Risk
In a response to the Newfoundland government’s consultation paper on auto insurance reform, the Facility Association (FA) has come out strongly against several proposed changes to its operation in that province.The plan calls for the government to control the membership and composition of the board of directors of FA, a move the insurance pool, which […]
By Canadian Underwriter | December 3, 2001
2 min read
Claims
It is a case of good news versus bad news for Vector Intermediaries (CDNX: VTE) in the third quarter of 2001, with the broker consolidator posting a net loss of $1,462,081, or $0.10 per share. This is, however, somewhat better than last year’s third quarter, when the company lost $1,649,474, or $0.21 per share.Despite the […]
1 min read
With the Canadian property and casualty insurance industry likely to end this year with a return on equity of less than 2% — the lowest level on record — and as claim costs continue to outstrip premium growth, insurer CEOs are predicting a difficult year for 2002. Insurers are also concerned with the pending withdrawal […]
November 30, 2001
10 min read
Reinsurers do not just provide covers, they provide guarantees -- promises that they will see the contract through, and not just collect a premium. This is where a reinsurer's counter-party credit and claims-paying ability rating comes into play, especially if the risk has a long-tail or the maximum loss may be substantial.
7 min read
The indirect consequences of the September 11 terrorist attacks on the U.S. will have a far greater impact on the insurance industry in Canada than the direct costs resulting from the tragedy. Few Canadian companies will be directly affected.
5 min read
Industry
As Ontario's brokers gathered in Toronto for the annual Insurance Brokers Association of Ontario Convention, the challenges and opportunities of the hardening insurance market were on everyone's minds. Just how far will the tide turn, and how will reinsurance price hikes trickle down to brokers' clients? All of this comes as Ontario's brokers prepare for immense regulatory changes and the emergence of new technological tools to their trade.
6 min read
With the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the September 11 terrorism attacks in the U.S. to establish what future risks and consequences could […]
4 min read
4. Winter storm Daria Europe 1990 95 6,053,000 3. Typhoon Mireille Japan 1991 51 7,142,000 4. Winter storm Daria Europe 1990 95 6,053,000 5. Winter storm Lothar Europe 1999 80 5,998,000 27. Urban interface forest fires California 1991 26 1,518,000 39. Urban interface forest fires California 1993 3 1,133,000 Source: Swiss Re/Sigma 2. Northridge earthquake […]
The Toronto Insurance Conference gathered for its 46th annual Black Tie Dinner at the Four Seasons, Toronto recently. Featuring guest speaker Richard Worzel, futurist and author, the event brought together members of the broking industry, insurers and special guests. It was also a chance to mark the organization’s 83rd anniversary.
The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) over their latest discussion document released on auto insurance regulation. The IBC says the latest government offering predates discussions that occurred between the insurance industry and FSCO, and does not reflect the true […]
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