Claims
ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in November, 2002. The two taxi drivers filed for lost wages, but it was found the […]
By Canadian Underwriter | February 27, 2005
1 min read
The rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss estimates to rise even into 2005. “First, companies initially underestimated claims because of assumptions they […]
By Canadian Underwriter | February 21, 2005
Based on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop was a shallow one, the rating agency notes. However, much remains to be seen heading […]
Following on 2004’s record Atlantic hurricane season, more storms are brewing for 2005, says Tropical Storm Risk (TSR), a consortium of researchers sponsored by Benfield, Royal & SunAlliance and Crawford & Co.TSR’s extended outlook for 2005 suggests 2005 will see U.S. landfalling hurricane activity at 155% of average.The season, which runs from June 1 to […]
By Canadian Underwriter | February 20, 2005
Three Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of Canada face suits filed by Windsor and Toronto area businesses which, if certified, could include […]
The U.S. House of Representatives quickly passed the “Class Action Fairness Act” Thursday, by a vote of 279-149. The bill’s passage means it could be signed into law as early as Friday by President George W. Bush. Royal & SunAlliance has announced a GBP160 million loss reserve charge, but the move will not prompt rating […]
By Canadian Underwriter | February 17, 2005
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) was able to post net income of US$186.9 million, or US$2.71 per share, in 2004, despite losses from the U.S. hurricane season. Earnings did decline from the US$249.2 million, or US$3.59 per share, posted in 2003, a result of storm losses as well as a drop on realized […]
By Canadian Underwriter | February 16, 2005
2 min read
The Insurance Bureau of Canada (IBC) says its “Injury Prevention Month” campaign in North Bay is progressing well. Events already staged include the official kick-off at a North Bay Skyhawks game, as well as a “Cars on Ice” demonstration by Bridgestone/Firestone, as well as a like snowmobile rescue staged at Trout Lake. This coming weekend, […]
In a letter to Canadian Prime Minister Paul Martin, the Institute for Catastrophic Loss Reduction (ICLR) is urging the federal government to establish a comprehensive strategy on climate change. The ICLR, which was created by Canada’s property & casualty insurers to address severe weather and other catastrophes through research, says climate change is leading to […]
By Canadian Underwriter | February 15, 2005
The Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles. Only 11% of children who should be in a booster seat (i.e. those from ages […]
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