Claims
Munich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend target of EUR2 billion after tax profit “difficult to achieve”. Munich Re also expects pricing […]
By Canadian Underwriter | October 13, 2004
1 min read
RBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending products. This includes such things as Visa credit card, mortgage, loan and line of credit […]
By Canadian Underwriter | October 12, 2004
2 min read
Canadian personal property insurers produced continued strong results in 2003, despite wildfire and hurricane losses, according to a new study by A.M. Best.The statistical study shows the Canadian personal property industry produced a loss ratio of 61% last year, despite losses sustained from the B.C. wildfires, Hurricane Juan’s devastation in Nova Scotia and PEI, as […]
By Canadian Underwriter | October 11, 2004
Hurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew generated a total of 700,000 claims, the III observes.The four hurricanes that recently struck parts […]
By Canadian Underwriter | October 6, 2004
The 2004 Atlantic hurricane season was much worse than anticipated, but will taper off through October, according to the latest predictions by Prof. William Gray and the University of Colorado department of atmospheric science team.Both August and September outpaced expectations, the team reports. While the revised August forecast predicted three hurricanes and eight hurricane days, […]
AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that a division of the insurer face civil action over dealings between its AIGFP operation and […]
By Canadian Underwriter | October 4, 2004
The 2004 hurricane season will rank as the second-largest insured loss in U.S. history, according to the Insurance Information Institute (III).The III says losses from the 2004 hurricanes Charley, Frances, Ivan and Jeanne will hit US$22 billion at least. The largest loss ever was the September 11, 2001 terrorist attacks at US$32 billion.While 1992’s Hurricane […]
By Canadian Underwriter | October 3, 2004
Many insurers and reinsurers and beginning to count the costs of the 2004 Atlantic hurricane and Pacific typhoon season, and preparing investors for the impact on financial results.One of the hardest hit is Bermuda-based Renaissance Re, which says its third quarter earnings will be hit with a US$425 million loss from the four Florida hurricanes […]
By Canadian Underwriter | September 30, 2004
Florida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the earlier hurricanes, Charley, Frances and Ivan, were seen as unlikely to trigger assessments to Florida’s […]
By Canadian Underwriter | September 28, 2004
Issues insurers may face when dealing with marijuana grow operations extend beyond the threat of fire, delegates at the Annual Toronto Fraud Forum learned Tuesday.Staff Sgt. Marc Pineault of the Ottawa Police Services says another significant problem is mold growth in grow houses.Pineault says the grow op issue in Ontario has escalated significantly over the […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
