U.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this was not the largest loss event of the quarter by far. Severe weather between April […]
By Canadian Underwriter | July 30, 2002
1 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 in […]
By Canadian Underwriter | July 18, 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 (MBA). An additional US$4.5 billion in deals have either been delayed or changed in terms of pricing, adds the Washington-based association representing the real estate finance industry.The […]
By Canadian Underwriter | July 16, 2002
1 min read
Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various disassembled auto parts and other valuable stolen assets from the 4,000 square foot “chop shop”. […]
By Canadian Underwriter | June 21, 2002
1 min read
The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure, which takes into account commercial and personal property claims as well as related covers such […]
By Canadian Underwriter | June 19, 2002
1 min read
U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO). In total, approximately 218,000 claims from businesses and homeowners were […]
May 31, 2002
1 min read
U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO).In total, approximately 218,000 claims from businesses and homeowners were made […]
By Canadian Underwriter | May 28, 2002
1 min read
The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property claims as a result of three catastrophes, according to preliminary figures.A January winter storm that […]
By Canadian Underwriter | April 22, 2002
1 min read
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or 97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
March 31, 2002
1 min read
The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a lower court judgement forcing the insurer to return the deductible on a vehicle destroyed in […]
By Canadian Underwriter | March 8, 2002
2 min read