U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). Insurers’ net […]
September 30, 2002
2 min read
U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). Insurers’ net […]
By Canadian Underwriter | September 30, 2002
3 min read
A federal judge in New York has declared that the felling of the World Trade Center towers by two planes on September 11, 2001 was “one occurrence”, not two as claimed by the leaseholder.The ruling applies to three insurers, St. Paul Fire and Marine Insurance Co., Hartford Fire Insurance Co. and Royal Indemnity. U.S. District […]
By Canadian Underwriter | September 26, 2002
2 min read
New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.”The vast majority of claims for homes and autos have been paid, but commercial claims are […]
By Canadian Underwriter | September 12, 2002
2 min read
Governments in Germany and Australia have beat the U.S. to the punch in devising terrorism backstop plans.The German plan has seen the government establish a new insurer, Extremus A.G., now offering up to Eur10 billion (Cdn$15.4 billion) in coverage for commercial property risks including property and business interruption coverage. The mechanism is actually a pool, […]
By Canadian Underwriter | September 6, 2002
1 min read
In the ongoing battle between World Trade Center leaseholder and a group of insurers for the property, a New York federal judge has ordered the parties to hire an independent appraiser to value the complex, destroyed in the September 11 terrorist attacks.Acting on a motion by Allianz Insurance Company, and over objections from Silverstein, the […]
By Canadian Underwriter | August 22, 2002
1 min read
The future of the World Trade Center (WTC), including the insurance settlement on the structures destroyed in the September 11, 2001 terrorist attacks, remains unknown. Published reports this week suggest the City of New York has offered to take control of the site from the Port Authority, in exchange for control of the sites of […]
By Canadian Underwriter | August 6, 2002
1 min read
About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBAA). An additional US$4.5 billion in deals have either been delayed or were changed in terms of pricing, adds the Washington-based association representing the real estate finance […]
July 31, 2002
1 min read
In the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer's duty to defend is triggered.
July 31, 2002
6 min read
A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO). The losses include homeowners, auto and business claims. The fire destroyed approximately 300 dwellings, resulting […]
July 31, 2002
2 min read