Claims
Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires which hit San Diego and San Bernadino counties in late October/early November will bring in […]
By Canadian Underwriter | November 20, 2003
1 min read
Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per share, reported for the same period a year earlier. Net income on a year-to-date basis […]
By Canadian Underwriter | November 18, 2003
Rating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook for the U.S. personal lines market, although individual insurers could be impacted.As for early industry […]
By Canadian Underwriter | November 13, 2003
While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is $4.2 million, or $0.31 per share, versus a gain of $124,000, or $0.01 per share, […]
By Canadian Underwriter | November 7, 2003
Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million. Marine damage adds another $3 million to the insured loss total.The incident is an example […]
While much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed as a result of the fires, with damage to more than 3,500 structures. The 1991 […]
By Canadian Underwriter | November 6, 2003
The Canadian Insurance Adjusters’ Association celebrated its 50th anniversary at its annual convention in St. John’s, Newfoundland recently. Along with East Coast traditions, including the “screech in” ceremony, the event included a seminar on privacy legislation and a trade show. Honorary lifetime memberships were awarded to past presidents Marcel Lacoste and Ian Pepper, and FCIAA […]
October 31, 2003
2 min read
Insurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.”We are shocked and deeply offended by the punitive insurance legislation passed by the government of Nova Scotia”, says George Cooke, president and CEO of The Dominion of Canada […]
By Canadian Underwriter | October 30, 2003
3 min read
The U.S. p&c industry remains under-funded for potential future asbestos and environmental (A&E) claims, says a new study by A.M. Best. Commercial insurers, and to a lesser extent reinsurers, are under-reserved by almost 40%, the rating agency predicts. Thus far, the industry has racked up incurred losses of US$45 billion on asbestos and US$31 billion […]
By Canadian Underwriter | October 8, 2003
Insured losses from forest fires that swept through British Columbia in August are expected to total at least $200 million, says the Insurance Bureau of Canada (IBC). But this figure should not increase significantly, says IBC Pacific Region government relations manager Dennis Prouse. Prouse says the rebuilding process is proceeding well, with work underway on […]
September 30, 2003
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