Claims
Although international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003, versus a net loss of $17.5 million, or $1.28 per share, in 2002. This includes […]
By Canadian Underwriter | February 12, 2004
1 min read
There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in 2003, driven by a larger average transaction size. Since 1999, cat securitizations have averaged US$1 […]
By Canadian Underwriter | February 5, 2004
While it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council (IRC), finds that in the last five years, auto injury claim amounts have grown at […]
By Canadian Underwriter | January 20, 2004
2 min read
U.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is the third-highest loss year for cats in the past decade, following 2001, where losses topped […]
By Canadian Underwriter | January 16, 2004
Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts to US$647 after tax, largely as a result of adverse development on losses from casualty […]
By Canadian Underwriter | January 14, 2004
As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re notes that total insured losses for the year were US$15 billion, versus US$11.5 billion in […]
By Canadian Underwriter | January 7, 2004
Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. The single largest factor in the increase is the reassessment of asbestos liabilities, which grew by US$11 billion last year, or one-third of […]
December 31, 2003
The storm of wild fires that ripped through British Columbia was a watershed for the Canadian insurance industry - not only did it represent one of the most significant losses in history, but it was also a test of the industry's ability to rise to the claims challenge.
By Wendy Hillier | December 31, 2003
6 min read
Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier. These figures do not include results for Loyalist Group Ltd. (LGL) following on the group’s decision to reduce its ownership […]
A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003. The company suffered a pre-tax loss of $218,724 for the six-month period, versus a gain of $335,728 for the six months ending September 30, 2002. Net loss for the […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
