Claims
U.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion.Losses for the latest quarterly reporting period stem from six events that generated about 260,000 claims […]
By Canadian Underwriter | October 27, 2002
1 min read
The Associated Press is reporting that a compromise bill has been reached today to provide a government-backed terrorism insurance solution in the U.S.The story quotes Senator Christopher Dodd as saying that there is an agreement but that agreement will need to be passed through the legislature. “I think that’s going to happen,” Dodd tells AP.Details […]
By Canadian Underwriter | October 17, 2002
A report from PriceWaterhouse Coopers suggest business interruption (BI) losses now make up the largest segment of World Trade Center from the September 11, 2001 terrorist attacks.BI now makes up about 30% of the total losses, up from an earlier estimate of 25% released in February, 2002. PwC supports the US$40.2 total loss figure for […]
By Canadian Underwriter | October 7, 2002
An early update on Hurricane Lili’s impact on Louisiana suggests that losses with be in the billions. An alert from AIR Worldwide Corp. suggests that wind damage from the category 2 hurricane alone could reach US$600 million. The AIR tropical cyclone team had originally predicted losses of US$2 billion, but fortunately Lili weakened in force […]
By Canadian Underwriter | October 4, 2002
The Canadian Independent Adjusters’ Association held its annual Conference and Trade Show at the Deerhurst Resort near Huntsville, ON. Amidst the networking opportunities, educational designations were also awarded. Pictured, Rod Palmer of Crawford Adjusters Canada receives his Fellow of the CIAA designation from outgoing CIAA president Keith Edwards. Also receiving the FCIAA were Bob Krywiak, […]
September 30, 2002
The New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart. “The vast majority of claims for homes and autos have been paid, but commercial […]
2 min read
The numbers just keeping adding up for European insurers facing flood conditions across the continent in late summer and more recently in France. Recent French flooding could cost insurers $460 million (EUR 300 million), according to preliminary estimates from the Federation Francaise des Societes d’Assurances.Insurers are still tallying up losses from summer floods that ranged […]
By Canadian Underwriter | September 18, 2002
Hearings in a London, Ontario courtroom got underway today to decide if the case of McNaughton v. Co-operators General Insurance will be certified as a class action lawsuit.In McNaughton v. Co-operators, the Ontario appeals court ruled that insurers cannot charge a deductible on a total loss vehicle and also sell the vehicle for salvage. Following […]
By Canadian Underwriter | September 17, 2002
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) disclosed a net profit of $307,378 for the second quarter of this year compared with the $139,701 loss reported for the same period the year previous. The company’s net earnings for the first six months of this year came in at $91,916 against the $710,761 loss made […]
By Canadian Underwriter | September 4, 2002
Despite encouraging half-year results, net income was down in the seoncd quarter and claims were on the rise for Co-operators General Insurance Company (TSX: CCS.PR.A).After-tax net income was down to $7.0 million for the quarter ending June 30, 2002, from $11.5 million for the same period a year earlier. This translates into earnings per common […]
By Canadian Underwriter | August 26, 2002
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