News
U.S. insurers suffer heavy cat toll for second quarter
July 20, 2001 by Canadian UnderwriterProperty and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in…
Liberals install new ICBC board (July 19, 2001)
July 19, 2001 by Canadian UnderwriterThe newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board…
RBC sells off Louisiana subsidiary
July 18, 2001 by Canadian UnderwriterRoyal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty…
Quebec broker ready to launch online sales
July 18, 2001 by Canadian UnderwriterFollowing last fall’s announcement that Quebec brokerage DiPerno and Associates would be among the first to launch an online sales vehicle, AssureMoi.com president Mark DiPerno says the site will be up and running in the next few weeks. The first…
Western crops plagued by Mother Nature
July 17, 2001 by Canadian UnderwriterA strange mix of droughting and flooding across western Canada is prompting farmers to ask for government aid. Drought has reaked havoc in the west of Saskatchewan, causing six communities to declare emergencies, and the Alberta government has already promised…
CSIO sets portal timeline
July 17, 2001 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has recently layed down a timeline for the first phase of its industry Internet portal project.In a press release, CSIO states that phase one “has now reached its midpoint”, and is expected…
FSCO appoints interim superintendent
July 17, 2001 by Canadian UnderwriterIn the wake of the retirement of Dina Palozzi, former CEO and superintendent of the Financial Services Commission of Ontario (FSCO), Phil Howell will fill the position on an interim basis. The announcement brought praise from the Insurance Bureau of…
Insurers take action against rising auto claim costs in Atlantic Canada
July 16, 2001 by Canadian UnderwriterInsurers acting through the industry’s national lobby body, the Insurance Bureau of Canada (IBC), are currently engaged in high-level meetings with provincial government officials in Atlantic Canada with a view to introducing rapid reform to the basic auto insurance product.The…
RIBO calls for separate recognition of insurance products
July 13, 2001 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and…
Swiss Re enters into unique "risk swap" agreement
July 12, 2001 by Canadian UnderwriterSwiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses…
Chubb, Allstate tally Allison losses
July 11, 2001 by Canadian UnderwriterBoth Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per…
Hi-Alta expands in Saskatchewan
July 9, 2001 by Canadian UnderwriterHi-Alta Capital’s broker network, the Western Insurance Network (WIN), has grown its presence in Saskatchewan with the acquisition of two brokerages. Assiniboia Agencies and its sister office, Willow Bunch Agencies have been added to the WIN roster.The firms serve a…