Swiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report notes that 2004 hurricane season generated greater storm losses in the U.S. and Caribbean, totaling […]
By Canadian Underwriter | November 25, 2004
1 min read
Two recent investigations by the Insurance Corp. of B.C. (ICBC) have led to three separate people pleading guilty to filing fraudulent claims.In the first case, Cameron Louis Simpson of Surrey pled guilty and was ordered to pay $2,875 in fines and charges for filing a fraudulent accident claim. ICBC says Simpson filed a bodily injury […]
By Canadian Underwriter | November 21, 2004
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U.S. insurance regulators have devised a draft of model legislation for broker disclosure of compensation.The National Association of Insurance Commissioners (NAIC) had formed a task force in response to the investigations sparked by New York Attorney General Eliot Spitzer into broker compensation practices and the potential for conflict of interest in contingent commissions. A Senate […]
By Canadian Underwriter | November 17, 2004
2 min read
The Canadian operation of U.K.-based Royal & SunAlliance has produced strong results for the third quarter ending September 30, 2004, with combined ratio improving to 96.3% from 99.0% a year earlier.Overall, the Canadian operation produced an underwriting profit of $10 million, a complete reversal of the $10 million underwriting loss produced for the same period […]
By Canadian Underwriter | November 14, 2004
1 min read
A civil action lawsuit brought by the Insurance Corp. of British Columbia (ICBC) against several parties involved in an auto theft ring has resulted in a jury awarding the crown insurer a total of $280,500 in damages. ICBC says it will also look to recover its legal costs against the defendants.The court award, which was […]
By Canadian Underwriter | November 8, 2004
1 min read
Bermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have been let go, while the three suspended employees are not named. The company is also […]
By Canadian Underwriter | November 4, 2004
1 min read
In the wake of one of the worst Atlantic hurricane seasons in recent memory, U.S. insurers have posted record third-quarter catastrophe losses, topping even 2001, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO).The ISO says U.S. p&c insurers paid out US$21.3 billion in property catastrophe losses on […]
By Canadian Underwriter | November 4, 2004
2 min read
The total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession, says that the majority of claims will come from mesothelioma claims, where claims are set […]
By Canadian Underwriter | November 3, 2004
2 min read
In its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined ratio produced by the group was an impressive 91.5%, individual results varied from 53.3% for […]
By Canadian Underwriter | November 3, 2004
2 min read
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) saw its income decline for the third quarter of 2004 on the back of losses suffered from the U.S. hurricane season.The company suffered heavy claims as a results of Hurricanes Charley, Frances, Ivan and Jeanne, which a net after tax loss of US$55.7 million recorded in the third […]
By Canadian Underwriter | November 2, 2004
2 min read