Risk

North American Insurance Conference: Dawn of a New Day

The financial numbers for insurers and reinsurers across North America are not good – but they may only tell part of the story of the property and casualty insurance industry’s woes. It has become a familiar refrain, the need to return to core underwriting discipline. But are companies listening? “We need profound and committed change […]

December 31, 2002

6 min read

Risk

Unearthing Historical Environmental Liability Policies

For decades it has been routine business practice in Canada to purchase occurrence-based general liability insurance policies. In recent years governmental authorities have begun to require the clean up of environmental pollution resulting from corporate activities that occurred long ago. The liability associated with such clean up is arguably covered by insurance policies issued for […]

December 31, 2002

6 min read

Risk

Having Your “It Cake” and Eating It

In normal business practice, it is always wise to keep a sharp watch on costs. With the present tight business economy it becomes absolutely essential. While cost control techniques vary greatly depending upon the type of business being operated, some things are universal, such as getting the most from expensive systems and services in which […]

December 31, 2002

4 min read

Risk

OSFI ready to roll out risk ratings

The federal insurance supervisor will soon begin sharing its new “risk ratings” with insurers for the 2002 year. At a recent luncheon of the Canadian Insurance Accountants Association (CIAA) in Toronto, speaker John Fernandes, director of regulatory and supervisory practices at the Office of the Superintendent of Financial Institutions (OSFI) told the audience while one […]

December 31, 2002

1 min read

Views (January 01, 2003)

Ontario Insurance Adjusters’ Association president Brian Nauss (right) and past president Louise Rivett welcome guests to the annual OIAA Christmas Party, held at the Sheraton Centre, Toronto. The event brings together adjusters and their business partners to network, dine and dance into the holiday season. As well, a donation was made on behalf of each […]

December 31, 2002

2 min read

Industry claims satisfaction rate rises for 2002

With the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was State Farm, with an overall rating of 95%, followed by Farmers’ Mutual of Lindsay, Ontario, […]

1 min read

Newfoundland auto reform tabled with no tort reform

Industry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act, makes no provisions for tort reform and puts new restrictions on underwriting.In a press release, […]

2 min read

Fairfax restructures TIG; implications for Commonwealth

Financial giant Fairfax Financial Holdings has restructured its Dallas-based TIG Insurance Group, a move which will impact B.C.’s Commonwealth Insurance Company and reinsurer Odyssey Re.Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger Insurance Company will be transferred to the parent company, Fairfax. This totals about $1.25 billion in assets.TIG will […]

2 min read

IBC pleased with sanctions against “road racing”

The Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has introduced the bill, which also includes provisions on medically at-risk drivers, left-lane passing and child […]

2 min read

Australia moves forward on terror insurance pool

The Australian government’s treasurer Peter Costello has put forward a bill before parliament that would see the creation of a government-backed terrorism reinsurance mechanism. The legislation would also ensure that terrorism cover is made available by insurers.The Terrorism Insurance Bill calls for the creation of a new government body, the Australian Reinsurance Pool Corp., which […]

1 min read