Canadian Underwriter

News


News InsuranceMergers and Aqcuisitions

York Region police uncover $2 million auto theft ring

August 29, 2004 by Canadian Underwriter

Police in Ontario’s York Region have laid 130 criminal charges against five men after recovering stolen vehicles worth more than $2 million.The charges followed a 16-month investigation dubbed “Project Romeo” which led to the recovery of over 50 luxury vehicles…

News InsuranceMergers and Aqcuisitions

ICBC fraud charges stick in two cases

August 29, 2004 by Canadian Underwriter

In two separate cases, the Insurance Corporation of B.C. has seen drivers plead guilty to providing false information to the public insurer.Salvatore Figliuzzi of Coquitlam, BC, received a fine of $800, and ordered to pay ICBC $1,074 in restitution. He…

News Insurance

World’s largest reinsurers report profit gains

August 29, 2004 by Canadian Underwriter

Three of the world’s largest reinsurers have recently reported healthy profit gains in the second quarter of this year.Zurich-based Swiss Re says it posted net income of CHF 1.4 billion for the first six months of 2004, up from CHF…

News Climate ChangeInsurance

What’s new: In brief (August 29, 2004)

August 29, 2004 by Canadian Underwriter

CNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group…

News InsuranceMergers and Aqcuisitions

IBC takes stand on publication of rate filings

August 26, 2004 by Canadian Underwriter

Insurers are taking umbrage with the idea of making their regulatory rate filings public. In a submission to hearings being conducted by Nova Scotia’s Insurance Review Board (IRB), the Insurance Bureau of Canada (IBC) says insurers rate filings contain proprietary…

News Climate ChangeInsurance

Hamilton firm handles Charley claims

August 26, 2004 by Canadian Underwriter

A Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf…

News Climate ChangeInsurance

Charley highlights business coverage issues

August 26, 2004 by Canadian Underwriter

A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be…

News Insurance

Terrorism insurance buys up in second quarter: Marsh

August 25, 2004 by Canadian Underwriter

More than 46% of U.S. businesses who purchased property insurance in the second quarter of 2004 also bought terrorism risk coverage, according to the latest survey from international broker Marsh Inc.Marsh has been tracking terrorism insurance purchases since the implementation…

News Climate ChangeInsurance

What’s new: In brief (August 25, 2004)

August 25, 2004 by Canadian Underwriter

The crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation…

News Climate ChangeInsurance

ISO pegs Charley loss at US$6.8 billion

August 25, 2004 by Canadian Underwriter

The total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in…

News Insurance

Contingency fees must be fully disclosed: RIMS

August 24, 2004 by Canadian Underwriter

The organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management…

News Insurance

Conning study looks at difference in mutual v. stock co. growth

August 24, 2004 by Canadian Underwriter

Mutuals and stock insurance companies have decidedly different growth strategies, as outlined in a new study by Conning Research & Consulting Inc.The study, “Mutuals and Stock in the P-C Industry: How Does Your Company Grow?” finds that while large stock…