Robert Frost once suggested that, "a jury consists of twelve persons chosen to decide who has the better lawyer". While there is an element of truth to this, insurers have long had faith in juries for their common sense and prudent approach to assessing damages. This perspective, however, was recently put "to the test" when a jury awarded an unprecedented $2.5 million in damages against an insurance company.
August 31, 2003
7 min read
The state of Kansas says 2003 has been a difficult year for insurers who have already paid out US$256 million for storm losses between April and July.”The storm season extended well beyond spring this yearand we’ve exceeded the amount of damage reported in all of 2002,” says Insurance Commissioner Sandy Praeger. “In July, the estimate […]
By Canadian Underwriter | August 26, 2003
1 min read
New changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a reform package that includes a 12-month freeze on rates.The package would also mean that the […]
By Canadian Underwriter | August 26, 2003
2 min read
The price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance program. Not counting those claims, the figures is about US$19.5 million in insured losses.Tropical Storm […]
By Canadian Underwriter | August 20, 2003
1 min read
The Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant jump over the $9.2 million net income reported for the first half of 2002.The public […]
By Canadian Underwriter | August 18, 2003
2 min read
Fires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned, including major blazes in Strawberry Hill, McLure and Chilko Lake. Fires are also spreading into […]
By Canadian Underwriter | August 6, 2003
1 min read
Damage to vehicles as a result of hailstorms that struck Manitoba in mid-July has reached $2.5 million, the province’s public insurer reports. Manitoba Public Insurance (MPI) has received about 1,400 claims to date. Generally vehicle damage claims from the hail range from $2,500 to $3,000 each. Manitoba Crop Insurance Corporation (MCIC) received 310 claims with […]
July 31, 2003
1 min read
In what is reported to be the worst forest fire to hit B.C. in the past 50 years, a widespread blaze has caused the evacuation of several towns and even invaded into neighboring Alberta. Although damage is expected to run into millions of dollars, the raging flames have restricted operation of emergency crews and denied […]
July 31, 2003
2 min read
U.S. property and casualty insurers will likely incur about US$4.9 billion in catastrophe-related claims for the second quarter of this year, according to the Insurance Services Office (ISO). Insured losses for the first six months of this year – which saw a record number of auto, residential and commercial claims totaling 1.1 million in number […]
By Canadian Underwriter | July 28, 2003
1 min read
Early damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern Insurance Information Service (SIIS).Five of the counties hit by Claudette have been declared disaster areas […]
By Canadian Underwriter | July 21, 2003
1 min read