Claims
Only days after class action suits were started in Quebec against insurers AXA Canada and ING Canada, Liberty Mutual General Insurance in Canada became the next victim of the aftermarkets parts legal fever sweeping North America. With its American parent having a class action suit filed against it previously in the U.S., Liberty Mutual Insurance, […]
February 29, 2000
1 min read
Risk
Control over the distribution of insurance products is once again back on the property and casualty insurance industry’s radar screen as the federal government’s proposed white paper on financial services competition is set to go forward before parliament for legislative approval this March/April. Although the final version of the financial services paper is expected to […]
8 min read
Industry
The friendly bout gloves seem to have been removed in the latest acquisitional match of industry consolidation, namely the less-than-friendly bid made by listed Equisure Financial Network in the beginning of this year for its public-traded rival, Canada Brokerlink Inc. This was later followed by a friendly offer by Allianz Canada, a deal supported by […]
4 min read
When the “garage sale” begins and market players undercut one another, nowhere is the reverberations felt any stronger than the specialty lines business. Niche operators want the message to be clear: “Stay out of out of our business”. More to the point, it is not competition they fear but the disruption brought to the market […]
9 min read
Kingsway Financial Services Inc. (TSE: KFS) has announced a fourth quarter 1999 loss of 40 to 45 cents per share. The company expects to report a combined ratio of approximately 102% for fiscal 1999, a marked increase from 1998’s year-end 93.9%. Gross premiums written are on the rise, from 1998’s $409 million to $500 million […]
2 min read
Home
Ten years ago, auto theft was not big business organized crime that it has become today. About 97% of stolen cars were recovered then. Today, that figure has dropped to 60%. Some attribute the change to a more organized crime structure. Others, to the opening of the border following the North American Free Trade Agreement […]
5 min read
Emerging technologies are having a great impact upon the insurance industry, in particular the adjusting field. One innovation that is leaving its mark on adjusting in particular is digital photography. Incorporating photos into insurance reports is critical to developing comprehensive case reports, and the advent of digital photography has meant adjusters are able to do […]
In a move that has escalated global primary company consolidation, CGU Group and Norwich Union announced they will merge their operations. The new company, CGNU, will form the UK’s largest insurance group and feature worldwide premium income and retail investment sales of 26 billion pounds. The deal, more accurately characterized as a CGU acquisition, is […]
Susan Meltzer, president of the Risk and Insurance Management Society (RIMS) for the 1999/2000 term, bridled in her opening comments in the panel discussion to a previous reference made by a seminar speaker at the RIMS’ “Operational Risk Management” conference recently held in Toronto. Meltzer’s objection was to a widely held belief in the corporate […]
Consumer suspicion of insurance companies has reached the point that it is now part of American pop culture to view them as commonplace in the U.S., as are awards of punitive damages.
7 min read
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