Canadian Underwriter

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Mergers and Aqcuisitions


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Chubb tops FSCO claims survey

November 15, 2001 by Canadian Underwriter

Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat

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ISO puts insured property losses from September 11 at US$16.6 billion

November 6, 2001 by Canadian Underwriter

Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of

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IBC responds to Ontario’s revised auto insurance proposal

October 31, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest

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Personal injury fraud a $500 million problem, says study

October 17, 2001 by Canadian Underwriter

A newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal

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IBC and policy group at odds on B.C. insurance future

October 11, 2001 by Canadian Underwriter

A new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost

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Hail storms hit MPI balance sheet

October 1, 2001 by Canadian Underwriter

Manitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for

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Insurers update numbers from terrorist attacks while liability debate looms

September 20, 2001 by Canadian Underwriter

More than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single

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Atlantic Canadians hold low perception of insurance costs

September 10, 2001 by Canadian Underwriter

A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,

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Industry’s ROE slips again on rising claims (August 27, 2001)

August 27, 2001 by Canadian Underwriter

Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%

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Allstate sells European auto business

June 20, 2001 by Canadian Underwriter

U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure

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Dominion president calls for B.C. auto insurance deregulation by 2003

June 18, 2001 by Canadian Underwriter

Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase

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Insurers battle against rising claims tide

June 12, 2001 by Canadian Underwriter

The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of