Canadian Underwriter

News


News Insurance

NB auto rate reductions stalled on PUB hearings

July 25, 2003 by Canadian Underwriter

In response to the New Brunswick government capping “pain and suffering” awards for auto accident victims, the Insurance Bureau of Canada (IBC) confirms that many insurers have already filed for rate reductions. However, these filings are in limbo, the IBC…

News Insurance

ICBC sues second “staged accident” fraud ring

July 24, 2003 by Canadian Underwriter

Hot on the heels of its recent success in a lawsuit against a staged accident auto ring involving 25 defendants and about $1 million in fraud-related costs, the Insurance Corp. of British Columbia (ICBC) has filed an action with the…

News Insurance

Associations drawing up enterprise risk framework

July 24, 2003 by Canadian Underwriter

Several financial associations are working together on a framework for enterprise risk management (ERM). The Committee of Sponsoring Organizations of the Treadway Commission (COSO), which combines five accountancy and finance organizations, commissioned the framework from Pricewaterhouse Coopers early last year.…

News Insurance

IBC online claims sharing up and running

July 23, 2003 by Canadian Underwriter

The web site through which Canadian p&c insurers will be able to share information on suspicious claims is now operational.The Insurance Bureau of Canada’s (IBC) “web claims submission” system has been in the pilot stage with Wawanesa Mutual Insurance Company…

News Insurance

MPI hail storm claims reach $2.5 million

July 23, 2003 by Canadian Underwriter

Damage to vehicles as a result of hail storms last week in Manitoba has reached $2.5 million, the province’s public insurer reports.Manitoba Public Insurance (MPI) has received about 1,400 claims to date, for a value of $2.5 million, says MPI…

News Insurance

Commercial premiums flattening, say U.S. brokers

July 22, 2003 by Canadian Underwriter

The latest survey of U.S. commercial agents and brokers show property and casualty rates are flattening, says the Council of Insurance Agents and Brokers (CIAB), releasing its second quarter 2003 Commercial Market Index Survey.The market is leveling and starting to…

News Insurance

Markel opens up online submissions to market

July 22, 2003 by Canadian Underwriter

Toronto-based Markel Insurance Company of Canada is opening up its online submission process to the competition. Much like U.S.-based Progressive’s move to offer online quotes by its competitors, Markel will allow brokers to make submissions to any of its competitors…

News Insurance

Claudette insured losses rise to cat level

July 21, 2003 by Canadian Underwriter

Early damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern…

News Insurance

Lloyd’s gets “thumbs up” from A.M. Best

July 18, 2003 by Canadian Underwriter

In affirming the “A-” (excellent) rating of Lloyd’s of London, rating agency A.M. Best says the outlook for the world’s oldest insurance market remains stable.Strong capitalization, stable investment returns and a new focus on risk management are all factors leading…

News InsuranceMergers and Aqcuisitions

IBC points to flaws in consumer group study of auto insurance

July 18, 2003 by Canadian Underwriter

Responding to a study on auto insurance released by the Consumers’ Association of Canada (CAC), the Insurance Bureau of Canada (IBC) says consumers will be misled by the findings.The study compares auto insurance rates in Nova Scotia to those in…

News Insurance

U.S. Senate considers federal insurance regulation

July 17, 2003 by Canadian Underwriter

If Canadian insurers have complaints over the confusion between federal and provincial regulation of insurers, their U.S. counterparts may soon follow suit.U.S. Senator Ernest Fritz Hollings of South Carolina has introduced a bill, (S. 1373, the “Insurance Consumers Protection Act…

News Insurance

Goran paints bleak picture moving forward

July 17, 2003 by Canadian Underwriter

Although Goran Capital Inc. (TSE; GNC, NYSE: GNCN), managed to cut its losses in almost half for the first quarter ending March 31, 2003, the bleeding has not stopped for the Toronto-based company.Net loss for the quarter is $3.6 million,…