Dealing With Tort Claims
May 1, 2003 Lorri FrederickWhile proponents of the new Ontario auto reform legislation anticipate relief for a number of issues facing automobile insurers, some fear it will further expose a smoldering crisis that has been plaguing the industry for several years now – a…
European insurers face greater asbestos exposure: Fitch
April 2, 2003 by Canadian UnderwriterIn a new report “Asbestos: Too Hot to Handle for European Insurers?”, rating agency Fitch says asbestos reserving by European insurers will remain a drag on earnings for years to come. Fitch does not expect asbestos to cause solvency issues…
The D&O Shakeout
March 1, 2003 Craig HarrisShareholder activism, regulatory scrutiny and poor corporate governance practices have opened the floodgates to litigation against directors and officers in the post-Enron U.S. market. How much of this has spilled over to executive risk in Canada? A recently held D&O conference in Toronto looked to providing some direction for Canadian corporations.
U.S. Market Outlook: For Richer or Poorer
March 1, 2003 Sean van Zyl, EditorWhile the strong price firming witnessed across nearly all lines of business of the North American property and casualty insurance industry will likely maintain momentum through this year and into 2004, company CEOs and investment analysts who partook in this…
Accountants bear brunt of scandals – CIAA
February 1, 2003 by Canadian UnderwriterAccountants have become “human pinatas” following recent corporate scandals, television business analyst Dierdre McMurdy said at the a recent luncheon of the Canadian Insurance Accountants Association (CIAA). While the impact of new public accounting rules, including Ontario’s Bill-213, “remain to…
Asbestos top-ups shock U.S. market
February 1, 2003 by Canadian UnderwriterU.S. insurers are questioning their ability to pay out on long-tail asbestos claims in the wake of two carriers taking large reserves for environmental claims. First, Travelers Property Casualty Pool took an after tax charge of US$1.3 billion to shore…
Share price volatility rocks Fairfax
January 21, 2003 by Canadian UnderwriterPrem Watsa, the CEO of Fairfax Financial Holdings Ltd (TSX: FFH), has spoken out against recent volatility in the company’s share price which was sparked by the release of an investment research report that suggested that the group may be…
Markel and Royal reach agreement on trucking renewals
December 4, 2002 by Canadian UnderwriterWith the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market…
Regulators propose new reinsurance rules
October 16, 2002 by Canadian UnderwriterWorldwide insurance regulators have put together an outline on reinsurance rules through the International Association of Insurance Supervisors (IAIS). At its annual meeting in Chile, the IAIS adopted “Principles on the Minimum Requirements for the Supervision of Reinsurers”. The paper…
Ontario Proposed Standards for Auto Repair: A Fair Deal?
October 1, 2002 Alex Szabo, president of the Collision Industry Standards CounciRecent private-member legislation put forward in Ontario under Bill-165 with regard to implementing minimum quality standards for auto collision repair shops appears to have come under fire from auto insurers. There seems to be concern that such standards will eliminate “direct repair programs”, or “DRPs” that currently exist between insurers and their vendors. The auto repair shop organizations supporting the standards legislation and ultimately improved protection of the consumer believe that these concerns are unjustified.
BI claims and the “legal factor”: Looking Eastward
May 1, 2002 Philip Chapman, a partner at Huestis RitchSome alarming statistics are coming out of Atlantic Canada on bodily injury claims. The costs of these claims are out of control and have resulted in a call by industry for an overhaul of the system.
FSCO passes guidelines on insurer investments
March 4, 2002 by Canadian UnderwriterFollowing the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more…