News
ICBC’s nine month earnings soar on asset gains
November 5, 2003 by Canadian UnderwriterCrown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic…
RIMS survey points to price easing of U.S. commercial covers
November 5, 2003 by Canadian UnderwriterThe latest “benchmark survey” released by the Risk and Insurance Management Society (RIMS) suggests that the pace of price increases in the U.S. commercial insurance marketplace slowed dramatically in the third quarter of this year. “After the staggering increases [in…
Alberta freezes auto rates for up to 18 months
November 5, 2003 by Canadian UnderwriterFollowing up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier…
Fairfax 3-Q earnings hit by investment declines
November 4, 2003 by Canadian UnderwriterThird quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million…
Desjardins companies adopt new names
November 4, 2003 by Canadian UnderwriterDesjardins Group General Insurance and Assurances generales des caisses Desjardins have adopted new names as part of a marketing repositioning of the group, a statement says. The two companies have been renamed Desjardins General Insurance Group and Desjardins General Insurance…
Dominion begins paying 20% premium cut to Nova Scotia drivers
November 3, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which…
Royal & SunAlliance withdraws from Nova Scotia auto market
November 3, 2003 by Canadian UnderwriterRoyal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto…
Fitch predicts California blazes could be worst ever
October 31, 2003 by Canadian UnderwriterRating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the…
Hub Canadian growth solid, US operations lagging
October 31, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) says its revenue and earnings are up for the third quarter ending September 30, 2003, with Canadian operations posting strong organic growth.Revenue grew 31% to US$64.7 million for the quarter (Q3 2002:…
More backlash against Nova Scotia auto plan
October 30, 2003 by Canadian UnderwriterInsurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.“We are shocked and deeply offended by the punitive insurance legislation passed by the…
Truckers up in arms over rate increases
October 30, 2003 by Canadian UnderwriterThe Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.“We are in our third year of escalating insurance costs and it is hard to see much…
Portal to launch in January; IBM named vendor partner
October 29, 2003 by Canadian UnderwriterBrokers may finally see the industry Internet portal to connect them with insurers get off the ground. After a lengthy process, the Centre for Study of Insurance Operations (CSIO) portal is slated for a January, 2004 launch.The CSIO board has…