Industry
Despite criticism this past week by opponents to the recent auto insurance legislation reform measures brought into place in Ontario, the Insurance Bureau of Canada (IBC) holds firm that the actions taken will provide long-term cost benefits for policyholders. “the [Ontario] government’s auto insurance reform legislation will control costs and ensure the long-term affordability of […]
By Canadian Underwriter | November 3, 2002
2 min read
Applications by Ontario private passenger auto insurers for rate increases in the third quarter 2002 were up 8.33% on average, compared with average increases of 5.9% in the second quarter.At September 30, 2002, the average cost of auto insurance was 11.99% higher than at the end of the third quarter 2001, adds the Financial Services […]
By Canadian Underwriter | November 1, 2002
1 min read
The U.K. government says it will not extend its insurance backstop coverage scheme for the airline industry against third-party terrorism and war liability risks beyond the recently past October 31 expiry date. The U.K. government believes that sufficient private sector insurance options are now available in the market.The U.K. government decision follows on a recent […]
Life under Ontario's current no-fault accident benefits system is no picnic for insurance adjusters and claims investigators. A system originally intended to curb fraud has in fact exacerbated the situation and insurers are fighting an uphill battle against a rising tide of fraudulent claims. At the recent Toronto Fraud Forum, the Ontario system was put under the microscope with the conclusion that insurers need to step up the heat against fraud.
October 31, 2002
5 min read
In the wake of the terrorist attacks of September 11, 2001, Canada, like many other nations sought to develop programs to cover losses that result from terrorist acts. The process has been a tedious one, which has been exasperated by a global reinsurance market position that terrorism is an uninsurable exposure that cannot be quantified. Most reinsurance companies around the world, in the period following the attacks moved to exclude terrorism risk from their contracts.
The year past was marked by the cost pressures of rising claims costs, plummeting investment returns and a steely attitude of global insurance head-offices to the writing of new business. The impact has been profound, from consumers, brokers through to the management of insurance companies. The effect thus far has been lost markets, vanished capacity, […]
3 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating income for this year’s third quarter amounted to $23.5 million, equivalent to 659 a share, […]
As the Insurance Institute of Canada (IIC) celebrates its 50th anniversary as a national source of insurance education, its path can be viewed as a work in progress. Many of the mandates that marked the institute's early years continue to guide its development: accessibility, professionalism and high educational standards respected worldwide. Now, institute president Peter Hohman says the IIC is also focused on raising the profile of its graduates with the public.
6 min read
The Women in Insurance Cancer Crusade (WICC) B.C. Chapter has made its first donation, with a $15,000 cheque presented to the Canadian Cancer Society. The proceeds are from the On-Side Ladies Only Golf Tournament, WICC’s first B.C. event, as well as draws at several industry events. The chapter is planning a November luncheon, and a […]
50www.canadianunderwriter.ca CANADIAN UNDERWRITER / NOVEMBER 2002
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