Coming Events (August 01, 2001)
August 1, 2001 by Canadian UnderwriterAnnouncements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Canadian Risk & Insurance…
ICBC downsize possible precursor of deregulation
July 26, 2001 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run…
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…
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…
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…
Co-operators Receives Approval to Sell 50% Interest in Echelon
July 4, 2001 by Canadian UnderwriterCo-operators General Insurance Company has obtained regulatory approval to sell 50% of its interest in Echelon Insurance, a wholly-owned subsidiary catering to the higher risk, “non-standard” auto insurance market. Under the terms of the sale agreement, EGI Investments Limited of…
Kingsway inks U.S. deals, announces share offering
July 1, 2001 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an “alliance” with Texas-based auto insurer Reliant American Group Inc. to market the company’s underwriting products. “We see a lot of potential for the distribution of Reliant American’s…
Insurers battle rising claims tide
July 1, 2001 by Canadian UnderwriterThe Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of…
Canadian Insurance Congress 2001: A CULTURAL CRISES
July 1, 2001 Sean van Zyl, Editor“We haven’t seen [adverse financial] conditions such as this in the last 50 years,” says the Insurance Bureau of Canada’s (IBC) chief economist Paul Kovacs. As one of the opening speakers at this year’s Canadian Insurance Congress, Kovacs points out…
Deregulation call for B.C.’s auto insurance by 2003
July 1, 2001 by Canadian UnderwriterSpeaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the “unwavering commitment” of the province’s new premier Gordon Campbell to increase…