Net claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC) indicates that as of the end of 2002 the total had reached US$9.3 billion, up […]
By Canadian Underwriter | September 5, 2003
1 min read
Western Oil Sands, one of the partners in the Athabasca Oil Sands Project (AOSP), says it has filed a “statement of claim” against its insurers with which it will proceed if previously filed claims are not paid.The suit would seek to collect more than $200 million damages, plus $650 million in aggravated and punitive damages.Western […]
By Canadian Underwriter | September 3, 2003
1 min read
The month of August has become the worst month on record for digital attacks, largely on the back of the Sobig malware attack. Sobig is now the most costly digital attack, leaping over the Klez and Love Bug viruses, and linked to almost US$30 billion in worldwide economic damage. This damage includes lost productivity, clean-up […]
By Canadian Underwriter | September 3, 2003
2 min read
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border say. The lights went out in Ontario just after 4:00 pm on August 14, with a record 50 million people affected in total. Commercial coverage for […]
August 31, 2003
1 min read
The U.S.-based Insurance Institute for Highway Safety (IIHS) has released its annual report on the most stolen vehicles, with the Cadillac Escalade SUV topping the list.The Escalade was the most frequently stolen among 2000-2002 models, and has the worst overall record for insurance losses due to theft. In fact, the vehicle is four-times as likely […]
By Canadian Underwriter | August 22, 2003
1 min read
The Friday following the “Blackout of 2003” on August 13, credit-card sales dropped an estimated $100 million in Canada, but the decline is likely a temporary one. This is according to credit card processor Moneris Solutions Corp. Comparing last Friday’s credit card transactions with that of the Friday before, total credit card spending was down […]
By Canadian Underwriter | August 21, 2003
2 min read
As of June 30, 2003, Montreal-based Optimum General Inc. (TSX: OGI.A) is out of the red, posting net income of $492,000, or $0.04 per share for the first half of this year. This is a vast improvement over the loss of $2.0 million, or $0.18 per share, reported in the first half of 2002.The improvement […]
By Canadian Underwriter | August 19, 2003
2 min read
Royal & SunAlliance Canada confirms that president and CEO Larry Simmons will retire. No effective date has been given, as Simmons will stay on until a replacement is found, says RSA Canada communications director Sally Turney.Simmons took over the top spot in late 2001, moving up from the position of president and COO. He was […]
By Canadian Underwriter | August 18, 2003
1 min read
Adjuster Lindsey Morden (TSX: LM) is reporting increased losses for second-quarter 2003, despite revenue growth in most operations.The Toronto-based company says all segments except its Canadian group reported higher earnings in the quarter, but losses in its U.S. division led to an overall net loss of $2.6 million, or $0.19 per share. This compares with […]
By Canadian Underwriter | August 7, 2003
1 min read
Responding to the amendment bill announced this week by the New Brunswick government to the province’s Insurance Act – which primarily presents insurers with an August 15 ultimatum to file for lower auto insurance rates or face immediate across-the board reductions – insurers have objected to the “bureaucratic process” which has slowed the filing applications […]
By Canadian Underwriter | July 31, 2003
3 min read