Claims
The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from the hurricane at a minimum $85 million, including property damage in Nova Scotia and PEI, […]
By Canadian Underwriter | May 4, 2004
2 min read
The jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are subject to the Wilprop policy form a form which defines the September 11, 2001 terrorist […]
By Canadian Underwriter | May 2, 2004
International adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with the sale of the company’s third party administration business in March. Net loss for discontinued […]
1 min read
After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results do not include those of Loyalist Group Ltd, in which the holding company has reduced […]
By Canadian Underwriter | April 29, 2004
The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions also grew, to US$217 million in 2003 from US$174 million in 2002. Last year saw […]
By Canadian Underwriter | April 27, 2004
U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The latest quarter’s tally is significantly less than the US$1.5 billion cat loss made over the […]
By Canadian Underwriter | April 21, 2004
A new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to play in ensuring emerging risks are mitigated, including promoting government intervention.Specifically, the report looks at […]
By Canadian Underwriter | April 14, 2004
The U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking Committee chair Richard Selby, the NAIC states its concern that “significant market disruption may develolp […]
By Canadian Underwriter | April 11, 2004
Over the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at around the US$1 million mark in 2001 and 2002, reports Jury Verdict Research.In 2002, med […]
By Canadian Underwriter | April 5, 2004
Canadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against the commercial, which appeared on CFTO on March 10. As Danyluk notes, the commercial shows […]
By Canadian Underwriter | April 4, 2004
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