While much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed as a result of the fires, with damage to more than 3,500 structures. The 1991 […]
By Canadian Underwriter | November 6, 2003
1 min read
The Canadian Insurance Adjusters’ Association celebrated its 50th anniversary at its annual convention in St. John’s, Newfoundland recently. Along with East Coast traditions, including the “screech in” ceremony, the event included a seminar on privacy legislation and a trade show. Honorary lifetime memberships were awarded to past presidents Marcel Lacoste and Ian Pepper, and FCIAA […]
October 31, 2003
2 min read
Insurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.”We are shocked and deeply offended by the punitive insurance legislation passed by the government of Nova Scotia”, says George Cooke, president and CEO of The Dominion of Canada […]
By Canadian Underwriter | October 30, 2003
3 min read
The U.S. p&c industry remains under-funded for potential future asbestos and environmental (A&E) claims, says a new study by A.M. Best. Commercial insurers, and to a lesser extent reinsurers, are under-reserved by almost 40%, the rating agency predicts. Thus far, the industry has racked up incurred losses of US$45 billion on asbestos and US$31 billion […]
By Canadian Underwriter | October 8, 2003
1 min read
Insured losses from forest fires that swept through British Columbia in August are expected to total at least $200 million, says the Insurance Bureau of Canada (IBC). But this figure should not increase significantly, says IBC Pacific Region government relations manager Dennis Prouse. Prouse says the rebuilding process is proceeding well, with work underway on […]
September 30, 2003
1 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) was back in the black for the first half of this year, posting net income of $492,000 equal to 4 a share. The company’s net earnings show a vast improvement over the loss of $2 million, or 18c a share, reported for the first six months of 2002. The […]
September 30, 2003
1 min read
Dear Editor, Attached is a copy of a letter I sent to Rob Sampson MPP… To date there has been no response. When is the industry going to publicly explain their situation and counter all the bad press being given? If we wait too long we will allow the public to think that insurance companies […]
September 30, 2003
2 min read
Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in some communities, despite the fact that fires continue to rage in certain areas, the final […]
By Canadian Underwriter | September 18, 2003
1 min read
Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected for 2004. This follows on an estimated 7% increase in 2003.Average cost of a homeowners’ […]
By Canadian Underwriter | September 11, 2003
2 min read
The Loyalist Insurance Group (TSX Venture: LOY) is reporting a loss of $338,067 for the first half of the year ending June 30, 2003, less than half the loss reported in first-half 2002, at $707,151. This amounts to a net loss of $0.017 per share for the first half of this year, versus a loss […]
By Canadian Underwriter | September 9, 2003
2 min read