The U.K.-based Royal & SunAlliance group produced an overall operating profit for the first six months of this year of 192 million pound sterling compared with the 119 million pounds reported for the same period in 2003. Although the insurers’ net written premiums fell by 32% year-on-year to 2.5 billion pounds for the first six […]
By Canadian Underwriter | August 16, 2004
1 min read
Two recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In Jonathon Neil & Assoc. Inc. v. Jones, the case centered around US$51,000 in premiums which […]
By Canadian Underwriter | August 12, 2004
2 min read
Property crime, including vehicle thefts and break-ins rose over 2003, according to figures released by Statistics Canada. StatsCan data shows the national property crime rate rose 4% over 2003, despite hitting a 20-year low in 2002. The 2003 rate bucks a trend of flat and even decreasing property crime rates since 1991. However, despite last […]
July 31, 2004
1 min read
The trucking insurance line has taken its financial lumps in U.S. courts over recent years. And, this liability trend will likely migrate north of the border into Canada, speakers at the recently held "Transportation Seminar" predict. In the meantime, Canadian insurers are also exposed to cross-border trucking operations, all of which point to a head-on collision with a litigation system gone wild.
July 31, 2004
5 min read
Two massive summer storms struck insurers a hefty blow in July with the total insured loss pegged at around $158 million, according to preliminary data collected by the Insurance Bureau of Canada. The first storm brought heavy rain and hail to Edmonton, Alberta, resulting in large areas of flooding. The second storm event caused flooding […]
July 31, 2004
2 min read
Property crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates buck a trend of flat and even decreasing property crime rates since 1991, and despite […]
By Canadian Underwriter | July 28, 2004
1 min read
Anthony Clark International Insurance Brokers has named Patti Runnalls to its board of directors. She is a chartered accountant and controller for Onyx Energy Inc. U.S. insurers are unimpressed with a draft “best practices” document produced by the National Association of Insurance Commissioners (NAIC) credit scoring working group. Amongst other things, the Property Casualty Insurers […]
By Canadian Underwriter | July 11, 2004
1 min read
Property & casualty insurers have seen a combination of underwriting discipline and capital management lead to lower earnings volatility in 2003, according to an annual study by international broker Aon Corp.The study measures earnings volatility over one, two, three and five-year periods ending December 31, 2003, and includes more than 60 publicly traded insurers and […]
By Canadian Underwriter | June 27, 2004
1 min read
Insurance Corp. of B.C. has paid out $4.4 million in tax grants to communities, which the Crown corporation does in lieu of paying real property and business taxes. Thirty communities received grants of between $10,000 to $1 million. Those communities contain ICBC claim centers, administrative offices, and storage and salvage yards, and ICBC says the […]
By Canadian Underwriter | June 27, 2004
1 min read
No link can be found between the presence of dampness and mold in homes and the variety of serious health problems being claimed in court cases, suggests a new report by the Institute of Medicine (IOM) of the National Academies, commissioned by the Centers for Disease Control and Prevention.A link was found between mold or […]
By Canadian Underwriter | May 27, 2004
2 min read