News

The broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.“Top-up” funding was…

U.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among…

Lloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year…

Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…

Coverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves…

In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company…

The cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…

In the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing…

In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has put out proposed regulations for its “late and erroneous filings” penalties framework.The proposed regulation,…

Markham-based Insurers’ Advisory Organization (IAO) is teaming up with the U.S. Insurance Services Office to create and sell products in both countries. IAO, which is part of the UAB Group, will market ISO forms, rules and loss costs to Canadian…

At the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…

At Swiss Re’s annual yearend insurance industry review, speakers noted that while the global recession was likely to last well into next year, the insurance industry is on the road to recovery since September 11. “The U.S. and global economies…