Individuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused of fronting the stolen goods, according to police.Found in police raids on the farm property […]
By Canadian Underwriter | May 19, 2004
1 min read
With the release of U.K.-based Royal & SunAlliance’s first quarter 2004 results, the company is reporting improvement in its Canadian operations.Remedial action at the Canadian operation has led to a seven-point improvement in the combined ratio since first quarter 2003, dropping down to 101.7% for the most recent quarter.”Both household and property accounts have benefited […]
By Canadian Underwriter | May 13, 2004
2 min read
Despite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to reserves in 2002 and 2003, they also released US$5 billion for the new 2002 accident […]
By Canadian Underwriter | May 11, 2004
2 min read
A study of credit scoring undertaken by several U.S. states is moving forward despite opposition from various insurer groups.The Property Casualty Insurers Association of America (PCI) confirms major personal lines carriers have already received initial calls from insurance departments this week.”From the limited information regulators have shared with us, this study appears to be a […]
By Canadian Underwriter | May 6, 2004
2 min read
U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The latest quarter’s tally is significantly less than the US$1.5 billion cat loss made over the […]
April 30, 2004
1 min read
U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National Association of Mutual Insurance Companies (NAMIC), the Property Casualty Insurers Association of America (PCI) and […]
By Canadian Underwriter | April 18, 2004
1 min read
Regulation of Quebec's auto insurance system has a long history of controversy. Now, with private auto insurance in the other provinces of Canada seemingly having lost anchorage with runaway accident benefit claims costs, Quebec's system has been held up as a shining example of a workable model. The question is, can this be maintained? Recent political pressures to restrict insured benefits of drivers convicted of a criminal offence and to allow innocent victims to sue such offenders could reopen the door to increased tort costs.
March 31, 2004
4 min read
The world is a dangerous place in which to write insurance right now, and the legal environment is a good part of the reason why. Speakers at the CIP's recently held Business Summit pointed to a number of legal and legislative developments making insurance a treacherous gamble in Canada as well as on a worldwide basis. The ever-expanding litigation environment, including rising bad faith awards against insurers themselves, are causing insurer headaches. And, unresolved issues regarding auto insurance regulation continue to make for a "rocky landscape".
March 31, 2004
6 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
March 31, 2004
3 min read
The world’s second-largest reinsurer, Swiss Re, posted net income of CHF 1.7 billion (Cdn $1.77 billion) for 2003, with the property and casualty segment reporting a solid combined ratio of 98.4%, almost 6% less than 2002.Premium income was up 16% in the p&c group, to CHF 17.4 billion (Cdn $18.1 billion) from CHF 15.1 billion […]
By Canadian Underwriter | March 26, 2004
1 min read