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What’s New: In brief (October 11, 2005)

October 11, 2005 by Canadian Underwriter

Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed,…

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Lloyd’s expects profits, despite cat losses

October 7, 2005 by Canadian Underwriter

Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion).…

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Insurance crime TIPS line (1-877-IBC-TIPS) launched

October 7, 2005 by Canadian Underwriter

Canada’s insurers have launched a national insurance crime TIPS line to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. As a result of an anonymous tip that listed,…

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Consumers Association to file complaint against insurance industry

October 7, 2005 by Canadian Underwriter

The Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.“This industry continues to portray conflicts of interest, secret commissions, and steering…

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Katrina losses predicted to exceed 9/11

October 7, 2005 by Canadian Underwriter

Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as…

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Royal & SunAlliance to buy business of Morgex

October 6, 2005 by Canadian Underwriter

Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is…

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B.C. drivers still aren’t wearing seat belts: police

October 6, 2005 by Canadian Underwriter

Many car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using…

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Complex risks neglected by board directors

October 6, 2005 by Canadian Underwriter

Board directors at global businesses are failing to identify and manage emerging risks effectively, according to a recent survey conducted by Lloyd’s and the Economist Intelligence Unit.The survey dealt with complex risk and although companies are spending more time on…

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AON proposes terrorism insurance pool

October 6, 2005 by Canadian Underwriter

Aon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage…

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P&C industry in U.S. sees net income rise 29%

October 5, 2005 by Canadian Underwriter

The U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and…

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Insurers receive relief repaying claims from SEC

October 5, 2005 by Canadian Underwriter

Insurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive…

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Poll finds loose objects, cell phones driving distractions

October 5, 2005 by Canadian Underwriter

Attempting to retrieve loose objects in a car is slightly more of a distraction for car drivers than using cell phones, according to a recent poll conducted by www.InsuranceHotline.com.The poll identifies the Top 3 driving distractions as “loose objects in…