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B.C. government stalls insurance deregulation drive

November 25, 2002 by Canadian Underwriter

The Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market.The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of…

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U.S. insurers show support for new terrorism reinsurance bill

November 22, 2002 by Canadian Underwriter

Following the recent Senate approval of the “Terrorism Reinsurance Act”, which will be signed into effect by U.S. president George Bush early next week, insurance companies represented by the National Association of Independent Insurers (NAII) have come out in full…

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A.M. Best puts Allianz group on negative review

November 21, 2002 by Canadian Underwriter

Rating agency A.M. Best has placed the Allianz group’s “A++ (superior)” financial rating under review with negative implications. The negative review also applies to the holding company’s current debt rating of “AA+”. A.M. Best says the negative review was issued…

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IBC launches headrest campaign

November 21, 2002 by Canadian Underwriter

Following research into the improper adjustment of headrests and their role in soft tissue injuries, the Insurance Bureau of Canada (IBC) is launching a national awareness campaign.The three-year campaign, “Rest up! Save your neck.” is aimed at teaching drivers how…

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GE boosts Employers Re by US$1.4 billion

November 21, 2002 by Canadian Underwriter

GE is lowering its earnings expectations for the year after taking a US$1.4 billion charge to increase reserves at Employers Reinsurance Corp. (ERC). GE’s 2002 earnings target is not US$1.51 per share, versus earlier forecasts of US$1.65 per share, a…

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Bush prepares to sign terrorism backstop into law

November 20, 2002 by Canadian Underwriter

The U.S. government backstop for terrorism insurance will soon be a reality following a Senate vote in favor of the legislation late Tuesday night. In an 86-11 vote the Senate endorsed a compromise bill laid out by a joint Congressional…

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Insurers add voice to call for capital tax elimination

November 19, 2002 by Canadian Underwriter

Insurers, represented by the Insurance Bureau of Canada (IBC), were among those calling for the elimination of capital taxes in a submission to the federal government’s Standing Committee on Finance.A new association of business groups known as the Association for…

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Goran continues slow climb out of red

November 18, 2002 by Canadian Underwriter

Despite posting a loss for the third quarter 2002, Toronto-based Goran Capital (TSE: GNC; OTCBB: GNCNF) seems poised for a rebound. This year’s net loss of $3.32 million, or $0.62 per share, for the quarter ending September 30 is a…

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Co-operators 3-Q loss promises at future recovery

November 15, 2002 by Canadian Underwriter

The Co-operators General Insurance Co. (TSX: CCS.PR.A) produced a net loss of $3.3 million for the third quarter of this year compared with an after-tax profit of $267,000 for the same period a year prior. The insurer’s net income for…

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U.S. House passes terrorism insurance bill

November 15, 2002 by Canadian Underwriter

The U.S. House of Representatives last night passed the compromise bill to provide a government backstop for terrorism insurance. In a voice vote, the House agreed to Bill H.R. 3210 the Terrorism Risk Protection Act. The Senate is expected to…

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III puts tornado losses at US$290 million

November 15, 2002 by Canadian Underwriter

Tornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO),…

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Insurers focus on fraud and misconduct: KPMG survey

November 14, 2002 by Canadian Underwriter

Insurers are ahead of the rest of corporate Canada when it comes to managing fraud and misconduct, according to a survey from KPMG Forensic.Among the insurance industry’s responses to the survey, 100% said fraud risks are the responsibility of the…