Claims
Insurance companies in search of restitution and punitive damage awards are being forced to pursue civil litigation due to the relatively lenient criminal sentences given to perpetrators of organized fraud. While some government-run auto insurers have been successful in civil actions, the jury is still out on whether private sector companies can band together to fight fraud on a different front. A new civil recovery project from the Insurance Bureau of Canada hopes to tilt the scales.
By Craig Harris | August 31, 2005
8 min read
Swiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance industry in the region of USD 20 billion, making it the most costly hurricane after […]
By Canadian Underwriter | August 31, 2005
2 min read
In a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.”Lloyd’s expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business […]
1 min read
The remnants of Hurricane Katrina recently fell on Southern Ontario just as Environment Canada forecaster Geoff Coulson predicted.Damage resulting from Katrina’s Ontario presence is likely to be restricted to potential for tree damage and localized power outages in the western Lake Ontario area near Oakville and Hamilton and winds will likely reach 70 km an […]
Regional adjusting firm Pritchard Woodall & Associates were recently called upon to deal with the aftermath of the Queen of Oak Bay Ferry damaging some 29 vessels and a commercial wharf located at Horseshoe Bay in North Vancouver, BC.Working with the insurers and BC Ferries, Mark Woodall, a principal of Pritchard Woodall & Associates, lead […]
Standard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds’ […]
By Canadian Underwriter | August 30, 2005
Cunningham Lindsey Canada recently began processing calls from the Company’s Echo Intake Solutions call center in response to Hurricane Katrina.”Our call center provides support around the clock so in catastrophe’s such as Hurricane Katrina, we have trained staff available to handle every type of insurance-related claim call and respond appropriately,” Maureen Fraser, assistant vice president, […]
Automatically suspending the licenses of people charged with impaired driving is helping reduce the number of drunk drivers on the province’s roads, according to a study completed for the Alberta government.The study shows that there was a 24% drop in the number of repeat impaired drivers and a 19% reduction in the number of repeat […]
By Canadian Underwriter | August 29, 2005
Estimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to three separate sources.Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland, CA-based EQUECAT Inc. Then extreme risk modeling company based its estimates on current post-landfall information […]
AIR Worldwide has estimated the insured losses from the initial landfall of Hurricane Katrina should not exceed US$600 million. Katrina, with maximum sustained wind speeds of 80 mph at landfall, was a fairly weak Category 1 storm. However, the AIR estimate is higher than would be expected for a typical weak Category 1 hurricane due […]
By Canadian Underwriter | August 26, 2005
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