Segment
Claims
MPI tracks cars stolen multiple times
January 6, 2003 by Canadian UnderwriterA new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study…
Profile: Adjusters Preparing for Change
January 1, 2003 Vikki SpencerNo one would argue the insurance industry is one that stands still, particularly not in today’s market. For adjusters, the changes are keenly felt, impacting how they do their jobs on a daily basis. From mergers and acquisitions to changing…
Homeowner Property Losses: Underwater
January 1, 2003 Susan Vella, senior vice president of personal insurance at ChubWater-related losses on homeowner property covers seem to be seeping increasingly into the red-ink. While insurers have been battling the onslaught of losses arising from auto business, water poses a new threat to personal property covers, one which insurers can…
IBC disappointed with Newfoundland auto package
December 20, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto…
Industry claims satisfaction rate rises for 2002
December 19, 2002 by Canadian UnderwriterWith the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was…
U.S. winter storms produce US$360 million insured loss
December 19, 2002 by Canadian UnderwriterStorms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high…
Newfoundland auto reform tabled with no tort reform
December 18, 2002 by Canadian UnderwriterIndustry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act,…
U.S. tornadoes more costly than estimated
December 5, 2002 by Canadian UnderwriterA series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier…
Capital crunch and cat claims still plague reinsurance market: S&P
December 5, 2002 by Canadian UnderwriterDespite hardening prices, the reinsurance industry continues to be dragged down by the lack of capital and prior years’ claims development, according to rating agency Standard & Poor’s.In its 2003 Global Reinsurance Outlook, S&P says that while some companies are…
Investments trouble insurer Q3 earnings: IBC
November 29, 2002 by Canadian UnderwriterDespite a declining underwriting loss for Canadian p&c insurers thus far in 2002, investment market declines are hitting balance sheets hard.In its quarterly “Perspectives” report, the Insurance Bureau of Canada (IBC) notes that in the last two quarters investment income…
IBC unhappy with New Brunswick auto report
November 25, 2002 by Canadian UnderwriterA report on reforming New Brunswick’s auto insurance system is getting a chilly reception from the Insurance Bureau of Canada (IBC).Proposals to control auto rates in the province made by the Select Committee on Auto Insurance will, the IBC says,…
Co-operators 3-Q loss promises at future recovery
November 15, 2002 by Canadian UnderwriterThe Co-operators General Insurance Co. (TSX: CCS.PR.A) produced a net loss of $3.3 million for the third quarter of this year compared with an after-tax profit of $267,000 for the same period a year prior. The insurer’s net income for…