News
Cadillac SUV tops “most stolen” list in U.S.
August 22, 2003 by Canadian UnderwriterThe U.S.-based Insurance Institute for Highway Safety (IIHS) has released its annual report on the most stolen vehicles, with the Cadillac Escalade SUV topping the list.The Escalade was the most frequently stolen among 2000-2002 models, and has the worst overall…
Collision repair group advocates tow truck rules
August 22, 2003 by Canadian UnderwriterIn a presentation to Ontario’s Auto Insurance Review Committee on possible ways to reduce claims costs, the Collision Industry Action Group (CIAG) is pushing for new rules to prevent “tow truck chasing”.The CIAG says chasing when a tow truck rushes…
Blackout causes temporary drop in credit-card spending; first U.S. lawsuit filed
August 21, 2003 by Canadian UnderwriterThe Friday following the “Blackout of 2003” on August 13, credit-card sales dropped an estimated $100 million in Canada, but the decline is likely a temporary one. This is according to credit card processor Moneris Solutions Corp. Comparing last Friday’s…
Rate hikes pay off for Co-operators
August 21, 2003 by Canadian UnderwriterCo-operators General Insurance Co. (TSX: CCS.PR.A) says premium increases is starting to show results in bottom-line profitability. For the second quarter ending June 30, 2003, the company reports after-tax net income of $25.3 million, versus net income of $7 million…
IBC responds to Consumer Association’s blackout concerns
August 20, 2003 by Canadian UnderwriterIn response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the…
Desjardins earnings up on insurance growth
August 20, 2003 by Canadian UnderwriterMontreal-based financial services giant Desjardins Financial Corp. (TSX: DFS) reported net earnings were about double in the second-quarter ending June 30, 2003, primarily on the back of growth in its insurance operations, as well as investment gains.Overall, net earnings for…
Louisiana insurers to pay US$22 million for Tropical Storm Bill
August 20, 2003 by Canadian UnderwriterThe price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance…
Pethealth in the red despite revenue growth
August 19, 2003 by Canadian UnderwriterDespite almost doubling its revenue in the second quarter ending June 30, 2003, Oakville-based pet insurer Pethealth Inc. (TSX: PTZ) reported a net loss for the period of $743,093, or $0.01 per share. While this represents an improvement over the…
Optimum General back in the black on strong Q2 2003
August 19, 2003 by Canadian UnderwriterAs of June 30, 2003, Montreal-based Optimum General Inc. (TSX: OGI.A) is out of the red, posting net income of $492,000, or $0.04 per share for the first half of this year. This is a vast improvement over the loss…
ICBC net income up on expense reduction and real estate sale
August 18, 2003 by Canadian UnderwriterThe Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant…
Simmons to retire as Royal & SunAlliance Canada head
August 18, 2003 by Canadian UnderwriterRoyal & SunAlliance Canada confirms that president and CEO Larry Simmons will retire. No effective date has been given, as Simmons will stay on until a replacement is found, says RSA Canada communications director Sally Turney.Simmons took over the top…
Modest insurance impact from blackout expected
August 15, 2003 by Canadian UnderwriterImpact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.“It’s very, very difficult to say [what insured losses will…