Canadian Underwriter

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Personal Lines


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Insurers’ Combined Ratio Drops as Profits Rise For 2-Q

September 1, 2003 by Canadian Underwriter

Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as coverage price hikes implemented by companies over the last two years finally began to outstrip the growth in claims

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Government Auto Insurance in Atlantic Canada: ‘Fool’s Gold?”

September 1, 2003 Dennis Prouse

With the possibility of government run auto insurance systems being touted about by the governments of the Atlantic Canada provinces, for insurers operating in the region as well as the insured public, this current uncertain time is a period of trepidation. A decision driven by politics rather than practicality and the age old wisdom of competition could well result in the region’s drivers and taxpayers paying a hefty price over the long-run.

Sam Mercanti
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Shining Light on the “Auto Claims Economy”

September 1, 2003 Vikki Spencer

With auto insurance losses over the past two years having left many insurers in the “dark” in terms of how to deal with the costing of the product, there was a certain irony behind a recently held conference which focused on relationships between the various vendors and manufacturers involved in the auto claims chain – for in the midst of the event, the “blackout of 2003” struck. However, despite the adversity of the power outage, the conference’s participants were upbeat regarding a “new light” of cooperation between the various players toward achieving cost efficiency.

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Letters to the Editor (September 01, 2003)

September 1, 2003 by Canadian Underwriter

Dear Editor, Don Callahan is likely correct in his statement that “I cautiously (my emphasis) add that Canadian licensed reinsurers, regardless of the precarious position of their parents, will have sufficient capital to support run-offs view of strong scrutiny in

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RBC Insurance division produces higher net income on home & auto

August 28, 2003 by Canadian Underwriter

Home and auto insurance performance is the key factor in increased net income, says Royal Bank of its RBC Insurance division, along with Canadian life and reinsurance progress. The division reports that for the third quarter ending July 31, 2003,

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Insurers not impressed with Newfoundland auto reforms

August 27, 2003 by Canadian Underwriter

The package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost

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Newfoundland auto insurance plan includes optional coverage and rate freeze

August 26, 2003 by Canadian Underwriter

New changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a

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IBC responds to Consumer Association’s blackout concerns

August 20, 2003 by Canadian Underwriter

In response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the

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Louisiana insurers to pay US$22 million for Tropical Storm Bill

August 20, 2003 by Canadian Underwriter

The price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance

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ICBC net income up on expense reduction and real estate sale

August 18, 2003 by Canadian Underwriter

The Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant

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PEI adds “pain and suffering” cap, but proposes stricter regulation

August 13, 2003 by Canadian Underwriter

Reacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is

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Kingsway ROE jumps to 18.2% in second quarter

August 11, 2003 by Canadian Underwriter

Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68%