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Study taps what consumers want in online insurance

April 2, 2003 by Canadian Underwriter

Instant price quotes are the number one priority of consumers in online insurance buying, says a new study by Toronto-based UBER analyzer. In a survey of consumer attitudes about online insurance buying, 28% said they would be willing to purchase

News Insurance

S&P forecasts rift over asbestos burden

April 2, 2003 by Canadian Underwriter

Insurers and reinsurers are becoming increasingly at odds over who should shoulder the burden on asbestos claims, says a new report from rating agency Standard & Poor’s (S&P). “Asbestos Driving a Wedge Between Insurers and Reinsurers” predicts the fighting will

News Insurance

European insurers face greater asbestos exposure: Fitch

April 2, 2003 by Canadian Underwriter

In a new report “Asbestos: Too Hot to Handle for European Insurers?”, rating agency Fitch says asbestos reserving by European insurers will remain a drag on earnings for years to come. Fitch does not expect asbestos to cause solvency issues

News Insurance

Police shut down Oakville “re-vinning” operation

April 1, 2003 by Canadian Underwriter

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

News Insurance

SCOR loss widens on reserves, stock market woes

April 1, 2003 by Canadian Underwriter

Prior-year reserving and the stock market downturn have combined to drag SCOR Group into the red even deeper than predicted for 2002. The French insurer is posting a loss of EUR 455 million (Cdn$730 million), higher than the EUR 400

News Insurance

OSFI posts insurer filings early

March 31, 2003 by Canadian Underwriter

The federal regulator has posted 2002 insurer financial data filings early this year, and has added new information into the mix. 2002 results are currently found on the Office of the Superintendent of Financial Institutions (OSFI) website at www.osfi-bsif.gc.ca. This

News Insurance

Gerling gets green light to sell reinsurance ops

March 31, 2003 by Canadian Underwriter

Despite an attempt by German regulators to halt the sale of Gerling’s troubled reinsurance operations to a run-off consortium, the insurer has won a court ruling allowing the sale to proceed.Administrative Court in Frankfurt, Germany, ruled that the regulator’s objection

News InsuranceMergers and Aqcuisitions

New Brunswick auto reforms a “mixed bag” for insurers

March 31, 2003 by Canadian Underwriter

A bill to change New Brunswick’s auto insurance system has been tabled by Justice Minister Brad Green, offering more than 18 reforms to the current system. One move bound to be poorly received by insurers is removal of the province’s

News Insurance

28% of consumers willing to buy insurance online

March 28, 2003 by Canadian Underwriter

A new study to be unveiled next week shows that more than one in four consumers is willing to buy insurance online. The study, by Toronto-based UBER Analyze delves into consumer’s online appetites.The survey will provide, for the first time,

News Insurance

Economical sees improvement in 2002

March 28, 2003 by Canadian Underwriter

Waterloo, Ontario-based The Economical Insurance Group posted improved results in 2002, despite it being the toughest year ever for the industry as a whole. “Amidst these difficult business conditions, I am pleased to announce that The Economical Insurance Group achieved,

News Insurance

Swiss Re posts Cdn$96 million loss on investment slide

March 27, 2003 by Canadian Underwriter

Despite premium growth of 15% last year, Swiss Re Group posted a net loss for the second year in a row, this time of CHF91 million (Cdn$96.44 million). For 2001, the group posted a loss of CHF165 million (Cdn$175 million),

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S&P downgrades Munich Re despite EUR1.1 billion profit for 2002

March 27, 2003 by Canadian Underwriter

A jump in profits last year was not enough to spare Munich Re from rating agency Standard & Poor’s, which downgraded the world’s number one reinsurer.The downgrade follows release of Munich Re’s 2002 results, which saw the group bring in