American International Group Inc.’s property and casualty insurance business produced a massive 80% drop in pretax earnings to US$201.5 million for the third-quarter of 2001 compared with US$868.3 million for the same period a year prior. The decline in pretax earnings was attributed to an estimated US$820 million in claims the group expects to incur […]
By Canadian Underwriter | October 29, 2001
1 min read
Global reinsurer Swiss Re is taking the offensive against World Trade Center (WTC) lessee Larry Silverstein, asking the court to have the September 11 attacks on the building classified as one insured event.The move follows Silverstein’s statements to the press that he would file two insurance claims on the building, citing the fact that two […]
By Canadian Underwriter | October 23, 2001
1 min read
To aid the insurance industry to withstand future terrorism losses, the Bush administration has proposed that the insurance industry and the government would split the costs of property claims from future terror attacks. Taxpayers would pick up 80 per cent of the first $20 billion US in costs next year and insurers the rest. The […]
By Canadian Underwriter | October 16, 2001
1 min read
Hail as large as baseballs caused more than $3 million in damage to vehicles in Manitoba, the province’s public insurer reports. A late summer storm wreaked havoc on car hoods, fenders and roofs, reports Manitoba Public Insurance (MPI). Shortly after the storm, MPI established an emergency hail claim center to deal with more than 2,000 […]
September 30, 2001
1 min read
As insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million pretax loss, from last week’s prediction of US$300-$400 million. The company’s gross exposure is US$1 […]
By Canadian Underwriter | September 24, 2001
1 min read
In releasing its first-half 2001 results, U.K.-based Royal & SunAlliance (RSA) says the release of capital from its life operations will be fed into growing its property and casualty business in several countries, including Canada. RSA CEO Bob Mendelsohn says the company is reorganizing its business to focus on its p&c side, believing that this […]
By Canadian Underwriter | August 2, 2001
2 min read
In the wake of Canada Day riots that rocked the city of Edmonton, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds of thousands of dollars as a result of the uprising, which broke out early Canada Day morning […]
July 31, 2001
1 min read
The U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton. Claims made against the tobacco companies include provisions under the U.S. Racketeering Influenced and Corrupt […]
July 31, 2001
2 min read
Winners of the John E. Lowes Fund scholarships recently announced are Matthew Lafreniere and Ashley-Lynn Waldron of Algonquin College. The scholarships are awarded annually to Ontario students in full-time, post-secondary programs including the study of property and casualty insurance. Discount Car and Truck Rental recently invited its broker and insurer partners on board for a […]
July 31, 2001
1 min read
The primary responsibility of any insurance professional is to provide the best possible service to policyholders. That means not only offering solid advice and guidance in the area of loss prevention, and approving and paying claims as quickly as possible when legitimate losses occur, but also identifying and denying fraudulent claims.
July 31, 2001
5 min read