the lack of available terrorism insurance since September 11, when reinsurers […]
By Canadian Underwriter | March 14, 2002
In 2001, man-made catastrophes cost insurers more than natural disasters, mainly due to the back of September 11 losses, says the latest sigma study released by Swiss Re. The study pegs losses for the terrorist attacks at US$19 billion for property and business interruption, and US$16.5-39 billion for life and liability. Overall, the study confirms […]
By Canadian Underwriter | March 13, 2002
Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just released Insurance Bureau of Canada (IBC) data.Speaking at the Swiss Reinsurance Co. Canada’s annual Statistical […]
By Canadian Underwriter | March 12, 2002
3 min read
Auto
There is little chance that Newfoundland will follow through on its proposal to limit tort claims as a means to reducing the cost of auto insurance in that province, after a recent study revealed opposition to the plan. Tort reform is just one of 51 changes proposed by Minister of Government Services and Lands Walter […]
By Canadian Underwriter | March 11, 2002
Home
The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a lower court judgement forcing the insurer to return the deductible on a vehicle destroyed in […]
By Canadian Underwriter | March 8, 2002
In the face of public defiance by some key shareholders, the mega-merger of lifecos Clarica and Sun Life was passed by Clarica shareholders yesterday. The deal creates Canada’s largest life insurer, with $398.8 billion in assets under management and combined revenue in 2001 of $23 billion.Dissenters had objected to a break-up fee of $310 million, […]
By Canadian Underwriter | March 7, 2002
European airliners represented by the Association of European Airlines (AEA) have rejected an insurance industry proposal for third-party war and terrorism coverage on grounds that the latest offering remains too costly.The AEA estimates that the latest insurance proposal would cost its members an additional Euro 600 million a year in coverage costs. The AEA rejection […]
By Canadian Underwriter | March 6, 2002
Montreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for the previous year. This translates to a loss of 25c a share for the latest […]
By Canadian Underwriter | March 5, 2002
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
