Industry
Insurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers will be required to file new, lower rates by January 23. But insurers say the […]
By Canadian Underwriter | January 12, 2004
1 min read
The reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year and that insurers are expected to file new, lower rates by January 23, 2004.Premier Dalton […]
2 min read
Through their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the mergers could be harmful “if the purpose or end result of such a merger was […]
By Canadian Underwriter | January 9, 2004
Auto
To bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car rather than buy her a new one. Investigation by MPI’s special investigation unit (SIU) resulted […]
By Canadian Underwriter | January 8, 2004
Lloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9 billion pounds by year’s end.The figure marks the first year for Lloyd’s new business plan […]
Fairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided for the benefit of other Fairfax subsidiaries. Fairfax is holding assets in trust from premiums […]
By Canadian Underwriter | January 7, 2004
Claims
As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re notes that total insured losses for the year were US$15 billion, versus US$11.5 billion in […]
Risk
International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says that lines such as directors’ and officers’ (D&O), medical malpractice, employment and products liability will […]
By Canadian Underwriter | January 6, 2004
U.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a return on equity of 9.3% for the first nine months of 2003, up from 1.0% […]
By Canadian Underwriter | January 5, 2004
3 min read
Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including one common share of the company and one half of a purchase warrant to acquire […]
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