News
Standard & Poor’s puts Allianz Canadian ops on watch
September 5, 2003 by Canadian UnderwriterRating agency Standard & Poor’s has put the Canadian operations of Allianz Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada on “creditwatch” with negative implications. The companies combined hold an “A+” financial strength rating currently.S&P says the…
U.S. insurer exposure to 9/11 reaches US$9.3 billion
September 5, 2003 by Canadian UnderwriterNet claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC)…
ICBC to increase rates 1.3% under new filing process
September 4, 2003 by Canadian UnderwriterFiling its rates for the first time to the B.C. Utilities Commission, the Insurance Corp. of B.C. (ICBC) is requesting a 1.3% increase to its basic auto insurance policies.The increase is made up of a 0.4% hike to cover premium…
Royal & SunAlliance scales back in U.S., remains in Canada
September 4, 2003 by Canadian UnderwriterAs part of further restructuring for U.K. insurance giant Royal & SunAlliance Insurance Group, the company says it remains committed to Canada, despite a decision to all but exit the U.S. market.The company’s standard personal lines and most of its…
Federation withdraws from Newfoundland on auto insurance proposals
September 4, 2003 by Canadian UnderwriterProposals by the Newfoundland government to change that province’s auto insurance system are the cause of Federation Insurance Co. of Canada’s decision to stop writing personal lines in that province, the company says.In a media release, the company says it…
Insurers face potential $850 million lawsuit from oil company
September 3, 2003 by Canadian UnderwriterWestern Oil Sands, one of the partners in the Athabasca Oil Sands Project (AOSP), says it has filed a “statement of claim” against its insurers with which it will proceed if previously filed claims are not paid.The suit would seek…
Sobig launches August into top spot for digital attacks
September 3, 2003 by Canadian UnderwriterThe month of August has become the worst month on record for digital attacks, largely on the back of the Sobig malware attack. Sobig is now the most costly digital attack, leaping over the Klez and Love Bug viruses, and…
Eves’ government announces additional auto insurance reforms
September 2, 2003 by Canadian UnderwriterAs expected, the Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198.Premier Ernie Eves today announced the program which includes a reduction in the premium tax from 3% to 2%,…
Insurers applauding Ontario auto reforms
September 2, 2003 by Canadian UnderwriterAdditional auto insurance reforms, coming on the heels of those contained in Bill-198, are being welcomed with open arms by Ontario insurers.The reforms include several measures insurers have long been pushing for in the province, including a reduction in the…
Munich Re downgraded on second-quarter loss
August 29, 2003 by Canadian UnderwriterAfter posting its second quarterly loss in a row, Munich Re saw its ratings further downgraded by Standard & Poor’s (S&P). The world’s largest reinsurer posted a first-half 2003 net loss of EUR603 million (Cdn$915 million), following net income of…
Insurers face US$250 million price tag on U.S. breast implant case
August 29, 2003 by Canadian UnderwriterA recent Minnesota Supreme Court ruling could see insurers paying out as much as US$250 million in claims related to breast implants. 3M, also known as the Minnesota Mining and Manufacturing Company, went to court with 29 insurers who balked…
Economic damage from Sobig virus estimated at US$7.05 billion
August 29, 2003 by Canadian UnderwriterThe month of August has been a challenge for computer networks, with two large viruses causing widespread damage, despite a drop in hacker attacks.In recent months, hack attacks had been a significant problem, largely politically motivated by the situation in…