Auto
The alarming rise in insured cost of auto theft and fraud over recent years has much to do with the involvement and growth of organized crime in Canada, according to two Insurance Bureau of Canada (IBC) claim investigators who spoke at the recently held Annual Toronto Fraud Forum. In many instances, the criminal organizations involved […]
October 31, 2003
2 min read
Risk
Rating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the insured loss from the 1991 wildfires in the Oakland Hills area of California.While it is […]
By Canadian Underwriter | October 31, 2003
1 min read
Industry
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) says its revenue and earnings are up for the third quarter ending September 30, 2003, with Canadian operations posting strong organic growth.Revenue grew 31% to US$64.7 million for the quarter (Q3 2002: $49.6 million), with the strong Canadian dollar contributing to 11% organic growth. In total, Canadian […]
Claims
Insurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.”We are shocked and deeply offended by the punitive insurance legislation passed by the government of Nova Scotia”, says George Cooke, president and CEO of The Dominion of Canada […]
By Canadian Underwriter | October 30, 2003
3 min read
The Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.”We are in our third year of escalating insurance costs and it is hard to see much light at the end of the tunnel,” says David Bradley, CEO of the CTA. The […]
Brokers may finally see the industry Internet portal to connect them with insurers get off the ground. After a lengthy process, the Centre for Study of Insurance Operations (CSIO) portal is slated for a January, 2004 launch.The CSIO board has approved a business plan which reflects broker support from across the country, says CSIO chair […]
By Canadian Underwriter | October 29, 2003
Reforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to its policyholders reflecting reimbursement for an overall rate decrease of 20.6% effective July 1 of […]
The industry’s pool for high-risk drivers is assessing insurers more than $125 million for losses in four provinces. The Facility Association, which insures drivers who have been turned down in the voluntary market due to bad driving records, is asking insurers in Ontario, Nova Scotia, Newfoundland and New Brunswick to anti up $126.6 million for […]
By Canadian Underwriter | October 28, 2003
On the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll back rates, but give no relief for rising claims costs, both groups say.”It is in […]
With the “Class Action Fairness Act” back on the shelf, US insurers are lamenting the narrow vote that saw the federal legislation defeated. In a vote of 59-39 (one vote shy of the 60 required), Republican senators were unable to end the Democratic filibuster on the bill, thus shelving class action reform until the new […]
By Canadian Underwriter | October 27, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
