Industry
Results for Toronto-based E-L Financial Corp. (TSX: ELF) were much improved over 2003 for the first six months of 2004, largely on the back of gains in the general insurance segment. E-L is the parent of the Dominion of Canada General Insurance Co.For the first half of this year, E-L pulled in overall net income […]
By Canadian Underwriter | August 2, 2004
1 min read
Still reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe - silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?
July 31, 2004
10 min read
The past year has been one of turmoil for the nation's independent insurance brokers - overhauled auto insurance systems, commercial liability and homeowners' coverage availability concerns, a strong lobby effort by credit unions and the contemplation of cross-pillar mergers. As Keith Wilson takes over the presidency of the Insurance Brokers Association of Canada (IBAC), he says this year will be focused on sending out a clear, consistent message on these issues to insurers, legislators, and most importantly, the public.
7 min read
Statutory accident benefits (SABS) representatives will face new rules coming into effect from September, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those representatives have been convicted of an applicable Criminal Code violation. The bulletin includes a list […]
The mutual insurance industry lost a key figure with the sudden passing of Randy Hutchinson on June 27, at the age of 51. Hutchinson, general manager of Farmers’ Mutual (Lindsay), served on the Ontario Mutual Insurance Association (OMIA) board from 1980-1988, including as president. He was also on the Farm Mutual Reinsurance Plan board from […]
U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance Agents & Brokers (CIAB). As a result, CIAB members once again highlighted rapid price weakening […]
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003. The rate freeze and mandated rollbacks […]
Northbridge Financial (TSX: NB), the Canadian operations of Fairfax Financial, saw its net earnings decline to $43.3 million ($0.85 per share) for the first quarter of 2004 from $57.5 million ($1.16 per share) for the same period a year earlier and this, despite the company turning in a combined ratio of 90.6% during the quarter, […]
By Canadian Underwriter | July 29, 2004
2 min read
A steep decline in realized gains has put a damper on earnings growth for Fairfax Financial Holdings (TSX, NYSE: FFH). Net earnings for the second quarter ending June 30, 2004 were down to US$46.0 million (US$3.13 per share) from US$173.7 million (US$12.09 per share) for the same period in 2003.The company did hold true to […]
Businesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends are “creating an unsustainable burden for industry, commerce and public services”.While 60% of businesses says […]
By Canadian Underwriter | July 28, 2004
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