Industry
A group of 220 Lloyd’s investors (names) have another chance to make their case for fraud against the 300-year-old insurance market. The charges, which were put down by the U.K. Commercial Court late last year, stem from asbestosis claims of the mid-1980s. The names charge that Lloyd’s executives concealed the severity of asbestosis losses.Although Lloyd’s […]
By Canadian Underwriter | October 9, 2001
1 min read
Risk
The Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain accessible, and claims for pain and suffering on permanent or serious injury cases.Government Service and […]
By Canadian Underwriter | October 5, 2001
2 min read
The future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could step in long-term to cover the country’s airline industry. The federal government, along with several […]
To help aid the victims and survivors of the September 11 terrorist attacks in the United States, the Insurance Brokers Association of Canada (IBAC) has partnered with The Salvation Army in Canada to set up the Canadian Insurance Brokers’ Appeal for the Salvation Army’s U.S. Disaster Fund. The purpose of this initiative is to enable […]
Auto
Following announcement of higher than normal claims payouts this summer, Manitoba Public Insurance (MPI) is taking back its request to the province for a rate reduction for motorists.Hail storms in August are partly to blame for the decision, which will see MPI “hold the line” on rates yet again. The public insurer had requested a […]
By Canadian Underwriter | October 4, 2001
After five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) is finally able to institute a standard auto insurance invoice for health care practitioners in Ontario. The invoice, which applies to rehabilitation providers such as chiropractors, massage therapists, psychologists, and the like, will take effect November 12, […]
Rating agency Fitch’s is predicting Lloyd’s of London losses from the terrorist attacks on America could reach US$10 billion or more. This comes after Lloyd’s announced estimated gross losses of US$1.9 billion for the market – still representing the single biggest loss event in Lloyd’s 300-year history.Fitch’s makes the claims based on the industry’s experience […]
By Canadian Underwriter | October 3, 2001
Lloyd’s of London has announced an increase in its "central fund" premium levy which is charged against syndicate members by 0.9% to the 2% level. The new rate becomes effective from next year and will run through to the end of 2003, the insurance market says.The additional income generated will boost the central fund coffer […]
By Canadian Underwriter | October 2, 2001
Winnipeg-based auto collision repair operator The Boyd Group Inc. (TSE: BYD.A) has acquired AWC Collision Center which consists of four operations located in metro Seattle and Tacoma within the U.S. state of Washington. The terms and purchase price of the acquisition were not disclosed.Boyd will, however, issue about 143,000 class-A shares at a value of […]
After six years at the helm, the head of British Columbia’s public insurer is stepping down. Thom Thompson has been president and CEO of the Insurance Corporation of B.C. (ICBC) since 1995, and his retirement comes amidst a torrent of changes at the public insurer.Speculation has loomed that the B.C. auto market will be privatized […]
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