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Revised Results for Canadian Insurers Show $2.6 Billion Profit

April 1, 2004 by Canadian Underwriter

Canadian property and casualty insurers posted net income of $2.63 billion for the 2003 financial year – showing significant improvement on the $340 million in net profit reported for 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC)

Select Committee vice chair Wally Stiles and chair Elizabeth Weir
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Public Auto Plan for N.B. to Cost $80 Million-Plus

April 1, 2004 by Canadian Underwriter

With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is

Dianne Whalen
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Newfoundland Introduces New Auto Package, Rate Freeze

April 1, 2004 by Canadian Underwriter

A new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package recently, which is

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Optimum General Recovery Maintains Steam (April 01, 2004)

April 1, 2004 by Canadian Underwriter

Montreal-based Optimum General Inc. (TSX: OGI.A) jumped into the black for the 2003 financial year by posting a net profit of $2 million, equal to 17 a share. This compares with a net loss of $7.4 million, or 68 a

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U.S. Reinsurers’s 2003 Profit Exceeds Us$3 Billion

April 1, 2004 by Canadian Underwriter

Last year, U.S. reinsurers saw net profit grow by almost 500% to US$3.08 billion compared with the US$628 million posted the year prior. The financial result of the U.S. reinsurance industry is calculated based on company data collected by the

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Investment Slump Drags E-L’s Bottom-Line

April 1, 2004 by Canadian Underwriter

E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., nearly doubled its operating income for 2003 to $42.9 million ($11.17 a share) from the $23.3 million ($6.08 per share) reported for 2002. However,

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A Stronger Voice

April 1, 2004 Sean van Zyl, Editor

The most recent hard market pricing cycle of the property and casualty insurance industry has been a test of endurance for brokers across the business spectrum. And, while the tight marketplace is seen to have generally brought about a leaner and more efficient distribution channel primarily through Canada’s independent broker network, today’s insurance environment also stresses the different needs of intermediaries according to the classes of business they handle. As such, the Toronto Insurance Conference’s newly appointed president Robert Jones says the organization plans to increase its visibility this year in terms of advocacy and identifying the specific needs of its commercial broker members.

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National Broker Market Trends: Action & Reaction?

April 1, 2004 Sean van Zyl, Editor

Brokers across the provinces are expressing cautious optimism with regard to the return of markets and overall greater underwriting capacity that has become available. Many brokers that CU spoke to in compiling its annual analysis of the brokerage sector concur that “the heartbeat of the property and casualty insurance industry was weak but stable” as the first quarter of 2004 came to a close. The question that many are now asking as the financial health of insurers improves is whether they will maintain a disciplined underwriting approach, or lose their willpower to the ferocious feeding frenzy of the past. Ultimately, can insurers break from the drastic reaction and counter-reaction market swings associated with the traditional insurance cycle?

Ellen Moore
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On the Move (April 01, 2004)

April 1, 2004 by Canadian Underwriter

Chubb Insurance Co. of Canada has named Ellen Moore as its new president and CEO, replacing Jan Tomlinson, who has been promoted to international field operations manager for the parent company. Moore has been with Chubb & Son since 1978,

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Alternative Process to DAC System Prompted for Ontario

April 1, 2004 by Canadian Underwriter

A consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls

Paul Viollis
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Workplace Violence Legislation Impacts Employer Duties

April 1, 2004 by Canadian Underwriter

Corporations and their risk management departments face new responsibilities with the passage of federal Bill C-45, which seeks to reduce workplace violence and accidents, attendees to an AIG seminar were recently told. The new law establishes criminal liability for corporations

TIWA Wine and Cheese
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Views (April 01, 2004)

April 1, 2004 by Canadian Underwriter

B + L Consultants and Vigil Technology Locating Systems Inc. have signed a national promotional services agreement. The three-year deal will see B + L promoting the Vigil GPS system nationally to 900 car dealers, with an annual target of