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Has the insurance industry reached the elusive goal where brokers effortlessly manage clients' needs and connect with ease to insurance companies? The belief that we are getting there is being driven not just by the launch of the Centre for Study of Insurance Operations' (CSIO) Internet-based "portal", but also with significant developments made by the leading broker management systems (BMS).
By John Belyea | September 30, 2004
6 min read
U.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related diseases. Daschle had previously proposed a fund of US$145 billion.The amount is now the same […]
By Canadian Underwriter | September 20, 2004
1 min read
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for the top 25 writers in the country.As a result of premium increases, auto insurers (excluding […]
By Canadian Underwriter | September 16, 2004
In its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number of claims filed per 100 vehicles insured, dropped by 30-50%, depending on geographic region, between […]
By Canadian Underwriter | August 31, 2004
The U.K.-based Royal & SunAlliance group produced an overall operating profit for the first six months of this year of 192 million pound sterling compared with the 119 million pounds reported for the same period in 2003. Although the insurers’ net written premiums fell by 32% year-on-year to 2.5 billion pounds for the first six […]
By Canadian Underwriter | August 16, 2004
Two recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In Jonathon Neil & Assoc. Inc. v. Jones, the case centered around US$51,000 in premiums which […]
By Canadian Underwriter | August 12, 2004
2 min read
Property crime, including vehicle thefts and break-ins rose over 2003, according to figures released by Statistics Canada. StatsCan data shows the national property crime rate rose 4% over 2003, despite hitting a 20-year low in 2002. The 2003 rate bucks a trend of flat and even decreasing property crime rates since 1991. However, despite last […]
July 31, 2004
The trucking insurance line has taken its financial lumps in U.S. courts over recent years. And, this liability trend will likely migrate north of the border into Canada, speakers at the recently held "Transportation Seminar" predict. In the meantime, Canadian insurers are also exposed to cross-border trucking operations, all of which point to a head-on collision with a litigation system gone wild.
By Vikki Spencer | July 31, 2004
5 min read
Two massive summer storms struck insurers a hefty blow in July with the total insured loss pegged at around $158 million, according to preliminary data collected by the Insurance Bureau of Canada. The first storm brought heavy rain and hail to Edmonton, Alberta, resulting in large areas of flooding. The second storm event caused flooding […]
Property crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates buck a trend of flat and even decreasing property crime rates since 1991, and despite […]
By Canadian Underwriter | July 28, 2004
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