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IBAC pre-budget submission targets GST

November 27, 2003 by Canadian Underwriter

In its pre-budget submission to the federal government released this week, the Insurance Brokers Association of Canada (IBAC) is asking the federal government to conduct a study of the impact of the goods and services tax (GST) on brokers. Currently,

News InsuranceMergers and Aqcuisitions

ICBC receives more than $100,000 on suspicious claims

November 27, 2003 by Canadian Underwriter

B.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving

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Asbestos tops US insurer concerns

November 26, 2003 by Canadian Underwriter

A full 92% of U.S. property & casualty insurers list asbestos claims as their number-one concern, according to a survey conducted at the Executive Conference for the P&C Industry in New York recently. Standard & Poor’s rating agency released the

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Ontario government acts on rate freeze legislation

November 26, 2003 by Canadian Underwriter

The new Ontario government under the Liberal Party has introduced the Automobile Insurance Rate Stabilization Act, which if passed, will freeze insurer’s auto rates at levels applied by companies at October 23 of this year. The rate freeze, which is

News Insurance

S&P slams actuaries for industry reserve issues

November 25, 2003 by Canadian Underwriter

In a recent report, rating agency Standard & Poor’s points the finger at actuaries for problems with property & casualty insurer reserve shortfalls. “Actuaries are signing off on reserves that turn out to be wildly inaccurate,” says S&P’s Steve Dryer.

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Western Financial boosts earnings for 3-Q

November 25, 2003 by Canadian Underwriter

Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2c a

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SCOR fights back against rating agency

November 24, 2003 by Canadian Underwriter

French reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer

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RSA Canada combined ratio drops

November 24, 2003 by Canadian Underwriter

As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own results are improving.Despite losses due to

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US insurer profitability continues slide: ISO

November 21, 2003 by Canadian Underwriter

The US p&c industry will continue to see a downward trend in profitability despite rate increases, predicts the US Insurance Services Office (ISO). The ISO is projecting a combined ratio of 102.9% for 2003, and about 101% for 2004, but

News InsuranceMergers and Aqcuisitions

Alberta auto reforms promise $250 million premium savings

November 21, 2003 by Canadian Underwriter

Introducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set,

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California wildfire loss estimate $2 billion: ISO

November 20, 2003 by Canadian Underwriter

Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires

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Optimum General turnaround continues

November 20, 2003 by Canadian Underwriter

Montreal-based Optimum General continued to climb back into the black in the third quarter ending September 30, 2003, posting net profit of $411,000, or $0.04 per share, compared with a net loss of $743,000, or $0.07 per share, in third-quarter