Segment
P&C Companies
Insurers not impressed with Newfoundland auto reforms
August 27, 2003 by Canadian UnderwriterThe package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost…
Kelowna fires leave 244 homes destroyed
August 25, 2003 by Canadian UnderwriterAfter a month of forest fires raging through areas of B.C., Kelowna is now the target zone. Some of the 24,000 residents under evacuation order were returning to their homes on Sunday, but many did not know if they would…
IBC responds to Consumer Association’s blackout concerns
August 20, 2003 by Canadian UnderwriterIn response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the…
Modest insurance impact from blackout expected
August 15, 2003 by Canadian UnderwriterImpact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.“It’s very, very difficult to say [what insured losses will…
Hub withdraws from Near North purchase
August 15, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. is the latest to withdraw from talks to buy the brokerage operations troubled Near North National Group.Chicago-based Near North has been trying to sell its assets as the company and its former CEO, Michael Segal,…
PEI adds “pain and suffering” cap, but proposes stricter regulation
August 13, 2003 by Canadian UnderwriterReacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is…
Goran Florida sub faces possible suspension
August 12, 2003 by Canadian UnderwriterFlorida’s Office of Insurance Regulation is considering the suspension of one of Toronto-based Goran Capital Inc.’s subsidiaries. An administrative law judge in Florida has said the regulator can suspend Superior Insurance Company’s (Superior Insurance) authority to write business for up…
Draft insurance rules for commercial boat owners released
August 8, 2003 by Canadian UnderwriterThe federal Transport Ministry has released proposals that would require owners of commercial passenger boats to carry specific levels of liability insurance.Under the Marine Liability Act (MLA), compulsory insurance would be required for the owners of most vessels used by…
International airline liability treaty nears signing
August 8, 2003 by Canadian UnderwriterA treaty that would create an international standard for compensation to victims of airline disasters has taken one step closer to signing.The U.S. Senate has approved the “Montreal Convention”, as created by the International Civil Aviation Organization (ICAO).Among the issues…
Risk managers cite growth in liability rates
August 6, 2003 by Canadian UnderwriterRisk managers say costs for directors’ and officers’ (D&O) and pension fund liability insurance are soaring, while property risks are seeing some relief, according to quarterly results of the Risk and Insurance Management Society (RIMS) and Advisen Ltd. “Benchmark Survey”.Fiduciary…
B.C. forest fires claim 80 homes, sawmill
August 6, 2003 by Canadian UnderwriterFires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned,…
Hub acquires CBUS for undisclosed amount
August 5, 2003 by Canadian UnderwriterHub International Ltd. (TSX: HBG) has acquired all of the stock of wholesale brokerage Cross Border Underwriting Services Inc. (CBUS) from managing general agent (MGA) KRG Insurance Brokers Inc. for an undisclosed amount. CBUS will fall under Hub Group (Ontario)…