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Fairfax Earnings Drop Despite Better Combined Ratio

June 1, 2004 by Canadian Underwriter

Insurance holding company Fairfax Financial Holdings (TSX: FFH) reported reduced net earnings of US$39.5 million for the first quarter of 2004, down from the US$169.0 million posted for the same period the year prior. This saw earnings drop to US$2.63

From left: Jon Galsworthy, Mike Bartlett, Eric Savory, James Scott of UWO.
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Insurers Back Windstorm Project

June 1, 2004 by Canadian Underwriter

A major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build

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U.S. Reinsurers’ 1-Q Shows Underwriting Windfall

June 1, 2004 by Canadian Underwriter

U.S. reinsurers produced a combined ratio of 94.0% for the first quarter of this year compared with the 96.4% ratio posted for the same period in 2003, according to data collected by the Reinsurance Association of America (RAA). The improved

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Final Alberta Reform Package Promises 20% Rate Cut

June 1, 2004 by Canadian Underwriter

After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall. The reforms are to be implemented by September this year, with the province’s “Standing Policy Committee on

Bill Star
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Former Pilot Execs Face FSCO Charges

June 1, 2004 by Canadian Underwriter

In an unprecedented move, the Financial Services Commission of Ontario (FSCO) has filed charges against two former Pilot Insurance Co. executives for “directly or indirectly furnishing false, misleading or incomplete information” to the insurance regulator. Former Pilot CEO Stu Kistruck

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“Rich Man, Poor Man” Syndrome

June 1, 2004 Sean van Zyl, Managing Editor

Canada’s property and casualty insurance industry – inclusive of the primary and reinsurance sectors – appears to suffer from a condition of “rich man, poor man syndrome”, a condition which the insured public whether they fall in the personal lines

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Moments In Time (June 01, 2004)

June 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

From left to right, Pierre Dionne, Ken Arthurs and Jane Voll
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Canada’s Insurance Market: A Silver Lining

June 1, 2004 Vikki Spencer

Canadian commercial insurance buyers have had little to celebrate with the record rate increases and tight terms faced over the past two or more years. Now, with reinsurers and insurers reporting stronger results, risk managers’ expectations of better pricing are starting to surface. However, insurers and brokers warn, risk managers who look for the loose underwriting standards and coverage giveaways of the past, do so at their own peril.

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Auto Rental Replacement: A Tech Boost

June 1, 2004 Tim MacNair

Introduced in Canada in 2000, automated rental car systems changed the way insurers and rental car companies do business. The new technology promised to cut costs and boost customer service and has done so quite successfully. Now, four years later,

Max Taylor
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RIMS 2004: Tough Talk

June 1, 2004 Vikki Spencer

The property and casualty insurance industry’s mantra of late has become, “how can we stop the cycle”? At this year’s RIMS Conference in San Diego, commercial clients urged insurers to find a way to avoid the startling price increases of the past two and a half years, and temper the behemoth known as the “insurance cycle”. Insurers say this can be done, but caution that everyone – carriers, buyers and legislators – must be part of the solution.

Bob Joyce
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A Bridge Too Far?

June 1, 2004 Sean van Zyl, Editor

Investment analysts and insurer CEOs speaking at this year’s National Insurance Leadership Symposium, which was recently held in San Francisco, share a cautious sense of optimism regarding the current financial state of the North American property and casualty insurance industry. However, many of the speakers were concerned that the “cost of the past”, combined with insurers’ habitual mistake of abandoning underwriting discipline, could undermine the industry’s objectives of achieving long-term sustainable profitability and stable market pricing.

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Organized Crime on Trial

June 1, 2004 Craig Harris

The insurance industry’s focus on crime prevention has shifted to organized criminal networks. Intricate, often sophisticated rings have moved rapidly into lucrative areas like staged collisions and auto theft. Insurers say the daunting spread of organized crime requires a concerted industry-wide response and partnerships with police, judicial and government agencies. But, can insurers keep up with the criminals?