Claims

Lloyd’s reports net US$180 million loss after hurricanes

Citing net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of 1.367 billion (US$2.39 billion).Lloyd’s combined ratio in 2005 reached 111.8%. In 2004, the combined ratio […]

By Canadian Underwriter | April 6, 2006

2 min read

Claims

ICBC anti-fraud efforts lead to 175 criminal charges in 2005

ICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175 criminal charges against 94 people last year. The number of criminal charges laid in 2005 […]

By Canadian Underwriter | April 5, 2006

2 min read

Claims

Pethealth sees record revenue in 2005

Pethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss for the year of CDN$1.89 million ($0.01/share) a 44% improvement from the restated CDN$3.4 million […]

By Canadian Underwriter | April 3, 2006

1 min read

Claims

Lloyd’s in talks to insure “tourist” space flights

Lloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the insurers in talks about providing cover.According to the company’s Web site, Bruno Ritchie, director of […]

By Canadian Underwriter | April 3, 2006

2 min read

Profitability of U.S. P&C industry will decline in 2005: Fitch

The U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.”While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form of unprecedented natural catastrophe losses in the second half,” Fitch says in a report on […]

2 min read

Terrorism insurance requires 9 key principles

The Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance Commissioners’ (NAIC), one principle RIMS board member and director of external affairs Mike Fenlon noted […]

2 min read

Should risk-sharing consider geographic exposure?

If catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example, have to take into account the geographic distribution of risk exposure.Swiss Re stats show a […]

1 min read

University of Calgary studies youth, cell phones and driving

The University of Calgary is conducting a cell phone and driving study with youth between 16 and 25 years old who have obtained their probationary driver’s license within the last year.The goal of the Driver Distraction Study, sponsored by the Insurance Bureau of Canada (IBC), is to determine the effects of cell phone use and […]

2 min read

Profits deteriorate in US P&C insurance sector

Profits for the US property & casualty insurance industry deteriorated in 2005 as a result of record levels of insured catastrophe losses relating to the 2005 Hurricane season, according to Fitch Ratings. The Insurance Services Office’s (ISO) Property Claims Service (PCS) unit reports P&C insurers incurred US$56.8 billion in catastrophe losses in 2005. This figure […]

1 min read