News
Montreal broker first to go direct with Lloyd’s
October 12, 2001 by Canadian UnderwriterUnder a new Lloyd’s of London scheme to allow non-U.K. brokers to deal directly with the market’s underwriters, the first Canadian broker is now on board.Montreal-based B.F. Lorenzetti & Associates (BFL) will be the first in this country to deal…
IBC and policy group at odds on B.C. insurance future
October 11, 2001 by Canadian UnderwriterA new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost…
RSA ups WTC loss estimate by one-third
October 11, 2001 by Canadian UnderwriterU.K.-based Royal & SunAlliance has increased its estimate of losses from the terrorist attacks on America to 200 million pounds (US$290 million) pretax, up from an earlier estimate of 150 million pounds.The company reports that while aviation and property losses…
U.S. insurance groups look for temporary reinsurance solution for terrorism
October 10, 2001 by Canadian UnderwriterChicago-based The National Association of Independent Insurers (NAII) has released a proposal which it believes offers the best short-term solution to insurers in the wake of the reduction in reinsurance cover for terrorism exposures. NAII says it will continue to…
Zurich doubles WTC loss estimate
October 9, 2001 by Canadian UnderwriterAlmost a month after the terrorist attacks on the World Trade Center (WTC) and Pentagon, Zurich Financial Services Group is doubling its loss estimate. The company now says pretax losses could reach between US$700 million and $900 million, although on…
Lloyd’s names win right to appeal fraud charge
October 9, 2001 by Canadian UnderwriterA group of 220 Lloyd’s investors (names) have another chance to make their case for fraud against the 300-year-old insurance market. The charges, which were put down by the U.K. Commercial Court late last year, stem from asbestosis claims of…
Auto insurance up for reform in Newfoundland
October 5, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain…
Future of airline insurance up for discussion
October 5, 2001 by Canadian UnderwriterThe future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could…
IBAC and Member Associations Launch Insurance Brokers’ Appeal for The Salvation Army’s U.S. Disaster Fund
October 5, 2001 by Canadian UnderwriterTo help aid the victims and survivors of the September 11 terrorist attacks in the United States, the Insurance Brokers Association of Canada (IBAC) has partnered with The Salvation Army in Canada to set up the Canadian Insurance Brokers’ Appeal…
MPI changes tune on rate reduction
October 4, 2001 by Canadian UnderwriterFollowing announcement of higher than normal claims payouts this summer, Manitoba Public Insurance (MPI) is taking back its request to the province for a rate reduction for motorists.Hail storms in August are partly to blame for the decision, which will…
IBC launches standard invoice for Ontario
October 4, 2001 by Canadian UnderwriterAfter five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) is finally able to institute a standard auto insurance invoice for health care practitioners in Ontario. The invoice, which applies to rehabilitation…
Lloyd’s losses could top $10 billion, says rating agency
October 3, 2001 by Canadian UnderwriterRating agency Fitch’s is predicting Lloyd’s of London losses from the terrorist attacks on America could reach US$10 billion or more. This comes after Lloyd’s announced estimated gross losses of US$1.9 billion for the market – still representing the single…