Claims
Bermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have been let go, while the three suspended employees are not named. The company is also […]
By Canadian Underwriter | November 4, 2004
1 min read
In the wake of one of the worst Atlantic hurricane seasons in recent memory, U.S. insurers have posted record third-quarter catastrophe losses, topping even 2001, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO).The ISO says U.S. p&c insurers paid out US$21.3 billion in property catastrophe losses on […]
2 min read
The total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession, says that the majority of claims will come from mesothelioma claims, where claims are set […]
By Canadian Underwriter | November 3, 2004
In its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined ratio produced by the group was an impressive 91.5%, individual results varied from 53.3% for […]
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) saw its income decline for the third quarter of 2004 on the back of losses suffered from the U.S. hurricane season.The company suffered heavy claims as a results of Hurricanes Charley, Frances, Ivan and Jeanne, which a net after tax loss of US$55.7 million recorded in the third […]
By Canadian Underwriter | November 2, 2004
The Insurance Corporation of B.C (ICBC) saw its net income almost triple in the first nine months ending September 30, 2004. The province’s public insurer saw net income rise to $317 million during the nine-month period, up from $112 million in 2003.Net earned premiums were up over the comparative period to $2.3 billion from $2.1 […]
By Canadian Underwriter | November 1, 2004
While much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come out ahead in terms of the economic impact of general liability claims. In 2002, the […]
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting.The insurer netted income of $28.3 million ($1.34 per share) for the third quarter, more than double the income of $10.9 million ($0.48 per share) posted in the […]
By Canadian Underwriter | October 31, 2004
The final tally for the four major Atlantic hurricanes which struck the U.S. coast this year will be in excess of US$20 billion, confirms the Property Claim Services (PCS) unit of the Insurance Services Office (ISO).Hurricane Jeanne, the last of the four, should cost insurers US$3.25 billion, and produce nearly 385,000 claims from homeowners and […]
By Canadian Underwriter | October 27, 2004
Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers to access the reports as needed, with faster turnaround times, from virtually any police department […]
By Canadian Underwriter | October 25, 2004
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