News
Insurance industry gets harmonized data dictionary
October 12, 2005 by Canadian UnderwriterAn international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part…
What’s New: In brief (October 12, 2005)
October 12, 2005 by Canadian UnderwriterAIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now…
Swiss Re joins red cross group, comments Pakistan earthquake
October 11, 2005 by Canadian UnderwriterSwiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to…
Standard & Poor’s say rates hold firm despite hurricanes
October 11, 2005 by Canadian UnderwriterAlthough the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The…
Fairfax says Katrina losses reach $388 million
October 11, 2005 by Canadian UnderwriterFairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately…
What’s New: In brief (October 11, 2005)
October 11, 2005 by Canadian UnderwriterChubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed,…
Lloyd’s expects profits, despite cat losses
October 7, 2005 by Canadian UnderwriterDespite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion).…
Insurance crime TIPS line (1-877-IBC-TIPS) launched
October 7, 2005 by Canadian UnderwriterCanada’s insurers have launched a national insurance crime TIPS line to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. As a result of an anonymous tip that listed,…
Consumers Association to file complaint against insurance industry
October 7, 2005 by Canadian UnderwriterThe Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.“This industry continues to portray conflicts of interest, secret commissions, and steering…
Katrina losses predicted to exceed 9/11
October 7, 2005 by Canadian UnderwriterHurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as…
Royal & SunAlliance to buy business of Morgex
October 6, 2005 by Canadian UnderwriterThrough its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is…
B.C. drivers still aren’t wearing seat belts: police
October 6, 2005 by Canadian UnderwriterMany car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using…