Canadian Underwriter

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Royal & SunAlliance takes decisive action against name imposter

April 26, 2002 by Canadian Underwriter

Royal & SunAlliance Insurance Co. of Canada says it will not stand by as an imposter entity continues to use the insurer’s corporate name to market what would appear to be fraudulent insurance products.Royal has launched an official investigation into

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Five U.S. states approve terrorism exclusions on homeowners’ cover

April 26, 2002 by Canadian Underwriter

Insurance regulators in Arizona, Colorado, North Dakota, South Dakota and Kentucky have approved requests by insurers to apply terrorism exclusions to homeowners’ covers, according to the Insurance Services Office (ISO). While some insurers are still offering terrorism cover in these

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SGI to offer driver discount and new fines

April 25, 2002 by Canadian Underwriter

Saskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million

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German government close to terrorism coverage solution, says news source

April 24, 2002 by Canadian Underwriter

A German newspaper, “Handelsblatt”, is reporting that country’s government is close to signing a solution for terrorism coverage. The German government has been negotiating with insurers and industrial representatives to find a compromise following the withdrawal of terrorism reinsurance since

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Identity theft leaves Royal & SunAlliance bothered

April 23, 2002 by Canadian Underwriter

A non-licensed financial services entity calling itself "Royal and Sun Alliance: International Loans and Insurance Group" has set up a website under that name, listing a Toronto address and telephone number.The Office of the Superintendent of Financial Services (OSFI) has

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IBC tries to educate consumers about hard market

April 23, 2002 by Canadian Underwriter

In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.“The increased cost of automobile insurance has been the focus of much attention

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Cats at 10-year low for Q1, says ISO

April 22, 2002 by Canadian Underwriter

The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property

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Commercial market in distress, say U.S. agents

April 19, 2002 by Canadian Underwriter

The dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September

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Uninsured Vehicles Project faces delays

April 19, 2002 by Canadian Underwriter

An initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government,

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Markham General cancels policies mid-term

April 18, 2002 by Canadian Underwriter

In the wake of industry speculation on the fate of Internet-based insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15.In a letter to brokers approved by

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Lindsey Morden losses up in Q1 2002 due to outstanding claims

April 18, 2002 by Canadian Underwriter

International adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending

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Co-operators officially appoints new CEO at AGM

April 17, 2002 by Canadian Underwriter

The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity