Claims
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
June 30, 2004
1 min read
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and winter windstorms. The agenda was set at the ICLR’s annual general meeting (AGM), which was […]
2 min read
Fairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as president is Joseph Braunstein. Prem Watsa remains chair of Crum & Forster Holdings. The National […]
By Canadian Underwriter | June 28, 2004
Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,” not Barry Ward, executive director of the National Committee to Reduce Auto Theft. “Young people […]
By Canadian Underwriter | June 23, 2004
Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado touching down in Sterling, Colorado. RMIIA says 48,000 claims for damage to vehicles and house […]
By Canadian Underwriter | June 22, 2004
Just as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed the “make available” portion of TRIA would be in place until the end of 2005, […]
By Canadian Underwriter | June 20, 2004
A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects the support of parent Berkshire Hathaway Inc., and the company’s strong earnings capability. Insurers dodged […]
By Canadian Underwriter | June 16, 2004
Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide. The deal follows another recently marketed by Swiss Re Captial Markets to cover an undisclosed […]
By Canadian Underwriter | June 15, 2004
U.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga Tuesday.There is a five to ten year lag time for U.S. litigation trends to make […]
The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside of Moncton, but losses under homeowners and business property policies should pay for damages, says […]
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