Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far, 4,371 claims have been logged for estimated insured losses of $70.83 million. But this number […]
By Canadian Underwriter | August 5, 2004
1 min read
Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO of freight and logistics company USF Worldwide Inc. ING Insurance has donated $10,000 to the […]
By Canadian Underwriter | August 4, 2004
1 min read
The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major damage, and while thousands of residents saw their power cut off and some highways were […]
By Canadian Underwriter | August 3, 2004
1 min read
Pafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to offer consumers more choice, specifically in offering alternatives to those in the Facility Association, the […]
By Canadian Underwriter | August 3, 2004
1 min read
The Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system including “customized coverages” for accident benefits (AB). The Ministry of Finance has posted the discussion paper on its website and is asking for feedback by September 10 of this year on the proposal. The basic plan would […]
July 31, 2004
2 min read
CARSTAR Automotive Canada teamed up with “Young & The Restless” star Melody Thomas Scott (Nikki Newman) to kick-off the first annual CARSTAR “Soaps it Up for Cystic Fibrosis” National Car Wash. CARSTAR shops across Canada raised more than $30,000 for the Canadian Cystic Fibrosis Foundation, with more than 4,000 cars getting “soaped up”. At top, […]
July 31, 2004
2 min read
International adjuster Lindsey Morden (TSX: LM) says its net loss widen to $2.9 million ($0.21 per share) for the second quarter ending June 30, 2004. This compares to a net loss of $2.6 million ($0.19 per share) for the same period in 2003.Overall revenue was down to $102.1 million for the most recent quarter from […]
By Canadian Underwriter | July 29, 2004
1 min read
Last week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month which are expected to cost in the tens of millions of Euros.In Japan, The Fukushima […]
By Canadian Underwriter | July 26, 2004
1 min read
The U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to see legislators taking quick action in recognition of the need for stability in the terrorism […]
By Canadian Underwriter | July 22, 2004
1 min read
Earthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The B.C. Automobile Association (BCAA) sent out the reminder to the province’s residents to review their […]
By Canadian Underwriter | July 21, 2004
1 min read