Industry
In the wake of industry speculation on the fate of “virtual” insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15. In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the […]
April 30, 2002
2 min read
Insurers should adjust their investment strategies in the face of an increasingly global marketplace, former federal cabinet minister and Brinson Canada Co. CEO Michael Wilson told attendees at a recent meeting of Canadian Insurance Accountants Association. Canadian p&c companies have traditionally invested 80% in fixed income and 20% in Canadian and foreign equities, but “this […]
1 min read
Broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has gained regulatory approval to repurchase a total of 576,988 of its outstanding common shares, equal to about 5% of the company’s total shares in issue, over the next 12 months. The broker consolidator says it has already repurchased approximately 98,000 common shares. The company believes that […]
By Canadian Underwriter | April 30, 2002
The Association of European Airlines (AEA) has established a terrorism insurance scheme called "Eurotime" which is expected to replace current temporary government backstop facilities for this particular peril. Airliners from around the world have been operating mostly with the insurance support of their respective national governments since the September 11 terrorist attacks as traditional insurers […]
Risk
A document just released by parties involved in the dispute over coverage for the World Trade Center (WTC) explains the position of representatives for the Silverstein interests, who are calling the September 11 attacks two separate events and seeking double the payout on their insurance coverage.The statement includes portions of deposition testimony from representatives of […]
By Canadian Underwriter | April 29, 2002
In light of the recent cancellation of policies by Ontario’s Markham General Insurance Company, the industry association representing bodyshops is suggesting its members get money up front from the company’s claimants for repairs. In an “urgent notice to shopowners”, the Collision Industry Action Group (CIAG) is advising member shops “that they should consider having the […]
A report issued by the Reserve Bank of New York estimates that the cleanup and rebuilding cost in downtown Manhattan following the World Trade Center (WTC) terrorist attacks could be US$6 billion less than what had been originally anticipated. The Reserve Bank has pegged a total cleanup/rebuilding cost of between US$25-US$29 billion, of which about […]
By Canadian Underwriter | April 26, 2002
Royal & SunAlliance Insurance Co. of Canada says it will not stand by as an imposter entity continues to use the insurer’s corporate name to market what would appear to be fraudulent insurance products.Royal has launched an official investigation into an entity called "Royal and Sun Alliance" which has been advertising its services through newspapers […]
Insurance regulators in Arizona, Colorado, North Dakota, South Dakota and Kentucky have approved requests by insurers to apply terrorism exclusions to homeowners’ covers, according to the Insurance Services Office (ISO). While some insurers are still offering terrorism cover in these states, the decision to approve exclusions was made based on concerns that "forced cover" could […]
Saskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million in discounts in its first year. Set to launch in July to follow the passage […]
By Canadian Underwriter | April 25, 2002
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