Claims
Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic Autopac coverage, according to a press release on […]
By Canadian Underwriter | June 12, 2002
2 min read
Risk
Democrats in the U.S. Senate have pushed a bill to create government-backed terrorism reinsurance onto the agenda. Bypassing the committee phase, Senator Christopher Dodd, co-sponsored by Senators Harry Reid, Paul Sarbanes and Charles Schumer, have moved the bill onto the Senate’s agenda.The contents of the plan differ from a House plan created late last year, […]
By Canadian Underwriter | June 11, 2002
Industry
New requirements for marine insurance proposed by the B.C. government are coming under fire from the province’s tourism operators. The Council of Tourism Associations is concerned that the new requirements may not respect “the unique nature” or individual marine-based adventure tourism operations.”Reputable tourism operators already work with their insurance brokers to carry coverage that is […]
By Canadian Underwriter | June 10, 2002
Broker consolidator Vector Intermediaries (TSX: VTE) is seeing continued operating improvement in the first quarter ending March 31, 2002. Earnings before interest, taxes and amortization were $165,462 versus $148,272 for the first quarter 2001.The result is consistent earnings per share of $0.01 year-on-year. The company notes that despite much lower contingent commissions and the first […]
By Canadian Underwriter | June 7, 2002
1 min read
Toronto-based Kingsway Financial Services (TSE: KFS, NYSE: KFS) has announced it hopes to offer $75 million in common shares, with a 15% overallotment on both the U.S. and Canadian markets.A prospectus has been filed with the Canadian securities regulator, and a registration statement in the U.S. to this effect.The offering of common shares will be […]
Canadian Transport Minister David Collenette says new entrants into the airline industry will enjoy the same war-risk coverage currently being extended by the government to existing companies. The temporary cover is for third-party war-risk liability and was introduced after insurers withdrew the coverage following the September 11 terrorist attacks.The coverage deadline has been extended several […]
By Canadian Underwriter | June 6, 2002
Rating agency A.M. Best has downgraded the financial strength rating of Ontario’s Gore Mutual Insurance Company to B+ from B++ on the back of deteriorating operating results and its heavy concentration of business in the troubled Ontario market. “For the past three years, net income has declined due to large underwriting losses and declining investment […]
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 […]
Anyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged rate increases to bring the industry back up to profitable levels. “I don’t see this […]
By Canadian Underwriter | June 5, 2002
3 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
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