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U.S. legislators top concerns in 2002 are auto and worker’s comp

February 26, 2003 by Canadian Underwriter

Auto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last…

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Royal & Sun parent loses A rating from Fitch

February 25, 2003 by Canadian Underwriter

Rating agency Fitch’s has downgraded the financial strength of U.K.-based Royal & SunAlliance Insurance plc (RSAIP) from A- to BBB+. The company’s long-term rating was also lowered to BBB- from BBB, and its junior subordinated debt to BB+ from BBB-.This…

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Ombudservice busy in first six months

February 25, 2003 by Canadian Underwriter

The new ombudservice for p&c insurers received 37,000 calls between July and December of last year. Fortuntaly for insurers, only 17 of those calls have proceeded to mediation, reports the General Insurance Ombudservice (GIO).The GIO was created last year, and…

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U.S. terrorism backstop failing, says Conning study

February 24, 2003 by Canadian Underwriter

The U.S. Terrorism Risk Insurance Act of 2002 (TRIA) is failing to address the long-term issue of terrorism risk, says a new study by Conning Research & Consulting Inc. The study speculates that not only does the act not address…

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Cost of risk puts pressure on small companies

February 21, 2003 by Canadian Underwriter

The cost of risk, including insurance, is about US$2.45 for every US$1,000 of revenue, says a new study from Marsh Inc. The study of U.S. companies also found that this cost varies dramatically depending on the size of the business,…

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U.S. tort costs up sharply: Tillinghast study

February 20, 2003 by Canadian Underwriter

Not surprisingly, tort costs in the U.S. are increasing sharply, as indicated in a new study by Tillinghast-Towers Perrin. In 2001, the U.S. tort system cost US$205 billion, or US$721 per capita. This is a 14.3% increase over the year…

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Federal budget “good news” for insurers

February 19, 2003 by Canadian Underwriter

Yesterday’s federal budget brought some good news for insurers, says Paul Kovacs, chief economist for the Insurance Bureau of Canada. Three items are of particular interest: elimination of the federal capital tax; a boost to health care spending; and new…

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Recognition of risk management growing, survey shows

February 18, 2003 by Canadian Underwriter

Financial institutions are showing an increased understanding of the need for enterprise-wide risk management (EWRM), says a survey of financial institutions from The Risk Management Association (RMA) and First Manhattan Consulting Group.Among 30 U.S.-based financial institutions, the study found that…

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Cats give U.S. insurers gentle landing for 2002 (February 17, 2003)

February 17, 2003 by Canadian Underwriter

Catastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO).Last year saw 25 cat…

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Lindsey Morden loss widens on U.S. results

February 14, 2003 by Canadian Underwriter

2002 saw deteriorating results for international adjuster Lindsey Morden (TSX: LM), largely as a result of its troubled U.S. operations. While revenue increased by $19 million between 2001 and 2002, the company suffered a net loss last year of $17.5…

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U.S. litigation reform discussions heat up

February 13, 2003 by Canadian Underwriter

Litigation is taking center stage south of the border with ongoing discussions on tort reform, medical malpractice liability and even the never-ending asbestos issue.This week, a joint Senate committee is hearing testimony on a proposal to tackle the spiraling cost…

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Americans find insurance fraud palatable

February 12, 2003 by Canadian Underwriter

About one-quarter of Americans say insurance fraud is acceptable, according to a new survey from Accenture. In a random sample of 1,000 adults, the study found that nearly 25% think its alright to overstate the value of a insurance claim,…