Industry
The London, Ontario annual airshow has been cancelled, its organizers announced, as a result of the excessive cost of insurance. Reports from the International Council of Air Shows Inc. (ICAS) suggest that Canadian airports are now demanding that airshow organizers obtain $50 million in general liability coverage per show, and additional insurance for war and […]
By Canadian Underwriter | May 8, 2002
1 min read
On the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute of Ontario, Anderson pointed out that in areas such as rising health care costs being […]
By Canadian Underwriter | May 6, 2002
3 min read
At its AGM in Toronto today, Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income is at $16.3 million versus $9.2 million for the first quarter 2001.The result is earnings per share of $0.33 for the quarter, compared […]
By Canadian Underwriter | May 2, 2002
2 min read
Auto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight -- insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
April 30, 2002
11 min read
Dear Editor, Re: Veteran Griffin to lead IBC, CU web site, April 3, 2002 I keep in touch with the Canadian industry through your web site (www.canadianunderwriter.ca). It was great news that Stan (Griffin) was appointed as George (Anderson)’s successor. Congratulations to both of them as they move into another chapter of their lives. Well […]
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation. Acquisitions played a key role in the company’s growth, with 9 agencies in 11 communities added to Hi-Alta’s Western Insurance Network last year, as well as the addition […]
U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported the year before. This plunge into the red resulted from skyrocketing catastrophe claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
Televised media coverage of the September 11 terrorist attacks that took place in downtown Manhattan, New York City, left little doubt in the minds of those that watched this tragic event that the cost of recovery -- although never replaceable in lost lives -- would be great in terms of both direct expenditure as well as economic loss. However, a new cost evaluation report suggests that the rebuilding and cleanup cost associated with the World Trade Center (WTC) attacks may prove to be billions of dollars less than originally anticipated.
Ouch! Auto insurers just cannot seem to win. Across Canada auto claim losses are pouring in with the supposed “prize market” of the country — Ontario, which accounts for about a third of all premiums in Canada — delivering some of the worst results as rate adjustments are left in the dust of accelerating bodily […]
Take a moment and look at your insurance company from your customer’s perspective. They selected your product from a sea of competitors, perhaps having questioned brokers and waded through copious amounts of advertising. You likely managed to break through based on the merits of your product and your company’s brand image. But what have you […]
4 min read
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