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Man-made catastrophes outpace natural disasters in 2001, says Swiss Re study

March 13, 2002 by Canadian Underwriter

In 2001, man-made catastrophes cost insurers more than natural disasters, mainly due to the back of September 11 losses, says the latest sigma study released by Swiss Re. The study pegs losses for the terrorist attacks at US$19 billion for…

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Canadian insurers end 2001 on dismal financial note

March 13, 2002 by Canadian Underwriter

Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…

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Hi-Alta expands with four acquisitions (March 12, 2002)

March 12, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta has added four new offices to its Western Insurance Network (WIN), including two in Alberta, and one each in BC and Saskatchewan. J.A. Buchan Agencies of Champion, AB, will be merged with Wes Fulton Agencies in nearby…

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Newfoundland auto changes not likely to include tort reform

March 11, 2002 by Canadian Underwriter

There is little chance that Newfoundland will follow through on its proposal to limit tort claims as a means to reducing the cost of auto insurance in that province, after a recent study revealed opposition to the plan. Tort reform…

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McNaughton v. Co-operators could spawn class action landslide

March 8, 2002 by Canadian Underwriter

The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a…

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Clarica-Sun Life merger goes through despite protests

March 7, 2002 by Canadian Underwriter

In the face of public defiance by some key shareholders, the mega-merger of lifecos Clarica and Sun Life was passed by Clarica shareholders yesterday. The deal creates Canada’s largest life insurer, with $398.8 billion in assets under management and combined…

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European airlines reject insurers as government covers set to expire

March 6, 2002 by Canadian Underwriter

European airliners represented by the Association of European Airlines (AEA) have rejected an insurance industry proposal for third-party war and terrorism coverage on grounds that the latest offering remains too costly.The AEA estimates that the latest insurance proposal would cost…

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Optimum falls into net loss despite underwriting action (March 05, 2002)

March 5, 2002 by Canadian Underwriter

Montreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for…

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FSCO passes guidelines on insurer investments

March 4, 2002 by Canadian Underwriter

Following the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more…

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U.S. terror cover debate heats up

March 1, 2002 by Canadian Underwriter

As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week,…

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Co-operators struggles in 2001

February 28, 2002 by Canadian Underwriter

Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7…

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IBC calls for change in Nova Scotia

February 28, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…