Eminent hurricane forecaster Prof. William Gray of Colorado State University says the above average hurricane season experienced in 2003 could well be repeated in 2004. “The recent upturn in Atlantic basin major hurricane activity which began in 1995 is expected to continue in 2004,” states Gray’s most recent prediction. “We anticipate an above average probability […]
By Canadian Underwriter | December 8, 2003
1 min read
Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier.These figures do not include results for Loyalist Group Ltd. (LGL) following on the group’s decision to reduce its ownership in […]
By Canadian Underwriter | December 2, 2003
2 min read
In two separate crash test studies, midsize SUVs (sport utility vehicles) fared relatively worse at lower speeds, according to research by the U.S. Insurance Institute for Highway Safety (IIHS). In tests simulation 40 mph frontal offset crashes, eight of nine new SUV models earned the top rating of good, while the other was rated acceptable. […]
By Canadian Underwriter | December 1, 2003
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Montreal-based Optimum General continued to climb back into the black in the third quarter ended September this year, posting a net profit of $411,000, equal to 4 a share for the period compared with a net loss of $743,000, or 7 a share shown for the third quarter of 2002. For the first nine months […]
November 30, 2003
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Introducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set, with a surcharge applied for at-fault claims or driving record blemishes. A discount would also […]
By Canadian Underwriter | November 21, 2003
1 min read
Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires which hit San Diego and San Bernadino counties in late October/early November will bring in […]
By Canadian Underwriter | November 20, 2003
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Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per share, reported for the same period a year earlier. Net income on a year-to-date basis […]
By Canadian Underwriter | November 18, 2003
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Rating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook for the U.S. personal lines market, although individual insurers could be impacted.As for early industry […]
By Canadian Underwriter | November 13, 2003
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While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is $4.2 million, or $0.31 per share, versus a gain of $124,000, or $0.01 per share, […]
By Canadian Underwriter | November 7, 2003
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Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million. Marine damage adds another $3 million to the insured loss total.The incident is an example […]
By Canadian Underwriter | November 7, 2003
1 min read