U.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion. Losses for the latest quarterly reporting period stem from six events that generated about 260,000 […]
October 31, 2002
1 min read
Not unexpectedly, Gerling Global has decided to stop writing new non-life reinsurance after being unable to find a buyer for the business. It will however complete existing contracts.The company’s life reinsurance business will continue under the title Gerling Life Reinsurance GmbH. The Cologne, Germany-based company had warned it would stop writing p&c business should it […]
By Canadian Underwriter | October 28, 2002
1 min read
U.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion.Losses for the latest quarterly reporting period stem from six events that generated about 260,000 claims […]
By Canadian Underwriter | October 27, 2002
1 min read
The Associated Press is reporting that a compromise bill has been reached today to provide a government-backed terrorism insurance solution in the U.S.The story quotes Senator Christopher Dodd as saying that there is an agreement but that agreement will need to be passed through the legislature. “I think that’s going to happen,” Dodd tells AP.Details […]
By Canadian Underwriter | October 17, 2002
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A report from PriceWaterhouse Coopers suggest business interruption (BI) losses now make up the largest segment of World Trade Center from the September 11, 2001 terrorist attacks.BI now makes up about 30% of the total losses, up from an earlier estimate of 25% released in February, 2002. PwC supports the US$40.2 total loss figure for […]
By Canadian Underwriter | October 7, 2002
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An early update on Hurricane Lili’s impact on Louisiana suggests that losses with be in the billions. An alert from AIR Worldwide Corp. suggests that wind damage from the category 2 hurricane alone could reach US$600 million. The AIR tropical cyclone team had originally predicted losses of US$2 billion, but fortunately Lili weakened in force […]
By Canadian Underwriter | October 4, 2002
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The Canadian Independent Adjusters’ Association held its annual Conference and Trade Show at the Deerhurst Resort near Huntsville, ON. Amidst the networking opportunities, educational designations were also awarded. Pictured, Rod Palmer of Crawford Adjusters Canada receives his Fellow of the CIAA designation from outgoing CIAA president Keith Edwards. Also receiving the FCIAA were Bob Krywiak, […]
September 30, 2002
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The New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart. “The vast majority of claims for homes and autos have been paid, but commercial […]
September 30, 2002
2 min read
The numbers just keeping adding up for European insurers facing flood conditions across the continent in late summer and more recently in France. Recent French flooding could cost insurers $460 million (EUR 300 million), according to preliminary estimates from the Federation Francaise des Societes d’Assurances.Insurers are still tallying up losses from summer floods that ranged […]
By Canadian Underwriter | September 18, 2002
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Hearings in a London, Ontario courtroom got underway today to decide if the case of McNaughton v. Co-operators General Insurance will be certified as a class action lawsuit.In McNaughton v. Co-operators, the Ontario appeals court ruled that insurers cannot charge a deductible on a total loss vehicle and also sell the vehicle for salvage. Following […]
By Canadian Underwriter | September 17, 2002
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