News
Losses from N.B. forest fires likely covered: IBC
June 15, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside…
Contingent commission investigation takes in p&c, life and health insurers
June 14, 2004 by Canadian UnderwriterThe contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and…
US commercial and personal lines given stable outlook: S&P
June 14, 2004 by Canadian UnderwriterAt long last, the U.S. commercial lines sector has seen its outlook revised by rating agency Standard & Poor’s to stable, in line with the personal lines outlook.S&P points to a “delicate balance” between earnings growth and legacy reserving issues…
Silica could be next asbestos: S&P
June 14, 2004 by Canadian UnderwriterA new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could…
What’s new: In brief (June 14, 2004)
June 14, 2004 by Canadian UnderwriterThe Canadian Independent Adjusters Association (CIAA) has revised its program for the 2004 annual convention to be held in Whistler, BC, September 9-12. Friday now includes an entire day of educational sessions, revolving around the issues of legislative change and…
Groupe Promutuel president exits
June 13, 2004 by Canadian UnderwriterFor health reasons, the president of Groupe Promutuel is stepping down. Mario Fortier has been with the board of directors and executive since 1992, named vice president in 1993, and in 1998 moving into the president’s role. Groupe Promutuel is…
Anthony Clark founders fined $80,000, banned from markets
June 13, 2004 by Canadian UnderwriterFollowing a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each.Brothers Luciano John and Secondo Pietro Podorieszach face…
CIAA preparing for Alberta privacy legislation
June 13, 2004 by Canadian UnderwriterWith the introduction of provincial privacy legislation in Alberta, adjusters in that province are reconciling these requirements with the federal privacy act.The Personal Information Protection Act (PIPA) has been deemed to be substantively similar to the federal Personal Information Protection…
ICLR research agenda includes blackouts, water damage and drought
June 13, 2004 by Canadian UnderwriterWhile it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and…
What’s new: In brief (June 10, 2004)
June 10, 2004 by Canadian UnderwriterThe Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial…
Allianz future looks brighter: S&P
June 10, 2004 by Canadian UnderwriterRating agency Standard & Poor’s has revised the outlook for Allianz Canada from negative to stable, citing the expectation of improved results in 2004 and 2005. As well, Allianz Canada (which includes Allianz Insurance Co. of Canada and Trafalgar Insurance…
“Rest up” program launched in New Brunswick
June 10, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment.“Rest up” is the IBC’s newest safety initiative, and…