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Small business concerns over insurance continue to surface

April 2, 2004 by Canadian Underwriter

In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side…

News Insurance

IBC turns attention to crime “rings”, drops individual claims investigation

April 2, 2004 by Canadian Underwriter

The Insurance Bureau of Canada’s (IBC) investigative division will focus on auto theft and organized crime in the future, handing its individual claims investigation service over to another firm.As of April 1, the IBC will no longer accept new requests…

News Insurance

Canadian regulators release discussion paper on rebating, tied selling

April 2, 2004 by Canadian Underwriter

In an effort to harmonize insurance practices across the country, the Canadian Council of Insurance Regulators (CCIR) is looking for input on market conduct issues, including inducements, rebating and tied selling.In a consultation paper, the CCIR is asking for response…

News Climate ChangeInsurance

ICLR publishes studies on windstorm, earthquake risk

April 1, 2004 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application…

News Climate ChangeInsurance

80% of U.S. commercial brokers want TRIA renewed

April 1, 2004 by Canadian Underwriter

With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to…

News InsuranceMergers and Aqcuisitions

U.S auto rates to level out in 2004: III

March 31, 2004 by Canadian Underwriter

After three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and…

News Insurance

Brokers applaud federal budget provisions for education, small business

March 31, 2004 by Canadian Underwriter

Insurance brokers are pleased with two federal budget announcements which they say will promote continuing education and help small businesses. The Insurance Brokers Association of Canada (IBAC), reacting to the budget handed down by Prime Minister Paul Martin and announced…

News Insurance

U.S. p&c combined ratio drops below 100%: Fitch

March 30, 2004 by Canadian Underwriter

U.S. property and casualty insurers will post a combined ratio of 98.0% for 2003, 6.9% better than 2002, says Fitch Ratings. Return on equity was up to 11.6% last year from 6.5% the year prior.The rating agency looked at 55…

News Insurance

Travelers, St. Paul merger to take effect April 1

March 30, 2004 by Canadian Underwriter

Following shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers,…

News Insurance

Mixed outlook for European insurers: Fitch

March 29, 2004 by Canadian Underwriter

Signs of recovery are evident, but problems linger for European non-life insurers and reinsurers, says Fitch Ratings.The rating agency is continuing its stable outlook for non-life insurers in most European countries, noting operating results should continue to improve over the…

News Insurance

Global forum shopping target of new group

March 29, 2004 by Canadian Underwriter

A group of U.S. businesses are joining together under the mantle of the Chamber of Commerce to fight against global forum shopping.The practice, whereby plaintiffs seek to find any possible link to allow a case to be tried in a…

News Insurance

Swiss Re p&c segment posts improved earnings for 2003

March 26, 2004 by Canadian Underwriter

The world’s second-largest reinsurer, Swiss Re, posted net income of CHF 1.7 billion (Cdn $1.77 billion) for 2003, with the property and casualty segment reporting a solid combined ratio of 98.4%, almost 6% less than 2002.Premium income was up 16%…