A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier estimates from the Insurance Information Institute (III) which had preliminarily put losses at US$290-300 million. […]
By Canadian Underwriter | December 5, 2002
1 min read
In the insurance industry, customer service is synonymous with success. In the current economic climate, insurers are focused on customer satisfaction and loyalty more than ever. But, delivering consistent and quality customer care is no small challenge. Companies need “anytime, anywhere” access in order to deliver quality service. One technology that is helping the insurance […]
November 30, 2002
3 min read
Gerling Group announced today it would exit the reinsurance business altogether, spinning off its operations to an investor group headed by Dr. Achim Kann.The life reinsurance arm will become a subsidiary and be sold off, while a Gerling press releases states that “Kann will strengthen the substance of non-life reinsurance business by concluding commutation agreements”.Gerling […]
By Canadian Underwriter | November 26, 2002
1 min read
Despite notice in late October by Gerling Konzern that its global property and casualty reinsurance interests under Gerling Globale Ruck (GGR) will cease to write new business with the intent of winding up operations, hopes remain high that a buyer will be found to acquire the Canadian unit of Gerling Global Reinsurance Co. The Cologne-based […]
October 31, 2002
2 min read
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 it […]
By Canadian Underwriter | October 18, 2002
1 min read
With the downgrade of Hurricane Lili to Category 2 prior to landfall in Louisiana, it is now estimated that U.S. insurers will suffer less than US$500 million in property wind damage claims, says catastrophe management services company EQECAT.While there is still a 20% chance losses could exceed US$600 million, EQECAT estimates the downgrade (Lili was […]
By Canadian Underwriter | October 9, 2002
1 min read
In the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new health and environmental risks and threatens to become the defining challenge for generations to come,” […]
By Canadian Underwriter | October 1, 2002
2 min read
Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused US$50 million in auto insurance losses alone.Homeowners losses total US$25 million, according to preliminary estimates, […]
By Canadian Underwriter | October 1, 2002
1 min read
You don’t have to be a mystic to predict that the next five years are going to be a time of change for Canada’s insurance industry, particularly the broker-based property & casualty sector. This should not come as a surprise, but trying to get 30,000 or so brokers to sign on to a sophisticated solution […]
September 30, 2002
4 min read
Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator. Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused US$50 million in auto insurance losses alone. Homeowners losses total US$25 million, according to […]
September 30, 2002
1 min read