News
Alberta auto reforms get seal of approval
June 22, 2004 by Canadian UnderwriterAlberta’s auto reform plans have received the final stamp of approval from the provincial Cabinet, setting the launch date for October 1.A committee of legislators is being put together to ensure a smooth transition to the new system, which includes…
European reinsurers sticking to guns thus far in 2004
June 21, 2004 by Canadian UnderwriterEarly results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only…
Risk managers need elevated role to implement ERM
June 21, 2004 by Canadian UnderwriterRisk managers need to be positioned high enough in their organizations to effect enterprise-wide risk management (ERM) throughout the organizational structure, says a new position paper by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA president Sue Meltzer,…
NF withdrawal still on the table for FA
June 21, 2004 by Canadian UnderwriterThe Facility Association (FA) is not prepared to withdraw from Newfoundland yet, but that option is still very much on the table, following a special meeting of member insurers Monday.FA CEO David Simpson says members are “mindful that Bill-30 has…
What’s new: In brief (June 21, 2004)
June 21, 2004 by Canadian UnderwriterAXA Re Group and its subsidiaries have seen their “A-” (excellent) financial strength rating affirmed by A.M. Best, with a stable outlook. The rating agency cites AXA Re’s improved operating performance as a result of tighter underwriting, as well as…
What’s new: In brief (June 20, 2004)
June 20, 2004 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. has settled a previously disclosed lawsuit filed by James Bonfiglio claiming the company failed to honor a stock option agreement in October, 1998. In its 2003 yearend results, ACL reported a $515,000 judgement had…
TRIA extended one year
June 20, 2004 by Canadian UnderwriterJust as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed…
WARP and CSIO not mutually exclusive
June 20, 2004 by Canadian UnderwriterBrokers should have more technology options coming their way for web-based interaction with insurers, but those systems need not be exclusive of the CSIO portal, attendees of the Toronto Applied Systems Client Network (TASCNet) conference heard recently.While Applied Systems is…
MPP’s comments “only half the story”: IBC
June 20, 2004 by Canadian UnderwriterComments made the New Brunswick NDP leader Elizabeth Weir are off the mark, says the Insurance Bureau of Canada (IBC).Weir stated that insurance rate decreases in the province were amongst the lowest in the country, but the IBC says in…
What’s new: In brief (June 17, 2004)
June 17, 2004 by Canadian UnderwriterThe Alberta Workers Compensation Board (WCB) says premiums for 2005 should drop by 7.6% to $1.83 for every $100 of insurable earnings. This is down from $1.98 for 2004. In 2003, the WCB saw injury rates fall, with 1,000 fewer…
European reinsurers on stable footing: A.M. Best
June 17, 2004 by Canadian UnderwriterAfter two years of downward pressure on the financial strength of European reinsurers, the market is stabilizing, says rating agency A.M. Best. That said, ratings are unlikely to return to former high levels, the rater addsRatings are currently supported by…
M&A expected to increase: S&P survey
June 17, 2004 by Canadian UnderwriterThe mega-mergers of St Pauls/Travelers and John Hancock/Manulife are a signal the industry should expect increased consolidation, say insurance executives and analysts.Two-thirds of those responding to the survey, which was taken as part of Standard & Poor’s annual insurance conference…