Topic
Insurance
CAC, brokers react to Quebec regulator’s report on practices
April 26, 2005 by Canadian UnderwriterThe Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector…
Busy week for Ontario regulator
April 25, 2005 by Canadian UnderwriterOntario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories…
Lombard to underwrite pet insurance program
April 25, 2005 by Canadian UnderwriterLombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for…
Loss costs likely to outpace premium growth in 2005: A.M. Best
April 25, 2005 by Canadian UnderwriterDespite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit…
What’s new: In brief (April 25, 2005)
April 25, 2005 by Canadian UnderwriterRestoration network Disaster Kleenup International (Canada) Ltd. has launched a software pilot program with Symbility Solutions Inc. The pilot is to determine the effectiveness of Symbility’s software in estimating property claims. The 60-day test begins on June 1. “By removing…
IBC partners in young driver distraction study
April 24, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is teaming up with researchers at the University of Calgary to study the impact of cell phone use by novice drivers. IBC will sponsor the research project which includes two phases – a simulation…
U.S. intermediary groups clash over Plumeri speech
April 24, 2005 by Canadian UnderwriterGroups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for…
Brokers report price softening across commercial accounts
April 24, 2005 by Canadian UnderwriterWhile commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen…
Canadians figure heavily on new RIMS board
April 24, 2005 by Canadian UnderwriterFour Canadians are members of the newly-restructured board of the Risk & Insurance Management Society (RIMS). RIMS decided last year to merge its large former board and executive committee, with new president Ellen Vinck pointing to the much smaller board’s…
Insurer groups oppose asbestos bill
April 24, 2005 by Canadian UnderwriterU.S. insurers groups have come out strongly opposed to a Senate bill to establish a US$140 billion fund for resolving asbestos claims.While insurers have worked with legislators towards a resolution to the multi-billion-dollar asbestos litigation crisis, they say the bill…
Shumka Craig & Moore acquires Newfoundland adjusting chain
April 21, 2005 by Canadian UnderwriterNational adjusting firm Shumka Craig & Moore says it has acquired Provincial Adjusting Services (PAS), a chain of six offices in Newfoundland and Labrador.PAS has been in operation since 1984, and current president Wayne Guy will remain to oversee the…
Premiums falling in Ontario and Alberta, but not for the same reason
April 21, 2005 by Canadian UnderwriterAuto insurance rates are dropping in Ontario, and will soon fall further in Alberta, but for two very different reasons. While insurers have filed for rate reductions in Ontario amounting to a further 1.12% decrease in the first quarter of…