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Nova Scotia report advocates lower auto rates and public education

September 24, 2003 by Canadian Underwriter

While pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following…

News InsuranceMergers and Aqcuisitions

Manitoba to offer loans for anti-theft device purchase

September 23, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers…

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Risk modeling supports Isabel loss estimate

September 23, 2003 by Canadian Underwriter

Risk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims…

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Fairfax renews share buyback to boost shareholder value

September 22, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about…

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Isabel could cost U.S. insurers US$1 billion

September 22, 2003 by Canadian Underwriter

In the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath…

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ICLR offers damage mitigation tips in wait of Isabel

September 19, 2003 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane…

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B.C. fire claims top $200 million, more to come

September 18, 2003 by Canadian Underwriter

Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in…

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RMS predicts US$500 million or more in losses from Isabel

September 17, 2003 by Canadian Underwriter

Risk modeling firm Risk Management Solutions (RMS) is predicting that Hurricane Isabel, which has not yet hit the U.S. coast, could cause as much as US$500 million in insured damage. This depends on the storm maintaining its current tracked, headed…

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Kingsway announces U.S. offering

September 17, 2003 by Canadian Underwriter

Toronto-based Kingsway Financial Services (TSX, NYSE: KFS) says it will offer US$50 million in trust preferred securities in the U.S. Dividend rates for the securities have not yet been determined, the company notes, as the announcement is the start of…

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Tort reform and regulatory burden on Levene’s hit list

September 16, 2003 by Canadian Underwriter

Lloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the…

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Get rid of weak insurers, new study suggests

September 16, 2003 by Canadian Underwriter

A new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks…

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U.S. industry shows bottom-line improvement, but risks remain: A.M. Best

September 15, 2003 by Canadian Underwriter

Although the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net…