Industry
The outcome of a class action lawsuit filed in Ontario against the Co-operators General Insurance Co. in an attempt to reclaim amounts the insurer allegedly gained from salvage following a total loss write-off of a vehicle and deductible charged to the insured, could herald a new attack of "strike suits" against auto insurers
July 31, 2001
7 min read
The Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and securities sectors operating in the province. In a letter addressed to John O’Toole, the parliamentary […]
1 min read
Most jurisdictions have a form of rate approval systems for private passenger automobile risks but in recent times they have been going from bad to worse. Ontario, with its new rate filing system, is no exception
5 min read
The proposed merger of FSCO and the OSC holds significant implications for Ontario's insurers, with perhaps the greatest ramification being the "rule-making" authority that the new regulatory body will hold over the financial services industries. It is therefore critical that insurers make themselves familiar with the proposed merger legislation before it is inacted.
6 min read
The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board positions. The only remaining member is ICBC president and CEO Thom Thompson. The changes come […]
Insurers acting through the industry’s national lobby body, the Insurance Bureau of Canada (IBC), are currently engaged in high-level meetings with provincial government officials in Atlantic Canada with a view to introducing rapid reform to the basic auto insurance product. The need to take corrective action in lieu of the significant rise in auto claim […]
2 min read
39.8 34.5 39.8 -3.1 -2.0 -6.3 Source: SNL Securities and the Insurance Information Institute 43.4 34.5 39.8 -3.1 -2.0 -6.3 Source: SNL Securities and the Insurance Information Institute -6.5 43.4 34.5 39.8 -3.1 -2.0 -6.3 Source: SNL Securities and the Insurance Information Institute -9.6 -6.5 43.4 34.5 39.8 -3.1 -2.0 -6.3 Source: SNL Securities and […]
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801c a share for the first six months of this year (June […]
By Canadian Underwriter | July 31, 2001
Swiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.In addition to the purchase price, Lincoln National will retain US$500 million of capital currently supporting […]
By Canadian Underwriter | July 30, 2001
The Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run insurance corporation has had a monopoly on insurance in the province, but Liberal Premier Gordon […]
By Canadian Underwriter | July 26, 2001
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