Commercial
Victims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts, Settlements and Statistical Analysis”, covers compensatory jury awards in product liability cases between 1993-2002 in […]
By Canadian Underwriter | January 19, 2004
1 min read
Risk
London, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada.Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to serve its existing stable of 10 brokers with Aviva’s personal and commercial lines products. Current […]
Claims
U.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is the third-highest loss year for cats in the past decade, following 2001, where losses topped […]
By Canadian Underwriter | January 16, 2004
Industry
Lloyd’s of London chair Lord Peter Levene says that there is still hope for tort reform in the U.S. to stem the tide of escalating losses to global insurers.”If there were an Oscar awarded for the most talked about issue, resulting in the least action, then tort reform would win it,” Levene told a meeting […]
2 min read
New car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could name the transmission type and 91% the number of cylinders in their vehicle, 51% could […]
By Canadian Underwriter | January 15, 2004
Auto
For the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier.Investment income was almost double, hitting $85.4 million for the first nine months of the 2003 fiscal year, versus $45.8 million for the […]
Toronto-based Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it is consolidating control of its Canadian and U.S. subsidiaries through the head office of the holding company.This means presidents of the company’s U.S. subs will report directly to Kingsway Financial CEO Bill Star.The move has led to the resignation of Kingsway America CEO Jim Zulkhe, […]
By Canadian Underwriter | January 14, 2004
Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts to US$647 after tax, largely as a result of adverse development on losses from casualty […]
International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.”The intensity in rate increases has shifted from property to the casualty lines,” writes Mark McKay, executive vice president of Willis Canada in Willis’ annual “Marketplace Realities” report.In 2004, […]
By Canadian Underwriter | January 13, 2004
U.S. general insurers will spend slightly more on information technology (IT) in 2004, but funding will be limited and focused, says research and consulting firm TowerGroup.In its annual forecast, the consultant says the industry faces similar challenges to the life and annuity business in terms of using technology for customer service, distribution and operational efficiency.Among […]
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