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What’s new: In brief (July 18, 2004)

July 18, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding…

News InsuranceMergers and Aqcuisitions

Co-operators says confidentiality needed in rate filing process

July 18, 2004 by Canadian Underwriter

Hoping to clarify its position with regard to the need for confidentiality in the rate filing process, The Co-operators has issued a press release on its Nova Scotia filing.Co-operators vice president of personal lines Robert Wesseling says he is surprised…

News InsuranceMergers and Aqcuisitions

Ontario auto rates drop 7.3% in first-half 2004

July 18, 2004 by Canadian Underwriter

Rate 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…

News Climate ChangeInsurance

Update: Edmonton storms could prove costly

July 15, 2004 by Canadian Underwriter

(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the…

News InsuranceMergers and Aqcuisitions

SGI seeks 10% rate increase

July 15, 2004 by Canadian Underwriter

Saskatchewan’s public insurer, Saskatchewan 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…

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RIMS members report rates dropping across all lines

July 15, 2004 by Canadian Underwriter

The soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers…

News Climate ChangeInsurance

State of emergency declared following Peterborough floods

July 15, 2004 by Canadian Underwriter

Adjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…

News Insurance

Odyssey Re upgraded by Moody’s

July 14, 2004 by Canadian Underwriter

Fairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in…

News Climate ChangeInsurance

Actuaries say industry not ready to assume terrorism risk

July 14, 2004 by Canadian Underwriter

With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…

News Insurance

What’s new: In brief (July 14, 2004)

July 14, 2004 by Canadian Underwriter

Kingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has…

News InsuranceMergers and Aqcuisitions

ICBC seeks no rate increase for 2005; may drop optional rates

July 13, 2004 by Canadian Underwriter

B.C.’s public auto insurer has filed for no rate increase on its basic coverage package for 2005, citing improved investment results and lower claims.The Insurance Corp. of B.C. (ICBC) says it may also drop rates on its optional coverage, a…

News Climate ChangeInsurance

Global warming will lead to more extreme weather events: Benfield

July 13, 2004 by Canadian Underwriter

Even as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal…