News
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…
RBC Insurance division produces higher net income on home & auto
August 28, 2003 by Canadian UnderwriterHome and auto insurance performance is the key factor in increased net income, says Royal Bank of its RBC Insurance division, along with Canadian life and reinsurance progress. The division reports that for the third quarter ending July 31, 2003,…
Western Financial increases Jennings Capital investment
August 28, 2003 by Canadian UnderwriterBroker network and banking company Western Financial Group (TSX: WES) says it has increased its investment in Jennings Capital Inc. Jennings is a western Canadian investment dealer which Western Financial says will add to its ability to offer investment products…
Securities litigation costs on the rise in the U.S.
August 27, 2003 by Canadian UnderwriterIn 2002 and the first seven months of 2003, settlements in U.S. securities litigation have continued to rise, according to a new study by PriceWaterhouse Coopers. For the first seven months of 2003, settlements reached US$1.5 billion, on 60 settlements.…
Insurers not impressed with Newfoundland auto reforms
August 27, 2003 by Canadian UnderwriterThe package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost…