Claims
Co-operators General Insurance Company (TSX: CCS.PR.A) saw its after-tax net loss more than double in the first quarter ending March 31, 2003 to $5.9 million, after a loss of $2.2 million in the first quarter 2002. On a per-share basis, the loss is $0.36 versus $0.18 in the first quarter last year.This came despite rising […]
By Canadian Underwriter | May 23, 2003
1 min read
A series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims, according to company loss data collected by the Insurance Services Office Inc. (ISO). Collectively, the […]
By Canadian Underwriter | May 20, 2003
Despite plans for a turnaround, 2003 has not gotten off to a smooth start for Montreal-based Optimum General Inc. (TSX: OGI.A). The company is reporting a net loss of $291,000, or $0.02 per share, for the first quarter ending March 31, 2003. This compares with net income of $290,000, or $0.03 per share, during the […]
By Canadian Underwriter | May 16, 2003
Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the events among the top five costliest tornadoes ever.Wind damage is largely covered by standard business, […]
By Canadian Underwriter | May 12, 2003
While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and are being declared a catastrophe by the Insurance Services Office (ISO). This means that a […]
By Canadian Underwriter | May 8, 2003
The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year prior.However, underwriting results continued to be sluggish, showing only slight improvement. Overall, the reinsurers posted […]
By Canadian Underwriter | May 7, 2003
North American operations did little to boost the fortunes of adjuster Lindsey Morden Group Inc. (TSX: LM). For the first quarter 2003, the company reports a net loss of $1.99 million, and says reduced revenue from U.S. and Canadian operations dragged down overall results. Although this is still a significant improvement over the loss of […]
While proponents of the new Ontario auto reform legislation anticipate relief for a number of issues facing automobile insurers, some fear it will further expose a smoldering crisis that has been plaguing the industry for several years now – a shortage of active, qualified and experienced bodily injury (BI) claims adjusters. When Bill-59 was passed […]
By Lorri Frederick | April 30, 2003
6 min read
Colorado State University’s tropical storm research team under William Gray predicts that this year’s hurricane season from June to end November will spawn twice as many hurricanes than last year with the number of “named storms” amounting to about 140% of the long-term annual average. Gray has been forecasting hurricanes for the last 20 years.Gray’s […]
By Canadian Underwriter | April 8, 2003
Tornadoes and deadly storms that ripped through Georgia on Wednesday have caused US$2.5 million in claims, estimates the state’s Insurance Commissioner, John Oxendine.He visited the devastated areas today, calling on insurers to quickly pay out claims.The storms claimed six lives, and damaged or destroyed about 160 homes.”Individuals in these areas have suffered devastating losses and […]
By Canadian Underwriter | March 20, 2003
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