Features
Auto Reform on the Table in New Brunswick, Quebec
February 1, 2004 by Canadian UnderwriterIn his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system. While Lord noted that almost $23 million in rebates have…
Commercial Property Rates Dropping: RIMS Survey
February 1, 2004 by Canadian UnderwriterCommercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd. Risk managers report not only…
On the Move (February 01, 2004)
February 1, 2004 by Canadian UnderwriterAllison Murray, former executive vice president and COO of Enterprise Canada Insurance Services, has started her own company, A.M. Associates. The new company will focus on commercial lines consulting and research for insurers, brokers and law firms. Allianz Canada has…
Tech Squeeze on Auto Fraud
February 1, 2004 Ivor KayeSay the word “fraud” and insurers shake in their boots. Of the host of financial challenges facing the insurance industry today, fraud ranks as perhaps the most menacing. However, new technologies may provide a solution to beat back the “fraud monster” – if the industry stakeholders are willing to join together to create integrated systems.
MPI Net Income Up Despite Claims Growth
February 1, 2004 by Canadian UnderwriterFor the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier. Investment income was almost double, hitting $85.4…
Insurers Warm Up to Ontario Auto Reforms
February 1, 2004 by Canadian UnderwriterInsurers have come out in favor of Ontario’s new auto insurance reforms. The McGuinty Liberals had promised legislative reforms after freezing rates shortly after taking office in October. Although the latest product reforms mean the end of the rate freeze,…
On the Move (January 01, 2004)
January 1, 2004 by Canadian UnderwriterSinclair-Cockburn Financial Group has named Nadia Romano as personal lines manager, capitalizing on more than 20 years of insurance industry experience, including two years on the firm’s senior management team. Adjuster Cunningham Lindsey Canada Ltd. announces vice president, operations Lorri…
Letter to the Editor (January 01, 2004)
January 1, 2004 by Canadian UnderwriterIn his Letter to the Editor (CU’s November 2003 issue, page 49) broker Neil Whetham criticizes writer Craig Harris for comments made in Harris’ August 2003 article “Building Boom Insurance Bust.” In particular, Whetham singles out Harris’ closing comments that,…
Moments In Time (January 01, 2004)
January 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Allianz Canada Rating Lowered With Negative Outlook
January 1, 2004 by Canadian UnderwriterRating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been…
MPI Rates to Rise 3.7%
January 1, 2004 by Canadian UnderwriterManitoba Public Insurance (MPI) has broken its six-year rate freeze, and will hike basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger…
Us Tort Costs Hit US$233 Billion
January 1, 2004 by Canadian UnderwriterTort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. The single largest factor in the increase is…