Industry
A strange mix of droughting and flooding across western Canada is prompting farmers to ask for government aid. Drought has reaked havoc in the west of Saskatchewan, causing six communities to declare emergencies, and the Alberta government has already promised $90 million in relief to ranchers there, the National Post reports. Flooding has taken its […]
By Canadian Underwriter | July 17, 2001
1 min read
Auto
The Centre for Study of Insurance Operations (CSIO) has recently layed down a timeline for the first phase of its industry Internet portal project.In a press release, CSIO states that phase one “has now reached its midpoint”, and is expected to be completed around February, 2002. The first phase centers around the development of a […]
In the wake of the retirement of Dina Palozzi, former CEO and superintendent of the Financial Services Commission of Ontario (FSCO), Phil Howell will fill the position on an interim basis. The announcement brought praise from the Insurance Bureau of Canada (IBC), which had asked that the appointment be made from within the province’s Finance […]
Insurers acting through the industry’s national lobby body, the Insurance Bureau of Canada (IBC), are currently engaged in high-level meetings with provincial government officials in Atlantic Canada with a view to introducing rapid reform to the basic auto insurance product.The need to take corrective action in lieu of the significant rise in auto claim costs […]
By Canadian Underwriter | July 16, 2001
2 min read
The Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and securities sectors operating in the province.In a letter addressed to John O’Toole, the parliamentary assistant […]
By Canadian Underwriter | July 13, 2001
Risk
Swiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses from three types of perils, each exchange valued at US$150 million. Japanese earthquakes are swapped […]
By Canadian Underwriter | July 12, 2001
Claims
Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per share after tax, most of which the company attributes to Allison. This compares with second […]
By Canadian Underwriter | July 11, 2001
Hi-Alta Capital’s broker network, the Western Insurance Network (WIN), has grown its presence in Saskatchewan with the acquisition of two brokerages. Assiniboia Agencies and its sister office, Willow Bunch Agencies have been added to the WIN roster.The firms serve a large agricultural area in the southern part of Saskatchewan, states a Hi-Alta press release. Assiniboia […]
By Canadian Underwriter | July 9, 2001
Crawford Adjusters Canada has been appointed to administer the class action settlement arising from the use of diet drug Pondimin, the company has announced in a press release. An Ontario Superior Court Justice has approved the appointment, and the process of finalizing the claims administration will begin this week.”While there were 19,000 prescriptions issued in […]
Earlier in the week, the Alberta government warned consumers about purchasing insurance from unlicensed insurers. According to an Insurance Bureau of Canada (IBC) news release issued about the warnings, injunctions have been obtained against Combined Services Ltd., Citadel General Surety Ltd., Vanguard Marine and General Ltd., and Tri-Continental Exchange Ltd., ordering them to stop carrying […]
By Canadian Underwriter | July 6, 2001
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