Claims
Tornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO), focused on catastrophe modeling. The III notes the storms could figure among the top five […]
By Canadian Underwriter | November 15, 2002
1 min read
Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period a year earlier. This gave the company net earnings of $124,000, versus a loss of […]
By Canadian Underwriter | November 12, 2002
The downward spiral shows little sign of abating for Montreal-based Optimum General Inc. (TSX: OGI.A). Third quarter results see losses deepen, including a big dip in underwriting results.Overall, the company saw a net loss of $743,000, or $0.07 per share for the quarter ending September 30, 2002, as compared to net profit of $475,000, or […]
By Canadian Underwriter | November 7, 2002
2 min read
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 […]
By Canadian Underwriter | November 5, 2002
The U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October. Lili had swept the coast of Mexico as a category 4 hurricane, but was downgraded to category 2 when it lost power over the Gulf of Mexico. When […]
October 31, 2002
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 […]
Not unexpectedly, Gerling Global has decided to stop writing new non-life reinsurance after being unable to find a buyer for the business. It will however complete existing contracts.The company’s life reinsurance business will continue under the title Gerling Life Reinsurance GmbH. The Cologne, Germany-based company had warned it would stop writing p&c business should it […]
By Canadian Underwriter | October 28, 2002
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
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
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