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Peel Region Police have arrested three men suspected of running a “chop shop” and the theft and “re-vinning” of vehicles in the Greater Toronto Area.In the fall of 2002, two stolen vehicles were recovered by police from a business on Royal Windsor Drive in Mississauga, Ontario. This led police to Woodchester Auto Sales in Oakville, […]
By Canadian Underwriter | April 1, 2003
1 min read
Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970. Flood losses topped the list at US$4.1 billion (Cdn$6.1 billion) total, largely on the back […]
By Canadian Underwriter | March 12, 2003
2 min read
Catastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO). Last year saw 25 cat events which generated about 1.8 million claims from homeowners and businesses. The average number […]
February 28, 2003
Net income from the insurance operations of Royal Bank of Canada is up 29% for the first quarter ending January 31, 2003 versus the same period last year.The company reports that property reinsurance operations and U.S. subsidiary RBC Liberty Insurance accounted for most of the growth, which amounted to net income of $54 million for […]
By Canadian Underwriter | February 28, 2003
Catastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO).Last year saw 25 cat events which generated about 1.8 million claims from homeowners and businesses. The average number of […]
By Canadian Underwriter | February 16, 2003
About one-quarter of Americans say insurance fraud is acceptable, according to a new survey from Accenture. In a random sample of 1,000 adults, the study found that nearly 25% think its alright to overstate the value of a insurance claim, and more than one-tenth say its acceptable to claim for items that were not lost […]
By Canadian Underwriter | February 12, 2003
Long-time insurance broker Dan Danyluk has been named the new CEO of the Insurance Brokers Association of Canada (IBAC). The position is newly created, replacing the former executive director’s role at the national association representing property and casualty insurance brokers.Danyluk has been managing director of Crawford & Danyluk Insurance Brokers Ltd. in Delaware, Ontario, for […]
By Canadian Underwriter | January 22, 2003
A new study from Conning Research & Consulting Inc. suggests that despite rate increases, the U.S. p&c industry continues to see deteriorating results and reserve deficiencies.In the past year, the industry’s reserve deficiency has actually doubled, and offers inadequate protection against ever-increasing loss costs, Conning says in its report “Property-Casualty Reserve Adequacy: Digging Deeper.” This […]
By Canadian Underwriter | January 16, 2003
Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own about 35% of CIMI.EGI and The Co-operators each own half of non-standard auto insurer Echelon […]
By Canadian Underwriter | January 6, 2003
H.L. (Skip) Sutherland is retiring as president of Crawford Adjusters Canada after almost 45 years in the insurance industry. He began his career with Zurich in 1957 and later helped form Adjusters Canada Inc., which was bought by Crawford in 1998. He will remain a director of the company and act as a consultant on […]
December 31, 2002
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