Industry
New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market, and to “respond to the current favorable underwriting and pricing environment”. This comes on the […]
By Canadian Underwriter | November 2, 2001
1 min read
With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result of September 11 claims. The company says its net operating loss is US$390.1 million for […]
By Canadian Underwriter | November 1, 2001
2 min read
Insurance Corporation of British Columbia president and CEO Thom Thompson is retiring after more than five years. Prior to joining ICBC, he worked for BC Hydro. No successor has been named yet. ING Canada is changing its organization, including the promotion of Yves Brouilette (pictured) to general manager, ING Americas, responsible for Canada and Mexico. […]
October 31, 2001
Last year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF) and conducted by St. Francis Xavier University. It is the first study to quantify the […]
6 min read
The shortage of skilled workers in the technology sector is something that often dominates the headlines these days. It is staggering to think that even with the recent meltdown in the technology industry, there still remains a critical need to fill as many as 850,000 tech jobs in North America and one million positions in […]
4 min read
Although the September 11 terrorist attacks are “unprecedented in scope and complexity,” the industry will be able to meet its commitments, says Larry Mayewski, executive vice president and chief rating officer for A.M. Best. “The direct and indirect impact of this event may not be fully understood for several years,” he notes. A.M. Best says […]
After five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) has instituted a standard auto insurance invoice for healthcare practitioners in Ontario. The invoice, which applies to rehabilitation providers such as chiropractors, massage therapists, psychologists, and the like, will take effect November 12, 2001. After that date, […]
The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest government offering predates discussions which occurred between the insurance industry and FSCO, and in this […]
By Canadian Underwriter | October 31, 2001
FIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one month’s notice. Following the incident, AXA said it would renegotiate the deal under new terms. […]
By Canadian Underwriter | October 30, 2001
A new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the largest the insurance industry has ever seen, there is renewed interest in investment in the […]
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