Segment
P&C Companies
World’s largest reinsurers report profit gains
August 29, 2004 by Canadian UnderwriterThree of the world’s largest reinsurers have recently reported healthy profit gains in the second quarter of this year.Zurich-based Swiss Re says it posted net income of CHF 1.4 billion for the first six months of 2004, up from CHF…
ICBC fraud charges stick in two cases
August 29, 2004 by Canadian UnderwriterIn two separate cases, the Insurance Corporation of B.C. has seen drivers plead guilty to providing false information to the public insurer.Salvatore Figliuzzi of Coquitlam, BC, received a fine of $800, and ordered to pay ICBC $1,074 in restitution. He…
York Region police uncover $2 million auto theft ring
August 29, 2004 by Canadian UnderwriterPolice in Ontario’s York Region have laid 130 criminal charges against five men after recovering stolen vehicles worth more than $2 million.The charges followed a 16-month investigation dubbed “Project Romeo” which led to the recovery of over 50 luxury vehicles…
IBC takes stand on publication of rate filings
August 26, 2004 by Canadian UnderwriterInsurers are taking umbrage with the idea of making their regulatory rate filings public. In a submission to hearings being conducted by Nova Scotia’s Insurance Review Board (IRB), the Insurance Bureau of Canada (IBC) says insurers rate filings contain proprietary…
Hamilton firm handles Charley claims
August 26, 2004 by Canadian UnderwriterA Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf…
Charley highlights business coverage issues
August 26, 2004 by Canadian UnderwriterA new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be…
ISO pegs Charley loss at US$6.8 billion
August 25, 2004 by Canadian UnderwriterThe total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in…
What’s new: In brief (August 25, 2004)
August 25, 2004 by Canadian UnderwriterThe crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation…
Terrorism insurance buys up in second quarter: Marsh
August 25, 2004 by Canadian UnderwriterMore than 46% of U.S. businesses who purchased property insurance in the second quarter of 2004 also bought terrorism risk coverage, according to the latest survey from international broker Marsh Inc.Marsh has been tracking terrorism insurance purchases since the implementation…
What’s new: In brief (August 24, 2004)
August 24, 2004 by Canadian UnderwriterFairfax Financial Holdings Ltd. is selling US$95 million in 7.75% senior notes due 2012 at an issue price of 97.25%. The company says it plans to use the proceeds to purchase its outstanding debt from time to time, based on…
Conning study looks at difference in mutual v. stock co. growth
August 24, 2004 by Canadian UnderwriterMutuals and stock insurance companies have decidedly different growth strategies, as outlined in a new study by Conning Research & Consulting Inc.The study, “Mutuals and Stock in the P-C Industry: How Does Your Company Grow?” finds that while large stock…
Contingency fees must be fully disclosed: RIMS
August 24, 2004 by Canadian UnderwriterThe organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management…