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Auto insurance up for reform in Newfoundland

October 5, 2001 by Canadian Underwriter

The Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain…

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Future of airline insurance up for discussion

October 5, 2001 by Canadian Underwriter

The future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could…

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IBAC and Member Associations Launch Insurance Brokers’ Appeal for The Salvation Army’s U.S. Disaster Fund

October 5, 2001 by Canadian Underwriter

To help aid the victims and survivors of the September 11 terrorist attacks in the United States, the Insurance Brokers Association of Canada (IBAC) has partnered with The Salvation Army in Canada to set up the Canadian Insurance Brokers’ Appeal…

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MPI changes tune on rate reduction

October 4, 2001 by Canadian Underwriter

Following announcement of higher than normal claims payouts this summer, Manitoba Public Insurance (MPI) is taking back its request to the province for a rate reduction for motorists.Hail storms in August are partly to blame for the decision, which will…

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IBC launches standard invoice for Ontario

October 4, 2001 by Canadian Underwriter

After five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) is finally able to institute a standard auto insurance invoice for health care practitioners in Ontario. The invoice, which applies to rehabilitation…

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Lloyd’s losses could top $10 billion, says rating agency

October 3, 2001 by Canadian Underwriter

Rating agency Fitch’s is predicting Lloyd’s of London losses from the terrorist attacks on America could reach US$10 billion or more. This comes after Lloyd’s announced estimated gross losses of US$1.9 billion for the market – still representing the single…

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Lloyd’s raises premium levy for its "central fund"

October 2, 2001 by Canadian Underwriter

Lloyd’s of London has announced an increase in its "central fund" premium levy which is charged against syndicate members by 0.9% to the 2% level. The new rate becomes effective from next year and will run through to the end…

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Boyd Group boosts U.S. holdings

October 2, 2001 by Canadian Underwriter

Winnipeg-based auto collision repair operator The Boyd Group Inc. (TSE: BYD.A) has acquired AWC Collision Center which consists of four operations located in metro Seattle and Tacoma within the U.S. state of Washington. The terms and purchase price of the…

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ICBC president Thompson to retire

October 2, 2001 by Canadian Underwriter

After six years at the helm, the head of British Columbia’s public insurer is stepping down. Thom Thompson has been president and CEO of the Insurance Corporation of B.C. (ICBC) since 1995, and his retirement comes amidst a torrent of…

News InsuranceMergers and Aqcuisitions

Hail storms hit MPI balance sheet

October 1, 2001 by Canadian Underwriter

Manitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for…

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Insurers ask U.S. Congress to support insurance pool

September 27, 2001 by Canadian Underwriter

Chubb CEO Dean O’Hare was among insurance representatives speaking to Congress this week on the need for an insurance pool to cover terrorism risks moving into the future. In light of the recent terrorist attacks on the World Trade Center…

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Lloyd’s can absorb $1.9 billion loss, says chairman

September 26, 2001 by Canadian Underwriter

Lloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than…