Zurich sells off Canadian life unit (February 18, 2002)
February 18, 2002 by Canadian UnderwriterOn the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…
Risk managers face tough times, says new study
February 15, 2002 by Canadian UnderwriterRisk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the…
Commercial insurance buyers urge terrorism pool
February 14, 2002 by Canadian UnderwriterU.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…
Profitability “first line of defence”, says regulator
February 13, 2002 by Canadian UnderwriterProfitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that…
US airlines consider insuring themselves
February 12, 2002 by Canadian UnderwriterIn response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The…
IBC auto cost study targets "soft tissue" claims
February 5, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response…
Canadian government extends airline cover
February 4, 2002 by Canadian UnderwriterThe Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there…
ING-Zurich deal finalized
January 25, 2002 by Canadian UnderwriterA deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to…
Allianz Canada failure to meet targets results in downgrade
January 23, 2002 by Canadian UnderwriterAllianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best…
U.K. extends airline insurance while Canadian deadline looms
January 22, 2002 by Canadian UnderwriterAs the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20,…
Dominion gets discount approved for “I Promise” program
January 18, 2002 by Canadian UnderwriterDominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…
IBC makes pitch for Ontario health care reform
January 17, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry…