More than eleven years after an explosion ripped through the Westray coal mine in Plymouth, Nova Scotia killing 26 miners and triggering a decade-long legal battle for victims' families, new federal legislation will make corporations, their management, directors and officers legally responsible for unsafe work environments.
February 29, 2004
6 min read
The severe winter storms striking the Atlantic coast of Canada late last week should produce few insured losses, says Don Forgeron, Atlantic region vice president for the Insurance Bureau of Canada (IBC).”The good news is there weren’t many vehicles on the road,” he says. “Surprisingly, there has not been any serious accident, and very few […]
By Canadian Underwriter | February 26, 2004
2 min read
Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide if the collapse of the WTC Twin Towers on September 11, 2001 will be deemed […]
By Canadian Underwriter | February 20, 2004
2 min read
A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services for Disaster Mitigation”, Dr. Gordon McBean, policy chair of the ICLR, and Dan Henstra note […]
By Canadian Underwriter | February 19, 2004
1 min read
Catastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13 transactions.Cat bonds are risk-linked securities the risk of natural catastrophe losses in excess of a […]
By Canadian Underwriter | February 13, 2004
1 min read
Although international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003, versus a net loss of $17.5 million, or $1.28 per share, in 2002. This includes […]
By Canadian Underwriter | February 12, 2004
1 min read
There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in 2003, driven by a larger average transaction size. Since 1999, cat securitizations have averaged US$1 […]
By Canadian Underwriter | February 5, 2004
1 min read
While it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council (IRC), finds that in the last five years, auto injury claim amounts have grown at […]
By Canadian Underwriter | January 20, 2004
2 min read
U.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is the third-highest loss year for cats in the past decade, following 2001, where losses topped […]
By Canadian Underwriter | January 16, 2004
1 min read
Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts to US$647 after tax, largely as a result of adverse development on losses from casualty […]
By Canadian Underwriter | January 14, 2004
1 min read