Features
SGI Seeks 10% Rate Increase
August 1, 2004 by Canadian UnderwriterSaskatchewan Government Insurance (SGI), is asking for a 10% increase on its auto rates, effective January 1, 2005. In a submission to the province’s Rate Review Panel, SGI says the increase is need to keep pace with claims. “SGI is…
In Memory (August 01, 2004)
August 1, 2004 by Canadian UnderwriterThe mutual insurance industry lost a key figure with the sudden passing of Randy Hutchinson on June 27, at the age of 51. Hutchinson, general manager of Farmers’ Mutual (Lindsay), served on the Ontario Mutual Insurance Association (OMIA) board from…
Alternative Attractions
August 1, 2004 Brian ReeveThe current hard market for commercial liability and property insurance coverages has made the use of alternative risk management structures attractive again. The liability crisis of the mid-1980s resulted in the formation of a number of offshore captive insurance companies. The current market conditions are likely to result in a new interest in forming captive insurance companies as well as other types of alternative risk management.
Trucking Litigation – An Accident Waiting to Happen
August 1, 2004 Vikki SpencerThe trucking insurance line has taken its financial lumps in U.S. courts over recent years. And, this liability trend will likely migrate north of the border into Canada, speakers at the recently held “Transportation Seminar” predict. In the meantime, Canadian insurers are also exposed to cross-border trucking operations, all of which point to a head-on collision with a litigation system gone wild.
U.S. Commercial Market Continues Slide
August 1, 2004 by Canadian UnderwriterU.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance…
RIMS’ 2-Q Survey Confirms Softening
August 1, 2004 by Canadian UnderwriterThe soft market is well on its way, according to the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey. The risk manager survey shows half of all commercial accounts saw rate decreases on renewal. The survey suggests…
July Storms Land Insurers With $158 Million-Plus Tab
August 1, 2004 by Canadian UnderwriterTwo massive summer storms struck insurers a hefty blow in July with the total insured loss pegged at around $158 million, according to preliminary data collected by the Insurance Bureau of Canada. The first storm brought heavy rain and hail…
Ontario Liberals Release “Customized” Auto Plans
August 1, 2004 by Canadian UnderwriterThe Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system including “customized coverages” for accident benefits (AB). The Ministry of Finance has posted the discussion paper on its website and is asking…
Ontario Auto Rates Show Decline
August 1, 2004 by Canadian UnderwriterRate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in…
On the Move (August 01, 2004)
August 1, 2004 by Canadian UnderwriterGroupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Viens is president of Promutuel Gaspesie – les Iles since 1998, and sits of the board of Groupe Promutuel,…
Views (August 01, 2004)
August 1, 2004 by Canadian UnderwriterCARSTAR Automotive Canada teamed up with “Young & The Restless” star Melody Thomas Scott (Nikki Newman) to kick-off the first annual CARSTAR “Soaps it Up for Cystic Fibrosis” National Car Wash. CARSTAR shops across Canada raised more than $30,000 for…
Cyber Wars
August 1, 2004 Barb SzychtaPart of being competitive in today’s business world means having a stake in the ever-expanding cyber universe. But as the virtual world grows, so do the potential sources of risk.