News
U.S. cats cost US$12.8 billion in 2003
January 16, 2004 by Canadian UnderwriterU.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is…
Lloyd’s Levene holds out hope for tort reform
January 16, 2004 by Canadian UnderwriterLloyd’s of London chair Lord Peter Levene says that there is still hope for tort reform in the U.S. to stem the tide of escalating losses to global insurers.“If there were an Oscar awarded for the most talked about issue,…
New car owners lack insurance knowledge
January 15, 2004 by Canadian UnderwriterNew car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could…
MPI net income up despite claims growth
January 15, 2004 by Canadian UnderwriterFor the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier.Investment income was almost double, hitting $85.4 million…
Kingsway consolidates operations
January 14, 2004 by Canadian UnderwriterToronto-based Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it is consolidating control of its Canadian and U.S. subsidiaries through the head office of the holding company.This means presidents of the company’s U.S. subs will report directly to Kingsway Financial…
XL takes US$694 million reserve charge on US reinsurance business
January 14, 2004 by Canadian UnderwriterBermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts…
Casualty line to cause risk managers headaches in 2004: Willis
January 13, 2004 by Canadian UnderwriterInternational broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.“The intensity in rate increases has shifted from property to the casualty lines,” writes…
Insurer IT spending up marginally in 2004, says consultant
January 13, 2004 by Canadian UnderwriterU.S. general insurers will spend slightly more on information technology (IT) in 2004, but funding will be limited and focused, says research and consulting firm TowerGroup.In its annual forecast, the consultant says the industry faces similar challenges to the life…
Insurers voice pleasure with new Ontario auto reforms
January 12, 2004 by Canadian UnderwriterInsurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers…
Auto reforms regulated in Ontario
January 12, 2004 by Canadian UnderwriterThe reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year…
Brokers speak out against bank/lifeco mergers
January 9, 2004 by Canadian UnderwriterThrough their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the…
MPI releases first “top frauds” list
January 8, 2004 by Canadian UnderwriterTo bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car…