An independent survey of Canadian drivers across the provinces suggests that 75% of the public believe that the provincial governments should impose limits on rate increases with an equal number of respondents believing that cover price increases should not exceed the annual inflation rate for those with clean driving records. The survey of 1,017 Canadians […]
October 31, 2003
2 min read
U.S. catastrophe losses for the third quarter 2003 have risen a whopping 300% over the same period last year, says the Property Claim Services (PCS) unit of the Insurance Services Office (ISO). In the three-month period, cat losses hit US$2.9 billion, versus US$715 million for third-quarter 2003.Since 1994, there have been only two third-quarters with […]
By Canadian Underwriter | October 15, 2003
1 min read
Canadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.Insurers are just now looking at their exposures, with two companies making formal statements about projected losses.ING Insurance says more than 400 clients have reported damage to homes, cars, boats […]
By Canadian Underwriter | October 2, 2003
1 min read
As most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at least two people and causing widespread damage from falling trees, flying debris and flooding. Power […]
By Canadian Underwriter | October 1, 2003
2 min read
Is "less" more for today's account executives? The idea that every account is a profitable account is misguided - it is time to set your sights higher, or rather sharper.
September 30, 2003
5 min read
Can depreciation be deducted from a business interruption claim as a saving? Depreciation is often a fat juicy figure that would gladden the heart of any adjuster or forensic accountant to deduct from a claim...but, should they?
September 30, 2003
5 min read
The east coasts of Canada and the U.S. both felt the lash of Mother Nature with hurricanes in the form of Isabel and Juan causing widespread damage over a short period of time. In Canada, Hurricane Juan slammed into Nova Scotia and PEI, with winds topping 145 km/h, causing significant damage and putting insurers on […]
September 30, 2003
2 min read
The day before the second anniversary of the September 11 terrorist attacks, insurers announced they would band together to sue organizations, individuals and countries who support terrorists, to recoup losses from the 9/11 events.September 11, 2001 remains the largest insured loss in history, and U.S. insurers are on the hook for at least US$9.3 billion […]
By Canadian Underwriter | September 11, 2003
2 min read
Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as cover price increases finally began to outstrip the growth in claims costs, according to preliminary industry data collected by the Insurance Bureau of Canada (IBC). The property and casualty insurance industry finished the second […]
By Canadian Underwriter | September 8, 2003
1 min read
Early estimates of insured damage from forest fires still raging through B.C. suggest that this disaster could shape up to be Canada’s second-worst catastrophe loss, with the 1998 ice storm remaining well ahead in loss numbers. Media reports have put a $200 million insurance price tag on the B.C. fires, but the loss could potentially […]
August 31, 2003
2 min read