Risk
The fact that one of Hollywood’s recent creations “The Insider”, which is based on behind-the-scenes dirty tricks employed by opposing parties in the U.S. anti-tobacco wars, achieved such box office success clearly indicates rising public interest in tarring cigarette manufacturers — and making them cough up payment. With the U.S. courts having recently passed settlement […]
By Sean van Zyl, Editor | January 31, 2000
9 min read
Industry
Finding replacements for insured damaged products, at competitive prices, is a constant challenge to the insurance industry. The costs can have a severe affect on company bottom lines. “If adjusters had the ability to comparison shop among competing suppliers in the same time frame and effort that it takes to receive a quote from one […]
By Kathryn Schroeder | January 31, 2000
3 min read
The North American Export Committee (NAEC) brought car theft stakeholders together to discuss the crisis on a continent-wide level. Canadian insurers, though, continue to do battle with car thieves on this side of the border, relying on a variety of initiatives to recover stolen cars. Most recently, the motor vehicle registry (MVR) database went online, […]
By Lowell Conn | January 31, 2000
Claims
Natural disasters worldwide last year, and the likelihood of a continued increase in catastrophe frequency, are likely to lead to insurance and reinsurance rate increases, industry rater A.M. Best Co. says. According to initial estimates, 52,000 people died worldwide as a result of catastrophes last year, the total monetary cost is estimated at over US$65 […]
January 31, 2000
2 min read
Auto
Insurance companies in Canada are feeling the impact of the late 1999 U.S. aftermarket parts class action trial that resulted in a $1.18 billion award against State Farm Insurance. The insurer was found to have failed to perform its obligation under contract with motorists and violated the terms of its policies by using non original […]
On February, 28, the Insurance Brokers Association of Canada will launch its new television campaign, running until June 11, on network and specialty television. The campaign will be supported by a strong print campaign explaining the benefits of dealing within the independent broker channel. The campaign is intended to do one thing -- brand the BIP logo in the consumer minds and direct them towards unbiased, professional advice when purchasing property & casualty insurance.
By Mabel Sansom, executive director Insurance Brokers Association o | January 31, 2000
Property and casualty insurance companies -- by the nature of their business -- face many risks. When does a particular exposure become grave enough to pose a material risk and a threat to a company's solvency? At the recently held 8th Annual KPMG Insurance Issues Conference, in Toronto, KPMG's Wendy Mills and Tracy Capstick examined emerging standards for p&c insurers.
6 min read
Technology, globalization, deregulation, consolidation and demutualization. These are the forces of change shifting the ground beneath the world's financial services industry. Such change is drawing into question the effectiveness of regulators such as Canada's Office of the Superintendent of Financial Institutions (OSFI) to remain relevant to its role, particularly in light of the new non-traditional players such as technology companies in financial services.
By David Carr | January 31, 2000
Home
The Economical Insurance Group has signed an agreement to purchase Montreal-based auto and property insurer Federation Insurance Company of Canada, a transaction that boosts the Waterloo-based company to number five nation-wide in total premium volume. Federation’s written premium is expected to reach $200 million this year, combined, the two companies will exceed more than $1 […]
1 min read
Queensway Financial Holdings Limited has announced the appointment of Glenn Gibson as chief financial officer of Queensway replacing Cathy Wilson. Gibson brings more than 17 years of financial management to his new role. Chubb & Son vice president John Owens, has been named the North American field marketing manager at the Chubb Group of Insurance […]
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