Claims
Montreal-based Optimum General Inc. (TSX: OGI.A) was back in the black for the first half of this year, posting net income of $492,000 equal to 4 a share. The company’s net earnings show a vast improvement over the loss of $2 million, or 18c a share, reported for the first six months of 2002. The […]
September 30, 2003
1 min read
Dear Editor, Attached is a copy of a letter I sent to Rob Sampson MPP… To date there has been no response. When is the industry going to publicly explain their situation and counter all the bad press being given? If we wait too long we will allow the public to think that insurance companies […]
2 min read
Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in some communities, despite the fact that fires continue to rage in certain areas, the final […]
By Canadian Underwriter | September 18, 2003
Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected for 2004. This follows on an estimated 7% increase in 2003.Average cost of a homeowners’ […]
By Canadian Underwriter | September 11, 2003
The Loyalist Insurance Group (TSX Venture: LOY) is reporting a loss of $338,067 for the first half of the year ending June 30, 2003, less than half the loss reported in first-half 2002, at $707,151. This amounts to a net loss of $0.017 per share for the first half of this year, versus a loss […]
By Canadian Underwriter | September 9, 2003
Net claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC) indicates that as of the end of 2002 the total had reached US$9.3 billion, up […]
By Canadian Underwriter | September 5, 2003
Western Oil Sands, one of the partners in the Athabasca Oil Sands Project (AOSP), says it has filed a “statement of claim” against its insurers with which it will proceed if previously filed claims are not paid.The suit would seek to collect more than $200 million damages, plus $650 million in aggravated and punitive damages.Western […]
By Canadian Underwriter | September 3, 2003
The month of August has become the worst month on record for digital attacks, largely on the back of the Sobig malware attack. Sobig is now the most costly digital attack, leaping over the Klez and Love Bug viruses, and linked to almost US$30 billion in worldwide economic damage. This damage includes lost productivity, clean-up […]
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border say. The lights went out in Ontario just after 4:00 pm on August 14, with a record 50 million people affected in total. Commercial coverage for […]
August 31, 2003
The U.S.-based Insurance Institute for Highway Safety (IIHS) has released its annual report on the most stolen vehicles, with the Cadillac Escalade SUV topping the list.The Escalade was the most frequently stolen among 2000-2002 models, and has the worst overall record for insurance losses due to theft. In fact, the vehicle is four-times as likely […]
By Canadian Underwriter | August 22, 2003
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