Although far overshadowed by the December 26th Indian Ocean tsunami, Ohio experienced severe weather just before the Christmas holiday, and the price tag for insurers is likely to top US$85 million.The Ohio Insurance Institute (OII) says the US$85 million is a preliminary figure and losses will likely rise above this. Just 23 insurers have reported […]
By Canadian Underwriter | January 13, 2005
1 min read
CIBC Insurance is providing quotes on p&c insurance from various other insurers, to clients in Ontario and Alberta, via the bank’s website. The site provides a link to online insurance marketplace Kanetix as a service to clients, although CIBC no longer sells auto and home insurance itself. CIBC sold its general insurance operations in 2000. […]
By Canadian Underwriter | January 11, 2005
1 min read
The world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which shows that megacities are exposed not only to natural catastrophes but also technological, environmental and […]
By Canadian Underwriter | January 11, 2005
2 min read
The Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The second, a six-page pamphlet, gives “Tips for Identifying Auto Insurance Scams” and includes such things […]
By Canadian Underwriter | January 9, 2005
1 min read
Breckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January 14, and are asking other IBTR members to do the same and to email information […]
By Canadian Underwriter | January 6, 2005
2 min read
In its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back of U.S. hurricanes and Japanese typhoons, reinsurers’ capital and reserves were not severely impacted, the […]
By Canadian Underwriter | January 6, 2005
1 min read
Troubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The company did report third quarter 2004 financials on December 9, but these were unaudited. Hub […]
By Canadian Underwriter | January 5, 2005
1 min read
London-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations of major global insurers and reinsurers which affected a dozen nations on three continents. Hardest […]
By Canadian Underwriter | January 4, 2005
2 min read
Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0 on the Richter scale off the coast of Sumatra, analysts have noted that while monitoring […]
By Canadian Underwriter | January 3, 2005
2 min read
In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004, the industry posted an underwriting profit of US$3.4 billion, compared to an underwriting loss of […]
By Canadian Underwriter | January 2, 2005
2 min read