Insurance industry
The collapse of Confederation Life Insurance Co. has caused a ripple effect, with rating agencies downgrading Crown Life Insurance Co. Moody's Investors Service Inc. downgraded Crown Life to Ba1, a rating just below investment grade. Dominion Bond Rating Service Ltd. cut the rating of Crown Life's
Insurance industry
The failure of Confederation Life Insurance Co. is expected to cost the life insurance industry dearly, with sources indicating that the Canadian Life and Health Insurance Compensation Corp. (CompCorp) may need $800-million to cover shortfalls stemming from the collapse. The heavy hit comes at a time when the industry is
Insurance industry
The Toronto stock market experienced a stagnant day on Thursday, failing to match the gains seen in New York. A 1.24% drop in gold prices weighed on the market, with gold issues declining significantly. The collapse of Confederation Life Insurance Co. may also have contributed to investor caution, causing
Insurance industry
Canada's largest life insurance companies, including Sun Life Assurance Co., Canada Life Assurance Co., and Great-West Life Assurance Co., are teaming up to extend a helping hand to their struggling rival, Confederation Life Insurance Co., which is seeking a $600-million capital infusion. This move is not a bid
Insurance industry
Ontario Superior Court judge Madam Justice Sandra Chapnik has delivered a scathing verdict against Allstate Insurance, condemning the company for its treatment of policyholder Marino Rodriguez after a fire made his home uninhabitable in January 1990. The judge found that Allstate had refused to repair the damage or cover the
Insurance industry
As Commercial Union (CU) prepares for a possible £1.6 billion acquisition of French insurer Groupe Victoire, the company's long-term prospects, particularly its new alliance with Abbey National, are being overshadowed by concerns over dilution of shareholders' value and market growth. Despite the UK composites showing sparkling
Personal finance
A direct insurer has been launched in the UK, targeting motorists who are classified as "careful" with a new underwriting philosophy that assesses risk based on postcode, lifestyle, and claims history. Prospero Insurance, the Lancaster-based arm of Provincial Insurance, has developed a system called "Premium Watch"
Personal finance
Britain's second-largest private medical insurer, PPP, has expressed concerns that if it joins the Insurance Ombudsman Bureau, it would face a significant increase in complaints about its administrative and service standards. According to an internal document seen by The Sunday Times, PPP is concerned that the transfer to
Personal finance
A recent Appeal Court judgment in the United Kingdom has significant implications for policyholders who inflate their insurance claims to negotiate a higher payout. The case involved a businessman who was found to have exaggerated his losses by over 50%, invalidating his entire policy. This ruling highlights the importance of
Personal finance
Private healthcare providers are luring customers with attractive deals that bundle medical cover with long-term income protection or term insurance, offering significant discounts to those who take out both products. Clinicare's recent partnership with Friends Provident is a prime example, offering a basic medical cover package at a
Insurance industry
Commercial Union is promoting its Monthly Income Plus Fund, a unit trust invested mainly in fixed-interest securities, with an advertised net yield of 6.63 per cent, claiming it to be better than the average building society return of 4.45 per cent net. However, the comparison is selective, as
Insurance industry
The European Union's insurance market has undergone significant changes since the 1970s, with the single European market driving cross-border mergers and acquisitions in the industry. The European Commission's first non-life directive in 1973 marked the beginning of efforts to open up the insurance market. The key
