Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
February 29, 2004
4 min read
The Insurance Bureau of Canada (IBC) has named acting chief economist and vice president of policy development Jane Voll to take over the position permanently.Voll had been filling the chief economist role since October 2003 when Paul Kovacs moved over to the Property and Casualty Insurance Compensation Corp. (PACICC). With the IBC since 1993, Voll […]
By Canadian Underwriter | February 3, 2004
1 min read
It would seem in today's tough market environment that "flexibility" has become a competitive (perhaps survivalist) tactic for brokerages in responding to the shifting "marketscape". And, I have seen brokers respond in many different ways - with some of these responses having been very creative and surprising. "Wireless networking" is one such creative solution.
January 31, 2004
4 min read
U.S. property and casualty insurers saw their net income jump an impressive320.6% to US$21.1 billion for the nine months ending September 30, 2003,versus the US$5 billion posted for the same period a year earlier. Equallywelcome was a return on equity of 9.3% for the first nine months of 2003, upfrom 1.0% the year earlier, according […]
December 31, 2003
2 min read
A scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter, costing insurers $1.3 billion last year alone. This works out to about 15% of every […]
By Canadian Underwriter | December 18, 2003
2 min read
A British Columbia Supreme Court jury has awarded ICBC $4.5 million in a civil lawsuit against two brothers who operated a chop shop in Mission, B.C. It is believed to be the largest punitive award of its kind.<br> “This is a tremendous win for ICBC customers,” said Mark Withenshaw, ICBC’s vice president of loss management. […]
By Canadian Underwriter | December 5, 2003
2 min read
The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia Premier, Dr. John Hamm, pointing out the flexibility and commitment that the industry has demonstrated […]
November 30, 2003
3 min read
B.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving false information on a claim statement to the Insurance Corp. of B.C. (ICBC). His Jeep […]
By Canadian Underwriter | November 27, 2003
1 min read
In a recent report, rating agency Standard & Poor’s points the finger at actuaries for problems with property & casualty insurer reserve shortfalls. “Actuaries are signing off on reserves that turn out to be wildly inaccurate,” says S&P’s Steve Dryer. “It’s an abysmal track record. S&P predicts U.S. insurers will top 2002 reserve enhancements of […]
By Canadian Underwriter | November 25, 2003
2 min read
Crown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic jump in net earnings include gains made on the sale of claim center property as […]
By Canadian Underwriter | November 5, 2003
1 min read