Industry
Quebec’s insurers could soon find themselves under the umbrella of a “super regulator” which would also oversee securities, deposit-taking institutions and other financial services.The new regulator, proposed in Bill 107, would enforce the Insurance Act and Automobile Insurance Acts in the province, as well as a multitude of other financial services legislation. It would replace […]
By Canadian Underwriter | June 6, 2002
1 min read
The Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise and that will continue to negatively impact motorists in every province in this region,” says […]
By Canadian Underwriter | June 4, 2002
2 min read
Specialty risks auto insurer Kingsway Financial Services Inc. (TSE: KFS) has received a $66.5 million credit facility from a banking syndicate consisting of Canadian Imperial Bank of Commerce (CIBC), LaSalle Bank National Association and HSBC Bank Canada. The insurer says the debt funds will be used for "general corporate purposes". Toronto-based debt rating agency, DBRS, […]
By Canadian Underwriter | June 3, 2002
Rating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data” rating system just introduced by A.M. Best is an attempt to note the limited nature […]
The "auto insurance standard invoice" (AISI) - which applies to personal injury auto claims - has entered a new phase following its introduction six months ago. AISI is now a critical component of the operating environment of both insurers and healthcare providers.
May 31, 2002
6 min read
Most operation executives would agree that web services can help insurers meet increasingly sophisticated client demands and improve client relations. Most would also agree that creating such services can be a long and complex business process. However, whatever challenges might be presented, the process does not have to be onerous. Charting a technology road map can help smooth the bumps.
5 min read
Stan twisted open the throttle on the outboard and our boat skimmed smoothly away from the dock. The lake was glassy calm in the late afternoon sun and we were anxious to pull in a couple of good walleye before it got too dark to see. Stan’s successful brokerage was in a town of some […]
8 min read
Insurers have been sowing the seeds of online technology for several years, and as some within the industry would put it, this has been in the "shopping" phase rather than the "buying" phase. The problem was, while other financial services were putting money into solutions and reaping the benefits, most particularly the banks, insurers have had little to show for their efforts. For an industry accused of lagging behind in the online race, many have been asking when will insurers start to implement online solutions, and see the fruits of their many years of research.
10 min read
Toronto-based Fairfax Financial Holdings (TSE: FFH) moved into recovery for the first quarter of this year. After a $346 million net loss for the 2001 financial year, the financial services company posted before tax earnings of $29 million for the first quarter of 2002. This reflects nearly a three-fold gain on the $11.3 million in […]
There is a new "guy" in town. This is the message that Scott Tannas, CEO of broker consolidator Hi-Alta Capital Inc. - which is headquartered in the small town of High River, Alberta - sent out to the banking community at the company's recently held annual general meeting. At the AGM, Tannas revealed plans already well in the works that will see the first new federally chartered bank emerge on the Canadian landscape in what has been many years. Through the new bank legislation passed by Ottawa last year - which paved the way for smaller competitors to enter the domestic banking arena - Tannas intends to take on the banks at their own game. His strategy focuses on "community banking", which he believes the big five banks have neglected in their rush to economize through automated, centralized services.
7 min read
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