George Anderson, CEO of the Insurance Bureau of Canada (IBC), has announced his retirement from the organization, effective from the beginning of July of this year. Anderson joined the IBC as president in 1992. "It has been a wonderful time…
Financial rating agency A.M. Best Co. expects that insured losses arising from the World Trade Center (WTC) terrorist attacks will exceed US$30 billion. A.M. Best calculated the potential cost based on discussions with several of the major insurers and reinsurers…
Loss estimates so far disclosed by reinsurers and insurers relating to the terrorist attacks of last week against the World Trade Center have reached a total of about US$6.4 billion. A number of companies expected to have large exposures have…
Following disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an…
A number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
The tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…
A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400…
Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses.…
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…
The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the…