U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The latest quarter’s tally is significantly less than the US$1.5 billion cat loss made over the […]
By Canadian Underwriter | April 21, 2004
1 min read
A new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to play in ensuring emerging risks are mitigated, including promoting government intervention.Specifically, the report looks at […]
By Canadian Underwriter | April 14, 2004
2 min read
The U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking Committee chair Richard Selby, the NAIC states its concern that “significant market disruption may develolp […]
By Canadian Underwriter | April 11, 2004
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Over the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at around the US$1 million mark in 2001 and 2002, reports Jury Verdict Research.In 2002, med […]
By Canadian Underwriter | April 5, 2004
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Canadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against the commercial, which appeared on CFTO on March 10. As Danyluk notes, the commercial shows […]
By Canadian Underwriter | April 4, 2004
1 min read
The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application on this relationship to seismic zoning (seismic zones being areas of earthquake activity likely sharing […]
By Canadian Underwriter | April 1, 2004
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With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to see an extension of the Terrorism Risk Insurance Act (TRIA) past December 31, 2005. The […]
By Canadian Underwriter | March 31, 2004
2 min read
Canadian brokers have added their own voice to broad insurance industry disapproval of an IKEA television ad recently aired which many believe promotes insurance fraud. In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against the commercial, which appeared on CFTO on March 10. As […]
March 31, 2004
1 min read
A group of U.S. businesses are joining together under the mantle of the Chamber of Commerce to fight against global forum shopping.The practice, whereby plaintiffs seek to find any possible link to allow a case to be tried in a “plaintiff friendly” jurisdiction, is leading to foreign cases being tried in U.S. courts, says the […]
By Canadian Underwriter | March 29, 2004
2 min read
Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement, which carries interest of prime plus 8% charged on payments during the first two years, […]
By Canadian Underwriter | March 23, 2004
1 min read