News
Study confirms auto injury losses skyrocketing in the U.S.
January 20, 2004 by Canadian UnderwriterWhile it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…
Insurers prepared for Alberta auto rebates while reform talks continue
January 20, 2004 by Canadian UnderwriterAbout 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform…
Farm equipment injuries lead to highest jury awards: study
January 19, 2004 by Canadian UnderwriterVictims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts,…
Totten Group buys August Group Risk Management
January 19, 2004 by Canadian UnderwriterLondon, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada.Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to…
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…