Investment Slump Drags E-L’s Bottom-Line
April 1, 2004 by Canadian UnderwriterE-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., nearly doubled its operating income for 2003 to $42.9 million ($11.17 a share) from the $23.3 million ($6.08 per share) reported for 2002. However,…
Investment losses drag down E-L Financial
February 27, 2004 by Canadian UnderwriterFinancial services provider E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., posted higher operating income for 2003, largely on the back of growth in its general insurance business. However, net income dropped…
Western Financial moves into Manitoba
February 12, 2004 by Canadian UnderwriterBroker network Western Financial Group has purchased its first brokerage in Manitoba. Barker Agencies has two offices in Brandon and one in Souris, Manitoba, serving the western part of the province.This brings the total for the Western Insurance Network up…
Brokers speak out against bank/lifeco mergers
January 9, 2004 by Canadian UnderwriterThrough their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the…
Privacy in Perspective
January 1, 2004 Craig HarrisCanada’s Personal Information Protection and Electronic Documents Act (PIPEDA) has generated controversy on several fronts, with some arguing that private sector companies are woefully unprepared, while others accuse lawyers and consultants of scare-mongering. A legal challenge from Quebec in late December on PIPEDA’s constitutionality only adds to the confusion. While many support the principles of the legislation, several point out that ambiguities in its practical application will have to be navigated carefully – or interpreted by the courts.
World insurance in 2002: high premium growth in non-life insurance
December 3, 2003 by Canadian UnderwriterWhile financial market turbulence continued to plague the insurance markets in 2002, some signs of recovery were evident in the most important markets: the non-life insurance sector grew at a record-breaking rate, the life sector posted minor improvement according to…
Being Ready
November 1, 2003 Sean van Zyl, EditorThe property and casualty insurance industry’s protection mechanism for policyholders against any insurer defaulting on its claim obligations – the Property and Casualty Insurance Compensation Corp. (PACICC) – is set to undergo a major overhaul in response to a changed marketplace. The devastating competitive price impact of the last “soft market”, coupled with spiraling losses and diminishing investment income returns, has created a much more volatile risk environment for the insurance industry, observes Paul Kovacs the newly appointed president of PACICC. And, while the financial picture of insurers has improved vastly in 2003 as a result of two years-plus of “hard market” pricing adjustments, there is still considerable risk for insurer insolvencies over the next three years, Kovacs says.
Manulife and John Hancock join to form largest life insurer
September 30, 2003 by Canadian UnderwriterToronto-based Manulife Financial Corp. says it will enter into a stock-for-stock deal to buy Boston’s John Hancock Financial Services Inc. worth $34.7 billion (US$25.6 billion). The deal will make Manulife the largest life insurance company in Canada, second-largest in North…
IIS 2003 Seminar: Political, Social, and Economic Upheaval
August 1, 2003 Sean van Zyl, EditorIn the words of the International Insurance Society’s (IIS) president Patrick Kenny, “there’s a new chapter being written in the history of the insurance industry”. The post-9/11 era has created a volatile risk environment on several levels, from the political, social to economical – all of which have bearing on how insurers perceive and deal with the risks of today and tomorrow. Not surprisingly, the 600 attendees and speakers from around the world that partook in this year’s IIS seminar, which was recently held in New York City, identified “recovery from adverse market conditions” as being the top priority facing the insurance industry in the year ahead.
Insight: The Cost of SARS
June 1, 2003 Craig HarrisThe spread of highly contagious atypical pneumonia to Canada, particularly Toronto, caused huge economic repercussions in the travel, tourism and hospitality industries. What is the impact on the insurance sector?
Internet Broker Sets Sights on Ontario
May 1, 2003 by Canadian UnderwriterMontreal-based “Assuremoi.com” plans to move into the Ontario market following its successful launch in Quebec. Assuremoi president Mark DiPerno says the Internet brokerage is “posting great numbers” in Quebec, giving 50 to 60 quotes per day on its personal lines…
Profile: Mutual Attraction
May 1, 2003 Vikki SpencerSince their inception in 1696 in London, England, mutual insurers have outlived the ups and downs of the insurance industry cycle, competition from large multi-national carriers and even changes to their own operating style. In Canada, their presence has been felt in rural communities and beyond since 1836. Today, members of the Canadian Association of Mutual Insurance Companies (CAMIC) represent annual premiums of about $1.2 billion and serve 1.5 million policyholders, or about 6% of the total Canadian marketshare. CAMIC president Normand Lafreniere says that, although the issues impacting mutual companies have changed over the last 150 years, their foundation of cooperation remains.