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U.S. state regulators deny ISO terrorism exclusions

January 8, 2002 by Canadian Underwriter

New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and…

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Insurers see mixed results from technology: TTP survey

January 7, 2002 by Canadian Underwriter

North American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers,…

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Battle between Silverstein and insurers over WTC claim heats up

January 4, 2002 by Canadian Underwriter

The court case between World Trade Center leaseholder Larry Silverstein and insurers is broadening in scope, with Silverstein asking courts to extend his suit to all of the building’s insurers, except ACE and XL. Silverstein has already filed suit against…

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Canada tops U.S. in car theft rates

January 4, 2002 by Canadian Underwriter

Studies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This…

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Insurers lose on “preferred shop” appeal

January 2, 2002 by Canadian Underwriter

A decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw…

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Hub sells subsidiaries to Fairfax

January 2, 2002 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be…

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Canadian Underwriter and canadianunderwriter.ca Launch Free Insurance News Alert Service

January 1, 2002 by Canadian Underwriter

Welcome to your first edition of Canadian Underwriter magazine and canadianunderwriter.ca’s new Email News Alert Service for the Insurance Industry, called “At Your Personal Request”. This FREE Breaking News Alert Service will keep the market informed of the latest Insurance…

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No US terror pool in place before yearend

December 21, 2001 by Canadian Underwriter

With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S.…

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Global catastrophes top US$115 billion, study reveals

December 21, 2001 by Canadian Underwriter

On a worldwide scale, catastrophes both man-made and natural resulted in losses of more than US$115 billion, costing insurers more than US$32 billion, in 2001, says a study from Swiss Re. The US$115 billion figure is three times that of…

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Fin institutions launch national consumer ombudsman service

December 20, 2001 by Canadian Underwriter

All of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services…

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Travelers out of Citigroup umbrella

December 19, 2001 by Canadian Underwriter

Citigroup Inc. confirms that it will spin off Travelers Property Casualty Corp. Up to 20% of Travelers will be released through an initial public offering, and the remainder will be spun off to Citigroup shareholders.The deal follows a long and…

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Fraud squad releases annual top ten list

December 18, 2001 by Canadian Underwriter

The Canadian Coalition Against Insurance Fraud (CCAIF) has handed down its annual “Top Ten” list of insurance fraud schemes, and topping the list is a bilingual fraudster who tried to double file a claim by using both official languages.Other examples…