Claims
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the latest reporting period of 9 a share versus the 2 a share made for the […]
May 31, 2005
1 min read
Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on personal lines recover from a $1 million loss a year ago to its current $10 […]
First quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers saw an overall growth of a mere 2% to $16.4 billion in Q1 2005. Benfield […]
By Canadian Underwriter | May 31, 2005
2 min read
The Insurance Corporation of British Columbia (ICBC) has recently been awarded approximately $2.93 million in damages as a result of 12 fraudulent insurance claims, which occurred in Lower Mainland in the late 1990s. Each of the 12 defendants has been ordered by a B.C. Supreme Court jury to pay a part of the total sum […]
By Canadian Underwriter | May 29, 2005
AIR Worldwide Corporation (AIR) and Accurate Environmental Forecasting Inc. (AEF) are offering a new risk model that estimates hurricane losses based on climate forecasts. This new model uses AIR’s loss modeling technology and AEF’s ability to forecast climate’s impact on hurricane risk to identify locations where hurricane activity is most likely to deviate from the […]
By Canadian Underwriter | May 25, 2005
Arthur J. Gallagher & Co., the Illinois Attorney General and Illinois’s director of insurance have reached an agreement regarding the industry-wide contingent commission investigations.Upon pleading no liability or wrongdoing, Gallagher is not required to issue an apology. Based on terms of the agreement Gallagher must develop a $27 million fund for select retail clients, although […]
By Canadian Underwriter | May 19, 2005
Today, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster resilience in Canadian homes and secure the recognition of the leadership role that the insurance […]
By Canadian Underwriter | May 18, 2005
An above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which are expected to escalate into hurricanes three to five of these may result in major […]
By Canadian Underwriter | May 17, 2005
With more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard of the U.S. was struck by five hurricanes in close succession, causing significant insured losses.A […]
By Canadian Underwriter | May 16, 2005
By Canadian Underwriter | May 15, 2005
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