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U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). Insurers’ net […]
By Canadian Underwriter | September 30, 2002
3 min read
Industry
A group representing collision repair shops is concerned by provisions of the draft proposals set out by Ontario’s Auto Insurance Review Committee. Those provisions relate to insurers’ ability to use non-OEM (original equipment manufacturer) parts when repairing vehicles.The proposal reads, “For consumers who have a preference for original parts, require insurers to offer optional coverage […]
By Canadian Underwriter | September 27, 2002
2 min read
A federal judge in New York has declared that the felling of the World Trade Center towers by two planes on September 11, 2001 was “one occurrence”, not two as claimed by the leaseholder.The ruling applies to three insurers, St. Paul Fire and Marine Insurance Co., Hartford Fire Insurance Co. and Royal Indemnity. U.S. District […]
By Canadian Underwriter | September 26, 2002
Risk
Nearing adjournment of the U.S. Congress session has sparked concerns among property and casualty insurers that legislation will not be passed this year allowing for the creation of a federal government-backed terrorism insurance mechanism. The National Association of Independent Insurers (NAII), which represents 715 member companies, is the latest organization to issue a call to […]
By Canadian Underwriter | September 24, 2002
1 min read
Ontario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), today appeared before the government’s Auto Insurance Review Committee (AIRC).The AIRC, which was appointed by the Minister of Finance to gather stakeholder responses to the proposed legislative changes […]
By Canadian Underwriter | September 23, 2002
Fairfax Financial Holdings CEO Prem Watsa has released information on the company’s third quarter realized gains in advance of an expected move by Fairfax directors and officers to buy additional company shares.To date, the company has realized pre-tax gains of approximately $250 million on its investment portfolio. About $215 million of this comes from the […]
By Canadian Underwriter | September 20, 2002
The Board of Directors of Hub International Limited (NYSE: HBG AND TSX: HBG) has announced that it has filed a notice of intention to make a Normal Course Issuer Bid for up to 1,429,362 of its common shares through the facilities and in accordance with the by-laws and rules of The Toronto Stock Exchange and […]
By Canadian Underwriter | September 19, 2002
Claims
The numbers just keeping adding up for European insurers facing flood conditions across the continent in late summer and more recently in France. Recent French flooding could cost insurers $460 million (EUR 300 million), according to preliminary estimates from the Federation Francaise des Societes d’Assurances.Insurers are still tallying up losses from summer floods that ranged […]
By Canadian Underwriter | September 18, 2002
Last year’s dismal financial returns for reinsurers have led to a sharp 44.1% increase in reinsurance premiums in 2002, says a report from global reinsurance broker Guy Carpenter.In its study “The World Catastrophe Reinsurance Market 2002″, the brokerage notes that according to Swiss Re figures, rates rose this year for the third year in a […]
By Canadian Underwriter | September 17, 2002
Hearings in a London, Ontario courtroom got underway today to decide if the case of McNaughton v. Co-operators General Insurance will be certified as a class action lawsuit.In McNaughton v. Co-operators, the Ontario appeals court ruled that insurers cannot charge a deductible on a total loss vehicle and also sell the vehicle for salvage. Following […]
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