Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires
July 26, 2004 by Canadian UnderwriterLast week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month…
Ontario auto rates drop 7.3% in first-half 2004
July 18, 2004 by Canadian UnderwriterRate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in…
State of emergency declared following Peterborough floods
July 15, 2004 by Canadian UnderwriterAdjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…
IBC urges B.C. homeowners to check coverage as fire threat looms
July 8, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires…
Investment firms and top execs at odds on risks: FM Global
July 1, 2004 by Canadian UnderwriterThe world’s top executives and investment firms have very different views on the key risks to corporate revenue sources, according to a new study by FM Global and Harris Interactive.The annual “Protecting Value” study looks at risk to key revenue…
The Independent Touch
July 1, 2004 Vikki SpencerThe Canadian Independent Adjusters Association (CIAA) raised its profile earlier this year by winning special status for adjusters under the new federal privacy legislation. The move capped off 2003, one of the busiest years adjusters have ever faced, with disasters both natural and man-made in the form of Hurricane Juan, the B.C. forest fires and the debacle of auto insurance. As she assumes the association’s presidency, Carol Messervey hopes to turn the high profile of the profession into a rallying point for the national association.
Confidence and Consistency
July 1, 2004 Tad MontrossThere is a huge inventory of articles about the underwriting cycle and the “feast or famine” nature of the property and casualty insurance business. Much of the literature attributes cycles and the inevitability of cycles to economic factors and other external pressures.
The “Exclusion Monster”
July 1, 2004 Rob FinnieMost people who work in insurance are also purchasers of insurance. We see insurance as something that has a value to us, providing protection for ourselves and our families. But, I would like to speak as a consumer about coverages and exclusions, and offer a few thoughts about how we can improve this industry’s image by giving consumers what they want.
Spring Broker Conventions: Legislative Affairs
July 1, 2004 Vikki SpencerAs brokers joined for annual conventions in Alberta, B.C. and Manitoba this spring, the topic of legislation was very much on their minds. While Albertans faced the prospect of a new, unique auto system being implemented, the new Financial Services Act was front and center in B.C. Meanwhile, in Manitoba, brokers and legislators continued to wade through the lengthy process of rewriting the provincial Insurance Act.
Canadians feel immune to house fire: survey
June 15, 2004 by Canadian UnderwriterAlmost half of all Canadians have an “it won’t happen to me” attitude to house fires, according to a new survey commissioned by Duracell and the Canadian Association of Fire Chiefs (CAFC). Although more than one-tenth of Canadians have been…
Losses from N.B. forest fires likely covered: IBC
June 15, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside…
FSCO restrictions part of Kistruck departure: Star
June 7, 2004 by Canadian UnderwriterRestrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway…