Claims
2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish weather patterns” which culminated in the December 26th Indian Ocean tsunami, “the worst natural disaster […]
By Canadian Underwriter | March 13, 2005
2 min read
The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers, brokers and others in Norway, says the case, which centers on whether the destruction of […]
In a survey of businesses, Mississippi continues to rank as the worst jurisdiction in terms of perceived legal fairness, according to the annual study of state liability systems published by the U.S. Chamber of Commerce’s Institute for Legal Reform.The ILR study does suggest improvement may be in the works in Mississippi, however, with 96% of […]
By Canadian Underwriter | March 9, 2005
1 min read
In its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come from these sectors – the "Major Accident Reporting System" (MARS) finds 20% of incidents reported […]
By Canadian Underwriter | March 7, 2005
Insurers, through the Institute for Catastrophic Loss Reduction (ICLR), are calling on home builders to work with the industry to create more disaster resilient homes.Speaking to the National Conference of the Canadian Home Builders’ Association (CHBA) in St. John’s, Newfoundland on Wednesday, ICLR executive director Paul Kovacs challenged builders to work with insurers on a […]
By Canadian Underwriter | March 2, 2005
Releasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged big-rigging and conflict of interest was launched against the brokerage by New York Attorney General […]
By Canadian Underwriter | March 1, 2005
Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes was staggering, with more than 300,000 people killed in 2004, about 280,000 of these deaths […]
Fairfax’s claims adjusting operation, Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004’s fourth quarter with net earnings of $4.81 million, or 35 a share. This compares with a net loss of $21.18 million, or $1.54 a share posted for the same period in 2003. The fourth-quarter earnings boost […]
February 28, 2005
Co-operators General Insurance Co. (TSX: CCS.PR.A) increased net income three-fold for 2004 to $139.49 million ($6.54 a share) compared with the $44.04 million ($1.78 a share) reported for 2003. The insurer boosted earnings for the fourth quarter of 2004 to $38.80 million ($1.81 a share) versus the $13.73 million (55 a share) disclosed for the […]
Montreal-based Optimum General Inc. (TSX: OGI.SV.A) saw strong improvement in its results for year ending December 31, 2004, with earnings almost double that produced in 2003.2004 net income was $3.6 million, or $0.31 per share, up from income of $2 million, or $0.17 per share, in 2003. For the fourth quarter, however, the company did […]
By Canadian Underwriter | February 28, 2005
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