Claims

Hurricane Chantal buffets insurers’ claims frequencies

Insurance companies have reported increased claims frequencies and costs in Newfoundland and Labrador as a result of tropical storm Chantal in late July. The storm blasted the eastern third of the province with high winds and approximately 150 mm of rain earlier this week, washing out roads and causing extensive damage. IBC’s estimates of insured […]

August 31, 2007

1 min read

Claims

New president at the CIAA

Fred Plant assumed the role of president of the Canadian Independent Adjusters Association during the Presidents Dinner at the associations annual general meeting and conference in Winnipeg. Miles Barber, immediate past-president, passed the presidential hat, noting Plant would bring insight and a fresh perspective to the job. Trust Fred, he said.Plant spoke of his enthusiasm […]

By Canadian Underwriter | August 27, 2007

1 min read

Claims

What’s New: In Brief (August 22, 2007)

PartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.Under the new European Union Reinsurance Directive, Partner Reinsurance Europe will be able to operate in […]

By Canadian Underwriter | August 22, 2007

1 min read

Claims

Hurricane Dean leaves between US$750 million and US$3 billion worth of damages in its wake

Hurricane Dean, which is the first category five storm since 2005, ripped through Jamaica, Mexico and the Lesser Antilles, causing anywhere from US$0.75 billion to US$3 billion, based on estimates from Risk Management Solutions (RMS) and EQECAT. Dean was expected to track further north hitting Cancun and Cozumel, which, according to RMS, would have tripled […]

By Canadian Underwriter | August 21, 2007

2 min read

Aviva’s profits hit by UK floods

Aviva PLC reported a hearty 25% increase in worldwide sales to 19.294 billion [approximately Cdn$41.14 billion] throughout the first six months of 2007.Its North American operations reported profits of 70 million [approximately Cdn$149.28 million], an Aviva statement says.Using 2007 exchange rates, the same period in 2006 profits sat at 78 million [approximately Cdn$166.33 million].The Groups […]

1 min read

Cataclysmic infrastructure collapse: Who pays?

A recent Minneapolis bridge collapse and New York steam pipe explosion, both of which collectively caused the deaths of at least six people and more than US$250 million in damages, has brought infrastructure liability to the fore, according to a report by KPMG.In its online publication, KPMG Insurance Insider, KPMG raises a number of insurance […]

2 min read

ING Canada’s 2007 Q2 profit down 5.7% as a result of storms, property losses

ING Canada Inc. (TSX: IIC) reported a 2007 Q2 net income of Cdn$194.3 million, down 5.7% from the Cdn$206 million it reported in 2006 Q2.The company said its growth in direct premiums written remained strong during the quarter despite overall rate reductions, amounting to Cdn$1.205 million (a 3.7% increase over the same period last year, […]

2 min read

What’s New: In Brief (August 03, 2007)

General Motors (GM) has announced that it will be using a PPG basecoat system in all of its dealership repairs. The PPG Envirobase High Performance and Nexa Autocolor Aquabase Plus waterborne basecoat systems from PPG Automotive Refinish recently received the major automakers approval. Skilled technicians using the right materials offer the only path to true […]

1 min read

Tropial storm Chantal batters Newfoundland

The Insurance Bureau of Canada (IBC) is urging residents of Newfoundland and Labrador to contact their insurance representatives after being battered by tropical storm Chantal.The storm blasted the eastern third of the province with high winds and approximately 150 millimetres of rain earlier this week, washing out roads and causing extensive damage.James Geuzebroek, IBC spokesperson, […]

1 min read

Court affirms distinctions between ‘other insurance’ policies

There is a distinction to be made between primary, excess and/or umbrella policies when “other insurance” policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently. In McKenzie v. Dominion of Canada General Insurance Company, a policyholder, Michael McKenzie, was involved in a serious […]

August 1, 2007

3 min read