Industry
Rating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may have lost the opportunity to play catch-up as price increases flatten in the coming year.Results […]
By Canadian Underwriter | January 5, 2004
2 min read
Risk
Sinclair-Cockburn Financial Group has named Nadia Romano as personal lines manager, capitalizing on more than 20 years of insurance industry experience, including two years on the firm’s senior management team. Adjuster Cunningham Lindsey Canada Ltd. announces vice president, operations Lorri Fredericks, now has management responsibilities over a segment of Ontario operations, including having staff at […]
December 31, 2003
In his Letter to the Editor (CU’s November 2003 issue, page 49) broker Neil Whetham criticizes writer Craig Harris for comments made in Harris’ August 2003 article “Building Boom Insurance Bust.” In particular, Whetham singles out Harris’ closing comments that, “Some repeat the familiar refrain that insurers are [increasing rates] simply trying to recoup recent […]
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
4 min read
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been assigned a negative outlook. “The ratings on AZ Canada [Allianz and Trafalgar collectively] were lowered […]
1 min read
Auto
Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will hike basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger vehicle premium. New rates kick in as policies renew after March 1, 2004. Rising claims […]
Claims
Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. The single largest factor in the increase is the reassessment of asbestos liabilities, which grew by US$11 billion last year, or one-third of […]
The many changes introduced to Ontario's auto insurance legislation over the years has resulted in insurers responding to the increasingly complex regulatory environment by applying new practices and procedures in their claims handling processes. The effectiveness of these processes in many cases depends on "trial and error" experience, which in itself can unravel new uncertainties relating to specific situations. Such is the case with settlement of loss of income claims made by self-employed individuals.
By Saqib Durrani | December 31, 2003
The property and casualty insurance industry has woken to find itself in the "hot seat" of a tumultuous public storm - consumers, the media and provincial governments have set their sights on insurers as an opportunistic menace. The result has seen ongoing, radical provincial auto insurance legislation amendments, blossoming tort losses, and new cost pressures at every level of insurance companies. And, in taking the pulse of claims managers and independent adjusters, CU finds this negative public image and its effects are high on the minds of claims managers and adjusters as the industry moves into 2004.
By Vikki Spencer | December 31, 2003
9 min read
Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute. The study says that StatsCan has been incorrectly measuring auto insurance inflation for the last seven years, overstating provincial auto insurance increases […]
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