Industry
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.”We agree the recommendations will guard against oil tank spills in the first place and will avert environmental and health concerns […]
By Canadian Underwriter | September 5, 2001
1 min read
Zurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well a corporate p&c products.The name change is part of broader reorganization of Zurich’s operations which […]
By Canadian Underwriter | September 4, 2001
Claims
Broker consolidator Vector Intermediaries (CDNX: VTE) is seeing its results continue to improve, if modestly, through the first half of 2001. Operating results were the best in Vector’s history and operating margins continue to improve, the company states in a press release.Before tax earnings for the period are $732,164, or $0.03 per share, compared with […]
Risk
With the sharp rise in property related insurance losses, particularly on personal auto which by far accounts for the lion's share of premiums in Canada, many insurers have shown renewed interest in commercial liability lines. Recent acquisitions have resulted in specialty operators with dominating interests in specific liability classes, while some of the major general underwriters have created dedicated liability risk departments with the intent of pursuing new business. But, while the commercial liability landscape may appear at this point to be more inviting than the "dog eat dog" competitive environment on the property side, some within the industry believe that the "tail" of liability coverages will eventually sweep back in the faces of Canadian insurers similar to the adverse developments underway in the U.S. market.
August 31, 2001
10 min read
The recent purchase of Edmonton, Alberta adjusting firm Leonard, Hirst & Miller (LH&M) has provided Crawford Adjusters Canada with a firm foothold in the west. Crawford CEO Glenn Gibson says the “fit” of LH&M’s professional expertise was a main attraction. “We looked primarily at the quality of the staff…this was the key driver from our […]
In 1928, while working on the influenza virus, Alexander Fleming observed that mold had developed accidentally on a staphylococcus culture plate and that it had created a bacteria-free circle around itself. He was inspired to further experiment and later found that a mold culture prevented growth of staphylococci, even when diluted 800 times. He named the active substance penicillin. And the rest, as they say, is history.
7 min read
As New York takes the first step in restricting driving and hand-held cell phones this year, a building debate is growing within Canada over safety and "dialing and driving". Although several studies seem to support increased safety risk, provincial legislators remain hamstrung over the conflicting interests of the public and the telecommunications industry.
6 min read
Rates are a hot topic in the industry these days. We have all seen the flurry of rate activity and tougher underwriting being put in place over the past several months. Yet, despite all of this action, the industry is not in a sustainable position going into 2002 and looking ahead to the years beyond.
5 min read
Your company's "employee of the month" could quickly become the defaulter of the year. What strategic measures have you taken to protect your firm against fraud?
Following the disappointing financial returns Canadian property and casualty insurers produced for the first quarter of this year – a time which a year ago many in the industry had projected would see a recovery in earnings – the latest financial results up to the end of the first half of this year point to […]
3 min read
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