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Peas In A Pod?

January 1, 2004 Saqib Durrani

The many changes introduced to Ontario’s auto insurance legislation over the years has resulted in insurers responding to the increasingly complex regulatory environment by applying new practices and procedures in their claims handling processes. The effectiveness of these processes in many cases depends on “trial and error” experience, which in itself can unravel new uncertainties relating to specific situations. Such is the case with settlement of loss of income claims made by self-employed individuals.

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Us Tort Costs Hit US$233 Billion

January 1, 2004 by Canadian Underwriter

Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. The single largest factor in the increase is

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MPI Rates to Rise 3.7%

January 1, 2004 by Canadian Underwriter

Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will hike basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger

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Allianz Canada Rating Lowered With Negative Outlook

January 1, 2004 by Canadian Underwriter

Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been

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Moments In Time (January 01, 2004)

January 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.

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Letter to the Editor (January 01, 2004)

January 1, 2004 by Canadian Underwriter

In his Letter to the Editor (CU’s November 2003 issue, page 49) broker Neil Whetham criticizes writer Craig Harris for comments made in Harris’ August 2003 article “Building Boom Insurance Bust.” In particular, Whetham singles out Harris’ closing comments that,

Nadia Romano
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On the Move (January 01, 2004)

January 1, 2004 by Canadian Underwriter

Sinclair-Cockburn Financial Group has named Nadia Romano as personal lines manager, capitalizing on more than 20 years of insurance industry experience, including two years on the firm’s senior management team. Adjuster Cunningham Lindsey Canada Ltd. announces vice president, operations Lorri

Henry Klecan Jr.,
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SCOR’s Ailing U.S. Ops Get Canadian Help

December 1, 2003 by Canadian Underwriter

Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking

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Letters to the Editor (December 01, 2003)

December 1, 2003 by Canadian Underwriter

The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia

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Fairfax 3-Q Earnings Hit by Investment Declines

December 1, 2003 by Canadian Underwriter

Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million

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Optimum General Recovery Maintains Steam (December 01, 2003)

December 1, 2003 by Canadian Underwriter

Montreal-based Optimum General continued to climb back into the black in the third quarter ended September this year, posting a net profit of $411,000, equal to 4 a share for the period compared with a net loss of $743,000, or

2003/04 RIBO Board: (standing from left) Byron Moffitt, past president Art Langley, Barry Downs, Al Hawco, CEO Jeff Bear, Hassan Jaffer, president Rod Finlayson; (seated) secretary Elsie "Toots" Everley, Joanne Brown, Caroline Benedict, Gloria Shan, vice president Jack Baizana, treasurer Bonnie Warder.
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RIBO AGM Unveils Market Capacity Concerns

December 1, 2003 by Canadian Underwriter

The concern over brokers facing limited market availability was among the issues faced this past year by the Registered Insurance Brokers of Ontario (RIBO). At its recent AGM, the organization’s outgoing president Art Langley notes, “2003 has been a difficult