Claims
A new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion), with about 20,000 lives lost.There were five cats costing insurers more than US$1 billion last […]
By Canadian Underwriter | December 17, 2003
1 min read
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. Compared with 1950, tort costs have grown US$797 per person.The culprit: asbestos lawsuits. The single largest factor in the increase is the reassessment […]
By Canadian Underwriter | December 12, 2003
2 min read
French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative outlook from rating agencies which led many brokers to question their position relative to the […]
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 most recent six months, versus a gain of $335,728 for the six months ending September 30, 2002. Net loss for […]
By Canadian Underwriter | December 10, 2003
Speaking at the provincial review into B.C.’s “firestorm 2003″, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how it can be managed.”B.C. is growing increasingly vulnerable to wildfire damage,” says Paul Kovacs, executive […]
Eminent hurricane forecaster Prof. William Gray of Colorado State University says the above average hurricane season experienced in 2003 could well be repeated in 2004. “The recent upturn in Atlantic basin major hurricane activity which began in 1995 is expected to continue in 2004,” states Gray’s most recent prediction. “We anticipate an above average probability […]
By Canadian Underwriter | December 8, 2003
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 in […]
By Canadian Underwriter | December 2, 2003
In two separate crash test studies, midsize SUVs (sport utility vehicles) fared relatively worse at lower speeds, according to research by the U.S. Insurance Institute for Highway Safety (IIHS). In tests simulation 40 mph frontal offset crashes, eight of nine new SUV models earned the top rating of good, while the other was rated acceptable. […]
By Canadian Underwriter | December 1, 2003
Montreal-based Optimum General continued to climb back into the black in the third quarter ended September this year, posting a net profit of $411,000, equal to 4 a share for the period compared with a net loss of $743,000, or 7 a share shown for the third quarter of 2002. For the first nine months […]
November 30, 2003
Introducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set, with a surcharge applied for at-fault claims or driving record blemishes. A discount would also […]
By Canadian Underwriter | November 21, 2003
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