News
IBC questions financial affairs of ICBC (September 13, 2001)
September 13, 2001 by Canadian UnderwriterFollowing disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an…
Several insurers/reinsurers reveal WTC loss estimates
September 13, 2001 by Canadian UnderwriterA number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
WTC terror attack could produce insured loss of US$20 billion
September 12, 2001 by Canadian UnderwriterThe tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…
Atlantic Canadians hold low perception of insurance costs
September 10, 2001 by Canadian UnderwriterA research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
U.S. reinsurers face rising loss ratio
September 6, 2001 by Canadian UnderwriterThe loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns…
Kingsway takes on new U.S. partner
September 5, 2001 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately…
Appeals court finds Ontario Names liable
September 5, 2001 by Canadian UnderwriterThe Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
IBC wants oil tank regulations in place
September 5, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Zurich changes Canadian operations moniker
September 4, 2001 by Canadian UnderwriterZurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well…
Vector results improving slowly
September 4, 2001 by Canadian UnderwriterBroker consolidator Vector Intermediaries (CDNX: VTE) is seeing its results continue to improve, if modestly, through the first half of 2001. Operating results were the best in Vector’s history and operating margins continue to improve, the company states in a…
Lloyd’s forecasts losses for past two years
August 31, 2001 by Canadian UnderwriterInsurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the…
Consolidator Hi-Alta has “winning” first-half 2001
August 30, 2001 by Canadian UnderwriterBroker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including…