Catastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO).Last year saw 25 cat events which generated about 1.8 million claims from homeowners and businesses. The average number of […]
By Canadian Underwriter | February 16, 2003
1 min read
About one-quarter of Americans say insurance fraud is acceptable, according to a new survey from Accenture. In a random sample of 1,000 adults, the study found that nearly 25% think its alright to overstate the value of a insurance claim, and more than one-tenth say its acceptable to claim for items that were not lost […]
By Canadian Underwriter | February 12, 2003
2 min read
Long-time insurance broker Dan Danyluk has been named the new CEO of the Insurance Brokers Association of Canada (IBAC). The position is newly created, replacing the former executive director’s role at the national association representing property and casualty insurance brokers.Danyluk has been managing director of Crawford & Danyluk Insurance Brokers Ltd. in Delaware, Ontario, for […]
By Canadian Underwriter | January 22, 2003
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A new study from Conning Research & Consulting Inc. suggests that despite rate increases, the U.S. p&c industry continues to see deteriorating results and reserve deficiencies.In the past year, the industry’s reserve deficiency has actually doubled, and offers inadequate protection against ever-increasing loss costs, Conning says in its report “Property-Casualty Reserve Adequacy: Digging Deeper.” This […]
By Canadian Underwriter | January 16, 2003
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Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own about 35% of CIMI.EGI and The Co-operators each own half of non-standard auto insurer Echelon […]
By Canadian Underwriter | January 6, 2003
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H.L. (Skip) Sutherland is retiring as president of Crawford Adjusters Canada after almost 45 years in the insurance industry. He began his career with Zurich in 1957 and later helped form Adjusters Canada Inc., which was bought by Crawford in 1998. He will remain a director of the company and act as a consultant on […]
December 31, 2002
2 min read
Canadian property and casualty insurers produced a return on equity of 2.9% for the 12 months to the end of September 2002. The industry’s net taxed earnings for the first nine months of last year dropped year-on-year by 22% to $464 million compared with the $597 million reported for the same period in 2001, according […]
December 31, 2002
2 min read
A last minute attempt to find a buyer for the Canadian reinsurance operation of Gerling Globale Ruck (GGR) fell apart at the end of last year, confirms local group president John Kartechner. Global parent Gerling Konzern announced in late October of last year that its reinsurance interests under financially troubled GGR would cease to write […]
December 31, 2002
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Storms that hit several U.S. states in early December caused US$360 million in insured damage, according to estimates from the Insurance Services Office (ISO). All in all, it has been a relatively high fourth quarter in terms of catastrophe losses, the ISO says. To date, cat losses stand at US$1.3 billion. North Carolina was hardest […]
December 31, 2002
1 min read
Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high fourth quarter in terms of losses, the ISO says. To date, losses stand at US$1.3 […]
By Canadian Underwriter | December 19, 2002
1 min read