Claims
A Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf Coast on August 13, packing 145 mph winds and destroying homes, businesses and vehicles.”In the […]
By Canadian Underwriter | August 26, 2004
1 min read
The total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in insured losses in that state. Losses from Charley’s touchdown in North and South Carolina on […]
By Canadian Underwriter | August 25, 2004
The crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation may impact insurance coverage for the two airlines involved. While Volga Aviaexpress has not released […]
On the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast this season.Already just three weeks into the hurricane season there have been three hurricanes, with […]
By Canadian Underwriter | August 23, 2004
Toronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning to disclose losses as a result of the hurricane, which struck Florida’s Gulf Coast on […]
2 min read
With insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total based on its estimates is right in the middle, at US$7.4 billion. This still puts […]
By Canadian Underwriter | August 19, 2004
In a new report, rating agency Fitch says the bleak picture faced by U.S. workers’ compensation insurers in the past several years turned around significantly in 2003, and is set to remain stable for 2004.Based on data from the National Council of Compensation Insurance Inc. (NCCI), the combined ratio in the workers comp line dropped […]
The newly merged St. Paul Travelers is facing a slew of shareholder lawsuits following its announcement that it would boost reserves by more than $1.6 billion.The reserve charge caused the company to post a second quarter loss of US$275 million. And the company’s stock price has fallen from about almost US$41 at the time of […]
By Canadian Underwriter | August 18, 2004
Toronto-based Accident Support Services International Ltd. (ASSI) has launched its “Collision Reporting and Occurrence Management System” or CROMS II, to allow brokers and insurers to view all post-collision information for policyholders from their desktops. The system, ASSI says, will not only reduce claims management costs, but also help to “flag” suspicious claims. The system is […]
By Canadian Underwriter | August 17, 2004
Montreal-based Optimum General Inc. (TSX: OGI.A) saw its net income more than double for the second quarter ending June 30, 2004 to $2.21 million ($0.19 per share), up from $783,000 ($0.07 per share) in the same quarter last year.Much of this growth came as a result of strong underwriting, with Optimum dragging its combined ratio […]
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