A new study by the Canadian Federation of Independent Business (CFIB) shows its members see insurance costs as their top concern. Business confidence in the economy in the second quarter of 2003 dropped, with insurance costs heading up the list of factors, followed by SARS and Mad Cow Disease.About 34% of small to mid-sized business […]
By Canadian Underwriter | June 30, 2003
1 min read
Severe rain storms which hit Atlantic Canada in the beginning of April this year will likely cost insurers about $14.3 million as a result of auto, home and other property covers, says the Insurance Bureau of Canada (IBC).Nova Scotia bore the brunt of the downpour from the storms, with the total insured loss amounting to […]
By Canadian Underwriter | May 27, 2003
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Just days after the announcement that The Hartford would exit p&c reinsurance, a buyer for part of the business has been found. Bermuda-based Endurance Specialty Holdings Ltd. says it has bought the majority of HartRe’s in-force p&c reinsurance business. Endurance acquires renewal rights to a select group of contracts equaling U$400 million of unearned premium […]
By Canadian Underwriter | May 20, 2003
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Canada’s property and casualty insurers can take heart that the new industry ombuds service is seeing a slow volume of complaints making their way into mediation, says Lea Algar, chair of the General Insurance OmbudsService (GIO). Speaking at the Canadian Insurance Accountants Association (CIAA), Algar says that while there have been a number of complaints […]
April 30, 2003
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Winter and windstorms that hit 10 states between April 4 to 8 will cost insurers US$1.2 billion, suggest early estimates from the Property Claims Services Unit (PCS) of the Insurance Services Office (ISO).At this point, PCS expects insurers will see more than 386,000 claims as a result of the damage caused by ice, snow, freezing […]
By Canadian Underwriter | April 25, 2003
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Bucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to the last ten first quarters, reports the Insurance Services Office (ISO) Property Claims Services (PCS) […]
By Canadian Underwriter | April 15, 2003
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Peel Region Police have arrested three men suspected of running a “chop shop” and the theft and “re-vinning” of vehicles in the Greater Toronto Area.In the fall of 2002, two stolen vehicles were recovered by police from a business on Royal Windsor Drive in Mississauga, Ontario. This led police to Woodchester Auto Sales in Oakville, […]
By Canadian Underwriter | April 1, 2003
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Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970. Flood losses topped the list at US$4.1 billion (Cdn$6.1 billion) total, largely on the back […]
By Canadian Underwriter | March 12, 2003
2 min read
Catastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO). Last year saw 25 cat events which generated about 1.8 million claims from homeowners and businesses. The average number […]
February 28, 2003
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Net income from the insurance operations of Royal Bank of Canada is up 29% for the first quarter ending January 31, 2003 versus the same period last year.The company reports that property reinsurance operations and U.S. subsidiary RBC Liberty Insurance accounted for most of the growth, which amounted to net income of $54 million for […]
By Canadian Underwriter | February 28, 2003
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