Ontario latest market for new auto glass insurer
November 28, 2001 by Canadian UnderwriterInnovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova…
ICBC reports loss for Q3
November 23, 2001 by Canadian UnderwriterBritish Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the…
Commercial insurance reassessed post-September 11
November 22, 2001 by Canadian UnderwriterIn a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light…
Concern grows over U.S. terrorism pool as yearend approaches
November 20, 2001 by Canadian UnderwriterWith the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling…
Insurers face terrorism “coverage gap”, says study
November 13, 2001 by Canadian UnderwriterA new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored…
U.S. government at odds on insurance package
November 2, 2001 by Canadian UnderwriterA deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…
Reinsurance Strategies 2002: Bargain Days Over
November 1, 2001 Sean van Zyl, EditorPrior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at “less-than-cost” pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU’s annual “Reinsurance Strategy Outlook” offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: “The bargain days are over”.
Chlordane: a Gnawing Concern
November 1, 2001 William Blakeney of Blakeney Henneberry Baksh & MurphyFrom a risk management perspective, Chlordane is possibly the most pervasive environmental problem ever heard of. Yet, it is one that, like termite infestation which the chemical was created to combat, may well prove to be a festering “legal plague” for Canadian insurers.
The Art of Writing
November 1, 2001 by Canadian UnderwriterAs you budget for training to enhance your department in 2002, and wonder whether writing skills training is something you can “afford,” think of this letter. One poorly phrased letter can have a “domino effect” leading to misunderstandings, telephone-tag and wasted hours. Multiply this one letter by all your form letters and then by all your underwriters, and you see that writing skills is a priority that must be faced. In the words of novelist Joseph Conrad: “Facing it, always facing it, that’s the way to get through. Face it.”
Newfoundland auto reform looms
November 1, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. It is expected that medical and…
Keeping Sense
November 1, 2001 Sean van Zyl, EditorIn the aftermath of September 11 a great deal of attention turned to public security, specifically airport and airliner boarding procedures. It has become apparent that airport security measures among many of the major U.S. airports had been hopelessly inadequate…
Mexico, Untapped Opportunities for Brokers
November 1, 2001 Peter Bassel, Toronto branch manager of Loyalist Insurance BrokeFor Canadian brokers, the prospects of developing their existing client relationships by maximizing on the dramatic growth in Canadian business and tourism to and within Mexico is immense. The trick lies in not being overwhelmed by the prospect of dealing with foreign business practices.