News
IBC auto cost study targets "soft tissue" claims
February 5, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response…
Canadian government extends airline cover
February 4, 2002 by Canadian UnderwriterThe Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there…
U.S. trade groups react to NAIC ruling on personal lines terrorism exclusions
February 1, 2002 by Canadian UnderwriterFollowing a decision by the U.S. National Association of Insurance Commissioners (NAIC) not to allow terrorism exclusions on personal lines policies, insurers are reacting with dismay. Through their trade associations, including the National Association of Independent Insurers (NAII) and the…
Lloyd’s proposals necessary but challenging, says S&P
January 30, 2002 by Canadian UnderwriterProposed reforms to the structure of the world’s oldest insurance market announced by Lloyd’s earlier this week are being praised by rating agency Standard & Poor’s. Although the announcement does not impact Lloyd’s single-A rating, S&P says the reforms “address…
U.S. commercial market reveals hardening and confusion
January 29, 2002 by Canadian Underwriter“Major commercial property/casualty premiums uniformly on the upswing and confusion in the market” is how the U.S. Council of Insurance Agents and Brokers (CIAB) is characterizing the post-September 11 environment. In releasing fourth quarter 2001 results of its Commercial Insurance…
FSCO releases last quarter 2001 approved auto rate increases
January 28, 2002 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on…
Canadian operations contribute to Crawford success in Q4
January 25, 2002 by Canadian UnderwriterAdjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up…
ING-Zurich deal finalized
January 25, 2002 by Canadian UnderwriterA deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to…
Allianz Canada failure to meet targets results in downgrade
January 23, 2002 by Canadian UnderwriterAllianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best…
U.K. extends airline insurance while Canadian deadline looms
January 22, 2002 by Canadian UnderwriterAs the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20,…
Dominion gets discount approved for “I Promise” program
January 18, 2002 by Canadian UnderwriterDominion 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…
Lloyd’s releases proposal for new market structure
January 17, 2002 by Canadian UnderwriterIn 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…