Claims
The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application on this relationship to seismic zoning (seismic zones being areas of earthquake activity likely sharing […]
By Canadian Underwriter | April 1, 2004
1 min read
With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to see an extension of the Terrorism Risk Insurance Act (TRIA) past December 31, 2005. The […]
By Canadian Underwriter | March 31, 2004
2 min read
Canadian brokers have added their own voice to broad insurance industry disapproval of an IKEA television ad recently aired which many believe 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 […]
March 31, 2004
A group of U.S. businesses are joining together under the mantle of the Chamber of Commerce to fight against global forum shopping.The practice, whereby plaintiffs seek to find any possible link to allow a case to be tried in a “plaintiff friendly” jurisdiction, is leading to foreign cases being tried in U.S. courts, says the […]
By Canadian Underwriter | March 29, 2004
Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement, which carries interest of prime plus 8% charged on payments during the first two years, […]
By Canadian Underwriter | March 23, 2004
Last year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the reinsurers posting a combined ratio of 101.2%, down from 121.3% in 2002. The loss ratio […]
By Canadian Underwriter | March 22, 2004
The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.”With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear market on the stock exchanges. As the underwriting result for the year under review showed, […]
By Canadian Underwriter | March 19, 2004
While the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by the Benfield Hazard Research Centre at London’s University College. The group is predicting this year’s […]
By Canadian Underwriter | March 16, 2004
Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West Virginia finished as the second-worst state, while Delaware ranked as the best in terms of […]
By Canadian Underwriter | March 12, 2004
Pet insurer Pethealth Inc. (TSX VE: PTZ) is reporting a net loss for the year ending December 31, 2003 of $2.0 million, or $0.01 per share, although the company notes this is a considerable improvement over the net loss of $5.0 million, or $0.02 per share, reported for 2002.The loss came despite a 93% jump […]
By Canadian Underwriter | March 8, 2004
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