Industry
Despite premium increases and better underwriting performance, the stock markets are hampering the recovery of U.S. p&c insurers, according to the Insurance Services Office Inc. (ISO).Although 2002 saw the largest premium increase in more than 15 years, industry surplus dropped to US$285.2 billion, a 1.5% decline over 2001. The decline also came despite 2002 seeing […]
By Canadian Underwriter | August 26, 2003
1 min read
Home
The state of Kansas says 2003 has been a difficult year for insurers who have already paid out US$256 million for storm losses between April and July.”The storm season extended well beyond spring this yearand we’ve exceeded the amount of damage reported in all of 2002,” says Insurance Commissioner Sandy Praeger. “In July, the estimate […]
New changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a reform package that includes a 12-month freeze on rates.The package would also mean that the […]
2 min read
While the opinion insurers hold of rating agencies is generally positive, many feel rating agency standards have become increasingly stringent, says a new study by Swiss Re.In “Insurance Company Ratings”, Swiss Re notes that insurers see rating agencies as “reasonably focused, fair and balanced” but were concerned that through the 1990s ever more stringent standards […]
By Canadian Underwriter | August 25, 2003
Risk
After a month of forest fires raging through areas of B.C., Kelowna is now the target zone. Some of the 24,000 residents under evacuation order were returning to their homes on Sunday, but many did not know if they would even have homes to return to.At least 244 homes were destroyed by the fires which […]
Claims
The U.S.-based Insurance Institute for Highway Safety (IIHS) has released its annual report on the most stolen vehicles, with the Cadillac Escalade SUV topping the list.The Escalade was the most frequently stolen among 2000-2002 models, and has the worst overall record for insurance losses due to theft. In fact, the vehicle is four-times as likely […]
By Canadian Underwriter | August 22, 2003
Auto
In a presentation to Ontario’s Auto Insurance Review Committee on possible ways to reduce claims costs, the Collision Industry Action Group (CIAG) is pushing for new rules to prevent “tow truck chasing”.The CIAG says chasing when a tow truck rushes to the scene of a collision to try and convince victims to use a specific […]
The Friday following the “Blackout of 2003” on August 13, credit-card sales dropped an estimated $100 million in Canada, but the decline is likely a temporary one. This is according to credit card processor Moneris Solutions Corp. Comparing last Friday’s credit card transactions with that of the Friday before, total credit card spending was down […]
By Canadian Underwriter | August 21, 2003
Co-operators General Insurance Co. (TSX: CCS.PR.A) says premium increases is starting to show results in bottom-line profitability. For the second quarter ending June 30, 2003, the company reports after-tax net income of $25.3 million, versus net income of $7 million in second-quarter 2002. This brings year-to-date net income up to $19.4 million, compared to $4.7 […]
In response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the Insurance Bureau of Canada (IBC) has assured policyholders that claims submitted will not result in […]
By Canadian Underwriter | August 20, 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.
