Industry
The struggle of insurers to compete in a fragmented marketplace was up for discussion at the CARSTAR Canada “Appreciation Day” recently in Burlington, Ontario. “It’s hard to get a share point, it’s hard to keep it,” says Jim Letwin of JANKelly Marketing. Speaking to a crowd of insurance and other business partners to the collision […]
January 31, 2002
2 min read
In response to criticisms for years of poor financial performance, the world’s oldest insurance market Lloyd’s of London has released a series of proposed structural changes to “modernize” the system. Among the changes put forward to the Council of Lloyd’s for the 300-year-old market is the end of unlimited liability for “names”, meaning individual investors […]
Risk
More than 40 U.S. state insurance regulators have now a approved the terrorism risk exclusions wordings that had been drafted by the Insurance Services Office (ISO) and released just prior to the yearend deadline when most reinsurance covers for this particular peril expired, says Robert Hartwig, chief economist at the Insurance Information Institute (III). There […]
Dominion of Canada General Insurance Co. has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” program. Domion CEO George Cooke, a staunch supporter of the program, had applied to the Financial Services Commission of Ontario (FSCO) for permission to offer a discount […]
The current recession is shaping up to be a mild one, causing one analyst to revise “up” her outlook for the Canadian economy in 2002. Speaking to the Canadian Insurance Accountants Association recently in Toronto, global economic strategist Sherry Cooper predicted that despite the “knee-jerk reaction” of the markets to September 11 and the “lingering […]
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Insurance Institute of Ontario Awards Dinner. Toronto, ON. For more information contact Jeannie Harrison at 416-362-8586 ext. 235 or […]
Proposed reforms to the structure of the world’s oldest insurance market announced by Lloyd’s earlier this week are being praised by rating agency Standard & Poor’s. Although the announcement does not impact Lloyd’s single-A rating, S&P says the reforms “address many of the structural weaknesses in the Lloyd’s market which, if left unresolved, would make […]
By Canadian Underwriter | January 30, 2002
“Major commercial property/casualty premiums uniformly on the upswing and confusion in the market” is how the U.S. Council of Insurance Agents and Brokers (CIAB) is characterizing the post-September 11 environment. In releasing fourth quarter 2001 results of its Commercial Insurance Market Index the CIAB notes that for medium and large commercial accounts respondents report rate […]
By Canadian Underwriter | January 29, 2002
The Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on the previous quarter by 5.17%, while the third quarter gain averaged 4.92%. FSCO notes that […]
By Canadian Underwriter | January 28, 2002
1 min read
Adjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up 13% to US$11.5 million during the same time. Net income was also up for the […]
By Canadian Underwriter | January 25, 2002
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