Industry
Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15 a share for the latest quarter against the $2.95 a share shown for the same […]
August 31, 2003
1 min read
Claims
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border say. The lights went out in Ontario just after 4:00 pm on August 14, with a record 50 million people affected in total. Commercial coverage for […]
Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as coverage price hikes implemented by companies over the last two years finally began to outstrip the growth in claims costs, according to preliminary industry data collected by the Insurance Bureau of Canada (IBC). The […]
3 min read
Risk
After posting its second quarterly loss in a row, Munich Re saw its ratings further downgraded by Standard & Poor’s (S&P). The world’s largest reinsurer posted a first-half 2003 net loss of EUR603 million (Cdn$915 million), following net income of EUR4.1 billion (Cdn$6.2 billion) in first-half 2002.The loss prompted S&P to lower the reinsurer’s financial […]
By Canadian Underwriter | August 29, 2003
2 min read
A recent Minnesota Supreme Court ruling could see insurers paying out as much as US$250 million in claims related to breast implants. 3M, also known as the Minnesota Mining and Manufacturing Company, went to court with 29 insurers who balked at paying claims for legal and other expenses for lawsuits related to the implants. Following […]
The month of August has been a challenge for computer networks, with two large viruses causing widespread damage, despite a drop in hacker attacks.In recent months, hack attacks had been a significant problem, largely politically motivated by the situation in the Middle East and the war in Iraq specifically. But this month has been characterized […]
Auto
Home and auto insurance performance is the key factor in increased net income, says Royal Bank of its RBC Insurance division, along with Canadian life and reinsurance progress. The division reports that for the third quarter ending July 31, 2003, net income was $57 million, a 16% jump over third quarter 2002, which produced net […]
By Canadian Underwriter | August 28, 2003
Broker network and banking company Western Financial Group (TSX: WES) says it has increased its investment in Jennings Capital Inc. Jennings is a western Canadian investment dealer which Western Financial says will add to its ability to offer investment products to its customers. “Beyond providing a more complete line of services, Western Financial Group’s investment […]
In 2002 and the first seven months of 2003, settlements in U.S. securities litigation have continued to rise, according to a new study by PriceWaterhouse Coopers. For the first seven months of 2003, settlements reached US$1.5 billion, on 60 settlements. Average settlement of these cases was US$25.1 million each, although several were over US$50 million.Last […]
By Canadian Underwriter | August 27, 2003
The package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost to an already burdened auto insurance system.”This package of reforms has very little to do […]
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