Claims
Financial loss due to theft of equipment in the construction field has reached epidemic proportions. The Toronto Construction Association estimates that thieves currently walk or drive off Ontario construction sites with over $12 million worth of equipment each year, with the countrywide theft tally amounting to more than $32 million annually. Can insurers and their construction clients limit their exposures?
April 30, 2002
3 min read
International adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending March 31, 2002, along with settlement of two large outstanding claims, were largely to blame […]
By Canadian Underwriter | April 18, 2002
1 min read
As expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program to offer terrorism reinsurance to insurers, citing lost jobs and stalled construction projects resulting from […]
By Canadian Underwriter | April 9, 2002
2 min read
Following a proposal announced last week by Germany to extend existing government guarantees against terrorism and war related losses for the airline industry, the European Commission has voted approval for a 60-day extension to allow the European airline industry to come up with an alternative solution to traditional insurance cover. Existing European government guarantees against […]
By Canadian Underwriter | March 27, 2002
Swiss Re, the world’s second-largest reinsurer has increased its after-tax loss estimate from the September 11 terrorist attacks to US$1.73 billion from US$1.25 billion. This and other exposures have left the company predicting a loss of more than US$117 million.Other loss events adding to the difficult year include Tropical Storm Allison and the Enron collapse. […]
By Canadian Underwriter | February 27, 2002
The Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A legal source serving the insurance industry says the Supreme Court’s ruling has set a new […]
By Canadian Underwriter | February 22, 2002
The Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response to public concern over the rising cost of insurance within the province, while insurers acting […]
By Canadian Underwriter | February 5, 2002
The court case between World Trade Center leaseholder Larry Silverstein and insurers is broadening in scope, with Silverstein asking courts to extend his suit to all of the building’s insurers, except ACE and XL. Silverstein has already filed suit against Swiss Re, claiming that the toppling of the World Trade Center towers by terrorists on […]
By Canadian Underwriter | January 4, 2002
It is a case of good news versus bad news for Vector Intermediaries (CDNX: VTE) in the third quarter of 2001, with the broker consolidator posting a net loss of $1,462,081, or $0.10 per share. This is, however, somewhat better than last year’s third quarter, when the company lost $1,649,474, or $0.21 per share.Despite the […]
By Canadian Underwriter | December 3, 2001
4. Winter storm Daria Europe 1990 95 6,053,000 3. Typhoon Mireille Japan 1991 51 7,142,000 4. Winter storm Daria Europe 1990 95 6,053,000 5. Winter storm Lothar Europe 1999 80 5,998,000 27. Urban interface forest fires California 1991 26 1,518,000 39. Urban interface forest fires California 1993 3 1,133,000 Source: Swiss Re/Sigma 2. Northridge earthquake […]
November 30, 2001
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