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Dominion gets discount approved for “I Promise” program

January 18, 2002 by Canadian Underwriter

Dominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…

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Lloyd’s releases proposal for new market structure

January 17, 2002 by Canadian Underwriter

In response to criticisms and years of poor results, Lloyd’s of London has released a series of proposed changes to “modernize” the 300-year-old insurance market. Among the changes being put before the ruling Council of Lloyd’s is the end of…

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IBC makes pitch for Ontario health care reform

January 17, 2002 by Canadian Underwriter

The Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry…

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Scor & RSA see ratings downgraded in the wake of poor Q-4 results

January 16, 2002 by Canadian Underwriter

Two global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor…

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September 11 lawsuits in the works

January 16, 2002 by Canadian Underwriter

Families of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade…

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MPI income drops due to claims cost and investment slump

January 15, 2002 by Canadian Underwriter

Manitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba…

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Lloyd’s syndicates and names fewer for 2002

January 14, 2002 by Canadian Underwriter

Lloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has…

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New York’s decision on terror exclusions presents coverage withdrawal

January 10, 2002 by Canadian Underwriter

The recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the…

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Phelan to head up Munich Re American unit

January 10, 2002 by Canadian Underwriter

John Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan…

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Tough decisions ahead for insurers: Deloitte & Touche

January 9, 2002 by Canadian Underwriter

As 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to…

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Post-9/11 Canadian insurance market “brutal”: Belton Report

January 9, 2002 by Canadian Underwriter

Terrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to…

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U.S. state regulators deny ISO terrorism exclusions

January 8, 2002 by Canadian Underwriter

New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and…