Risk

Pembridge CEO slams Alberta auto plan

The new Alberta auto insurance scheme will see good drivers subsidizing bad, says Pembridge Insurance Co. president Bob Tisdale. While the plan will see rates drop by 5% for good drivers, bad drivers receive the greatest benefits, he contends, with rates dropping by more than 50%.This is because high-risk drivers, including those with accident records, […]

By Canadian Underwriter | June 24, 2004

1 min read

Risk

What’s new: In brief (June 22, 2004)

Statistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing prices in Ontario, B.C. and Quebec. Not surprisingly, the story in May was rising gas […]

By Canadian Underwriter | June 22, 2004

1 min read

Risk

Risk managers need elevated role to implement ERM

Risk managers need to be positioned high enough in their organizations to effect enterprise-wide risk management (ERM) throughout the organizational structure, says a new position paper by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA president Sue Meltzer, who also serves as assistant vice president of risk management for Sun Life Financial, says […]

By Canadian Underwriter | June 21, 2004

1 min read

Risk

NF withdrawal still on the table for FA

The Facility Association (FA) is not prepared to withdraw from Newfoundland yet, but that option is still very much on the table, following a special meeting of member insurers Monday.FA CEO David Simpson says members are “mindful that Bill-30 has not been proclaimed yet” and have asked the organization to look more fully into the […]

By Canadian Underwriter | June 21, 2004

2 min read

What’s new: In brief (June 17, 2004)

The Alberta Workers Compensation Board (WCB) says premiums for 2005 should drop by 7.6% to $1.83 for every $100 of insurable earnings. This is down from $1.98 for 2004. In 2003, the WCB saw injury rates fall, with 1,000 fewer workers off-the-job due to injury compared to 2002. At the same time, average length of […]

1 min read

European reinsurers on stable footing: A.M. Best

After two years of downward pressure on the financial strength of European reinsurers, the market is stabilizing, says rating agency A.M. Best. That said, ratings are unlikely to return to former high levels, the rater addsRatings are currently supported by strong results through the first quarter of 2004, which are expected to continue through the […]

2 min read

Fairfax reduces Zenith stake

Fairfax’s TIG Insurance is reducing its stake in California-based Zenith National Insurance Corp. through the sale of 3.1 million common shares. Fairfax has filed a registration statement with the U.S. Securities Exchange Commission (SEC) to sell the shares, plus offer an additional 400,000 Zenith shares as an over-allotment option to underwriters. Fairfax currently owns 7.8 […]

1 min read

Prospect of FA withdrawal highlights Newfoundland auto woes

The potential for the Facility Association (FA) the industry’s pool for high-risk drivers to exit Newfoundland should be a sure sign to the province’s government that auto reforms newly legislated are a step in the wrong direction, says one risk manager.Craig Rowe, president of the Newfoundland and Labrador chapter of the Risk and Insurance Management […]

2 min read

Canadians feel immune to house fire: survey

Almost half of all Canadians have an “it won’t happen to me” attitude to house fires, according to a new survey commissioned by Duracell and the Canadian Association of Fire Chiefs (CAFC). Although more than one-tenth of Canadians have been victims of home fires, 48% of those surveyed feel there is almost no chance it […]

1 min read

Contingent commission investigation takes in p&c, life and health insurers

The contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and the rest following just last week stating that they had been subpoenaed and would cooperate […]

1 min read