B.C. Court Backs Bank Insurance
May 1, 2003 Stuart CarruthersIn a recent decision, the B.C. Court of Appeal stated the following: “[the] bank and its outsourcer do not need provincial insurance licenses to sell credit card balance insurance.” The court case, which involved Scotiabank and a telesales vendor in the selling of credit card insurance which had been primarily opposed by the B.C. Superintendent of Financial Institutions, could have broad-reaching implications nationally for the retailing of insurance products where provincial and federal regulations come into conflict.
State Farm faces rating review on surplus drop
March 6, 2003 by Canadian UnderwriterThe State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to…
E-L Financial net income down in 2002
March 3, 2003 by Canadian UnderwriterNet income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per…
Co-operators hard-drive retrieved
February 6, 2003 by Canadian UnderwriterA computer hard-drive containing personal client information of The Co-operators Life Insurance Co. has been recovered by the Regina police authorities. The hard-drive was reported stolen last week from a storage facility owned by ISM Canada.A statement released by The…
The Co-operators responds to theft of hard drive containing client information
January 31, 2003 by Canadian UnderwriterProperty and casualty customers of The Co-operators Group may be breathing a sigh of relief as it was revealed the theft of a hard drive containing some of the insurers’ files applies to life and pension customers only.At a news…
U.S. insurance regulation: GOING FEDERAL
January 1, 2003 Brian Reeve a partner at Cassels Brock & Blackwell LLPIn the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer’s duty to…
The Capital Race: Maintaining Staying Power
November 1, 2002 Glenn McGillivray, assistant vice president & head ofIn the business of insurance, the ability to survive comes down to a simple matter of having the capital. But for many these days, it is easier said than done. What can reinsurers do to help?
III pegs 9/11 losses at US$40.2 billion
September 12, 2002 by Canadian UnderwriterNew York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.“The…
P&C unit of E-L boosted in first-half 2002
August 7, 2002 by Canadian UnderwriterDespite a drop in its portfolio investment segment, E-L Financial Corp. (TSE: ELF) saw net income rise for the first six months of 2002, to $32.4 million from $30.8 million for the same period last year. This results in income…
Auto insurance among FSCO priorities
May 7, 2002 by Canadian UnderwriterWith the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance…
IBC Financial Affairs Symposium Weathering Storms
May 1, 2002 Vikki SpencerAs insurers and reinsurers gathered for the Insurance Bureau of Canada’s (IBC) annual Financial Affairs Symposium held recently in Toronto, the state of the market was front and center. With recent company financials showing the impact not only of the September 11 events, but the build up of years of inadequate pricing and heavy losses in many lines, reinsurers say the time has come for change. But, the remedial actions needed may be a bitter pill for the industry to swallow.
Gerling on bidding block as Deutsche Bank exits
April 1, 2002 by Canadian UnderwriterCologne, Germany-based Gerling Versicherungs Beteiligungs A.G. — which operates globally in the primary insurance, reinsurance and life sectors — has been put on the selling block by one of the company’s major shareholders, Deutsche Bank, a statement released by the…