Industry
A controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue at stake is attempts by insurers over recent years to “cap” external legal expenses and […]
November 30, 2000
8 min read
Risk
The Canadian Risk & Insurance Management Society’s (CRIMS) 25th annual conference – which was recently held in Edmonton, Alberta – centered on “Reflections” as an underlying theme for the event. The Alberta chapter of CRIMS, which organized this year’s event, also selected the “Northern Lights” as a visual metaphor reflecting back on the past development […]
5 min read
The insurance industry donned its finest for the 45th annual Toronto Insurance Conference Black Tie Dinner recently, at the Four Seasons Hotel in Toronto. Among the guests were (clockwise from top, left to right): Employers Re’s Peter Borst, The Citadel Assurance’s Ernst Notz, The Travellers Casualty & Surety Company’s Brian Divell, RIBO past president Art […]
1 min read
Auto
At a recent Insurance Brokers of Durham Region meeting, CARSTAR Canada co-founder Sam Malatesta (pictured) took the opportunity to promote the collision repair chain’s sale of FrightLite glow sticks, in support of The Canadian Cystic Fibrosis Foundation. Throughout October, CARSTAR franchises and head office employees were out in full force to sell the sticks, which […]
Meloche Monnex Inc., the property and casualty arm of TD Bank Financial Group, has acquired the property and casualty insurance business of Canada Life. In return, Canada Life Assurance Company will take over the group savings business of TD Canada Trust, as well as receive a net cash payment of $75 million. Meloche Monnex will […]
2 min read
As the Office of the Superintendent of Financial Institutions (OSFI) tabled its annual report for 1999-2000, superintendent John Palmer stressed the government regulator’s push towards accountability. “Improving OSFI’s accountability framework has been a challenging undertaking because so few precedents exist within the public sector and virtually none available within the regulatory community,” says Palmer. “Therefore, […]
Specialty insurer Kingsway Financial Services Inc. (TSE: KFS) reported a 48% increase in net income to $20.1 million for the nine month period ended September of this year compared with $13.6 million disclosed for the entire 1999 financial year. This produced a return on equity for the reporting period of 15%. The gain in earnings […]
The federal government’s announcement of an early general election for November of this year has scuttled hopes of having Bill-38, the national financial services legislation, passed within the fall sitting of parliament, confirms Paul Kovacs, vice president of the Insurance Bureau of Canada (IBC). Introduced by Finance Minister Paul Martin last year as a “white […]
October 31, 2000
Home
With the rise of high-tech crime fighting equipment and the experts to match the tools, insurers are discovering new ways to crack down on fraud. Far from a victimless crime, fraud accounts for higher premiums and higher taxes as fake claims drain precious emergency resources as well as funds. The recent “Project Slip” initiative by […]
7 min read
In advance of its annual meeting this month, the Registered Insurance Brokers of Ontario (RIBO) has released a policy paper on the province’s proposal to remove the sole occupation requirement for brokers. RIBO favours changing the requirement to ‘principal occupation’, rather than removing it altogether, as has been suggested by the Financial Services Commission of […]
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