Claims
An appeal from World Trade Center (WTC) leaseholder Larry Silverstein will be heard by a U.S. federal appeals court. Silverstein is challenging a ruling by U.S. District Court Judge John Martin which said that for those insurers covering the WTC under the “Wilprop” form, the September 11, 2001 terrorist attacks would be considered one occurrence.The […]
By Canadian Underwriter | January 7, 2003
2 min read
Most of the insurance industry’s losses due to catastrophes last year were the result of windstorms and floods, says a new study from Munich Re. A full 98% of natural catastrophe payouts went to such losses, the reinsurance giant calculates.The European floods last summer constituted the worst of the cats, leading to about US$3 billion […]
By Canadian Underwriter | January 3, 2003
U.S. insurers brought home a taxed profit of US$9.3 billion for the first nine months of this year compared to a net loss of US$2.6 billion reported for the same period a year ago. The turnaround largely resulted from higher premium volumes achieved over the nine months with the industry’s overall underwriting loss plummeting on […]
By Canadian Underwriter | December 17, 2002
Despite hardening prices, the reinsurance industry continues to be dragged down by the lack of capital and prior years’ claims development, according to rating agency Standard & Poor’s.In its 2003 Global Reinsurance Outlook, S&P says that while some companies are benefiting from price increases, a large part of the industry remains in a troubled state. […]
By Canadian Underwriter | December 5, 2002
1 min read
The U.S. Congress has finally put the seal on a terrorism legislation package, approved by both the House and Senate and signed into law by president George Bush. The “Terrorism Reinsurance Act” sets up excess coverage for terrorism losses wherein insurers will pay a deductible equal to 7% of the previous year’s direct written premiums. […]
November 30, 2002
Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s net income for the first nine months of this year clocked in at $24 million […]
Following the recent Senate approval of the “Terrorism Reinsurance Act”, which will be signed into effect by U.S. president George Bush early next week, insurance companies represented by the National Association of Independent Insurers (NAII) have come out in full support of the legislation. Among its provisions, the bill will make availability of terrorism cover […]
By Canadian Underwriter | November 22, 2002
Insurers, represented by the Insurance Bureau of Canada (IBC), were among those calling for the elimination of capital taxes in a submission to the federal government’s Standing Committee on Finance.A new association of business groups known as the Association for the Abolition of Capital Taxes (AACT) made the submission urging the tax be immediately repealed.The […]
By Canadian Underwriter | November 18, 2002
Despite posting a loss for the third quarter 2002, Toronto-based Goran Capital (TSE: GNC; OTCBB: GNCNF) seems poised for a rebound. This year’s net loss of $3.32 million, or $0.62 per share, for the quarter ending September 30 is a vast improvement over the loss of $9.04 million, or $1.57 per share, reported last year […]
The Co-operators General Insurance Co. (TSX: CCS.PR.A) produced a net loss of $3.3 million for the third quarter of this year compared with an after-tax profit of $267,000 for the same period a year prior. The insurer’s net income for the first nine months of this amounted to $1.4 million, a significant turnaround from the […]
By Canadian Underwriter | November 15, 2002
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