Markham General placed under liquidation order
August 1, 2002 by Canadian UnderwriterTroubled insurer Markham General has been ordered to wind up its business and is having its assets seized by the Financial Services Commission of Ontario (FSCO). Earlier this year the insurer cancelled all policies and ceased writing new business. At…
U.S. insurers face almost US$2 billion in claims in second quarter 2002
July 30, 2002 by Canadian UnderwriterU.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this…
IIBAA Conference 2002: Ahead of the Curve
July 1, 2002 by Canadian UnderwriterAs Alberta’s brokers met in Edmonton for their annual convention, the situation in other provincial auto markets was at the forefront of discussion. The Independent Insurance Brokers Association of Alberta (IIBAA) has assembled a committee to look at cost and availability of auto insurance, anticipating that the growth in claims costs and rate hikes in the Ontario and Atlantic markets may soon move west.
Rates Keep on Trucking
July 1, 2002 Craig HarrisTrucking companies, taxi operators and large private fleets are feeling the squeeze of the hard market, with shrinking capacity, increasing rates and restrictive terms and conditions. And, feedback from insurers suggests that there is little relief on the horizon.
MPI calls for provincial rate freeze
July 1, 2002 by Canadian UnderwriterManitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants…
Aiming for claims control
July 1, 2002 Vikki SpencerAs insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
Quebec auto theft ring apprehended
June 21, 2002 by Canadian UnderwriterMembers of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various…
XL Capital Ltd Announces Plans to Integrate Le Mans Re
June 17, 2002 by Canadian UnderwriterXL Capital Ltd (NYSE: XL), today announced that it plans to integrate its reinsurance operations following the ratification in January this year of XL’s previously announced acquisition of a 67% majority shareholding in Le Mans Re. Le Mans Re is…
MPI wants no increase in auto rates despite net loss
June 12, 2002 by Canadian UnderwriterManitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants…
Facility Association sees marketshare rise
June 1, 2002 by Canadian UnderwriterDespite several years of depopulation, the Facility Association (FA) saw a modest increase in marketshare across the board in 2001. According to preliminary data released at its recent AGM, the “insurer of last resort” for high-risk drivers saw written premiums…
Desjardins p&c ops contribute to strong first quarter
May 31, 2002 by Canadian UnderwriterThe general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001…
EU approves 30 day extension for aviation terrorism cover
May 29, 2002 by Canadian UnderwriterOn the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines…