Industry
The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic damages, i.e. “pain and suffering”, in auto accident related lawsuits.The push comes as auto insurance […]
By Canadian Underwriter | May 1, 2003
2 min read
Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the Toronto Stock Exchange has approved a repurchase of up to $578,755 in aggregate principal amount […]
1 min read
U.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with a net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). The industry’s latest annual return translates to a […]
April 30, 2003
Why are the roles of selling, servicing and processing often blurred in brokerages? It usually points back to the principal and executive team. A clear definition of accountabilities can get the right people in the right jobs.
5 min read
In a recent decision, the B.C. Court of Appeal stated the following: "[the] bank and its outsourcer do not need provincial insurance licenses to sell credit card balance insurance." The court case, which involved Scotiabank and a telesales vendor in the selling of credit card insurance which had been primarily opposed by the B.C. Superintendent of Financial Institutions, could have broad-reaching implications nationally for the retailing of insurance products where provincial and federal regulations come into conflict.
7 min read
First there was the fall of Markham General, representing a market loss of about $80 million in annual capacity. As underwriting losses from auto insurance, specifically personal lines arising from mostly minor bodily injury (BI) claims in the Ontario market, began to mount over 2002, the true cost of years of price cutting became evident […]
4 min read
Montreal-based “Assuremoi.com” plans to move into the Ontario market following its successful launch in Quebec. Assuremoi president Mark DiPerno says the Internet brokerage is “posting great numbers” in Quebec, giving 50 to 60 quotes per day on its personal lines offerings. The site can do end-to-end auto policy transactions, and referrals on the more complex […]
Calgary-based broker network consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC). “Shares of Anthony Clark International were traded in an unlawful manner by key company personnel and a brokerage firm,” alleges the ASC. The commission is charging Anthony Clark […]
At the recent AGM of the Centre for Study of Insurance Operations (CSIO), attendees were told that the industry association is looking at different options for the development of future phases of its broker-insurer portal project. With the first phase of the portal about to move from testing into launch, the CSIO has hired Deloitte […]
In homage to the well-known sports history of Brandon, Manitoba, the provincial broker’s association took “team spirit” as its theme for the recent annual convention. Insurance Brokers Association of Manitoba (IBAM) president Dale Rempel says the theme also reflects brokers within the province and across the country sharing knowledge and tackling issues together. Among the […]
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