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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…

News Insurance

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…

News Insurance

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…

News Insurance

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…

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U.S regulators to assess insurer solvency following attacks

September 25, 2001 by Canadian Underwriter

Concerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing…

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Government covers airline terrorism exposures

September 25, 2001 by Canadian Underwriter

The federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with…

News Insurance

AXA ups terrorist attack loss estimate to $550 million

September 24, 2001 by Canadian Underwriter

As insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million…