News
Manulife and John Hancock join to form largest life insurer
September 30, 2003 by Canadian UnderwriterToronto-based Manulife Financial Corp. says it will enter into a stock-for-stock deal to buy Boston’s John Hancock Financial Services Inc. worth $34.7 billion (US$25.6 billion). The deal will make Manulife the largest life insurance company in Canada, second-largest in North…
U.S. insurers boost 2003 half-year profit by 3.3 times
September 30, 2003 by Canadian UnderwriterU.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released…
Condo association forms task force on insurance
September 29, 2003 by Canadian UnderwriterAn association representing the condominium industry is set to look into the impact of insurance rates and policy changes to its members. The Canadian Condominium Institute (CCI) says it has established a task force to look at “unprecedented” changes to…
Kingsway reveals $30 million adverse reserve development
September 29, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as…
Kinesiologists unhappy with Bill-198 regulations
September 26, 2003 by Canadian UnderwriterThe Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that…
Moody’s predicts $8.3 billion profit for Lloyd’s
September 26, 2003 by Canadian UnderwriterThe London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce…
RIMS gives “thumbs up” to COSO draft ERM guidelines
September 25, 2003 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is praising a new draft document on enterprise risk management (ERM). The draft, created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), its project advisory council and Pricewaterhouse Coopers LLP,…
Nova Scotia report advocates lower auto rates and public education
September 24, 2003 by Canadian UnderwriterWhile pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following…
Manitoba to offer loans for anti-theft device purchase
September 23, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers…
Risk modeling supports Isabel loss estimate
September 23, 2003 by Canadian UnderwriterRisk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims…
Fairfax renews share buyback to boost shareholder value
September 22, 2003 by Canadian UnderwriterFairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about…
Isabel could cost U.S. insurers US$1 billion
September 22, 2003 by Canadian UnderwriterIn the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath…