Claims
Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced by global warming, a trend which could increase floods, droughts, wildfires and other phenomena.Gas hydrates […]
By Canadian Underwriter | May 24, 2004
2 min read
Jury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful termination.However, compensatory damages awards in discrimination cases alone actually fell last year, by just 2% […]
1 min read
French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in the non-life segment dropped significantly on the heels of reduced currency and capital gains. Swiss […]
By Canadian Underwriter | May 20, 2004
On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six to eight deteriorating into hurricanes. In the past, similar seasons have seen two to three […]
Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross written premiums were up 3.5% for the comparative period, to $30.9 million from $29.7 million […]
By Canadian Underwriter | May 18, 2004
A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs, but could encompass thousands of claimants if certified. Insurers facing the lawsuit include State Farm […]
By Canadian Underwriter | May 13, 2004
Citigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With more than half of California’s homes facing potential risk of wildfire, the loss potential is […]
By Canadian Underwriter | May 11, 2004
Oakville, Ontario-based Pethealth Inc. (TSX Venture: PTZ) says revenue for the first quarter ending March 31, 2004 was up 75% over the same period a year ago, at $2.55 million.The company, which provides pet insurance in Canada and the U.S. underwritten by companies including Kingsway General and ING Novex, did post a net loss for […]
By Canadian Underwriter | May 10, 2004
California’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in response to coverage issues arising from last fall’s California forest fires. The unprecedented fires caused […]
By Canadian Underwriter | May 9, 2004
Concurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore the simple modifications that can be made by homeowners to protect their houses from natural […]
By Canadian Underwriter | May 6, 2004
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