Industry
Following disclosure by Insurance Corporation of British Columbia (ICBC) chair Nick Geer of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent financial review of the crown insurer. ICBC is operated by the provincial government and therefore […]
September 30, 2001
3 min read
Employees of Royal & SunAlliance Canada (below) “took it all off” to raise money for breast cancer research. The second annual Close Shave for a Friend involved 30 employees nationwide, who raised more than $15,000 through sponsorships. The event was also a chance to honor the memory of fellow employees lost to the disease. Sherwood […]
1 min read
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth for the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year. Net income growth jumped by […]
2 min read
Allstate Canada CEO and president Mike Haskell is moving on to the company’s U.S. headquarters, to become vice president of product operations. Mike Donoghue, formerly vice president of claims in the U.S., returns to Canada to become the new CEO. Royal and SunAlliance Canada president and CEO Bob Gunn will assume the role of Group […]
A research study conducted by the Insurance Bureau of Canada (IBC) of the insurance buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year, insurers notched up a loss of $190 million from the region, observes the IBC’s Atlantic […]
Lloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than 100 affected syndicates and involves thousands of members, both corporate and individual. The US$1.9 billion […]
By Canadian Underwriter | September 26, 2001
Concerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing and monitoring insurer solvency and plans a summit to discuss the impacts of the tragedy […]
By Canadian Underwriter | September 25, 2001
The federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with insurers.Following the September 11 terrorist attacks, insurers had said they would cancel existing third-party liability […]
Although the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of Newfoundland, bringing strong winds and heavy rainfall. More than 100 millimeters of rain caused roads […]
By Canadian Underwriter | September 20, 2001
More than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single loss in the company’s history. Swiss Re now predicts its losses will reach US$1.25 billion, […]
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