The insured cost of catastrophic losses for 2000 in the U.S. fell below the past 10-year average to a low of US$4.3 billion, according to the Insurance Services Office (ISO). Last year’s cat loss in value terms was 53% below the 10-year average for insured property losses of US$9.1 billion a year. The ISO reports […]
February 28, 2001
2 min read
In what could be a landmark case, the applicability of CGL policies over Internet activities is at issue in the B.C. courts. At the heart of the claim is the exclusion of publishing activities from policies, and to what degree material posted on the Internet constitutes publication. Attempts to "flame" or personally discredit individuals online promise to bring a growing number of lawsuits. The question remains whether insurers can deny defence coverage in these cases, or if they will be caught up in the flames.
January 31, 2001
8 min read
U.S. insurers experienced their lowest quarterly catastrophe related loss for the third quarter of this year since 1990, says the Insurance Services Office (ISO). The overall cat loss for the third quarter amounts to US$315 million based on three events with a thunderstorm that occurred in the upper Midwest in early July fetching the highest […]
December 31, 2000
1 min read
As a unique auction held in London, U.K., attests to, Internet domain names are becoming a hot property in the insurance industry. Staged by international auctioneers Colliers CRE, the auction put 303 “virtual properties”, or domain names, referencing the insurance industry on the block. Included were “AccidentInsuring.com”, “LifeInsuring.com” and “MedicalInsuring.com”, as well as their “.net” […]
November 30, 2000
1 min read
With the rise of high-tech crime fighting equipment and the experts to match the tools, insurers are discovering new ways to crack down on fraud. Far from a victimless crime, fraud accounts for higher premiums and higher taxes as fake claims drain precious emergency resources as well as funds. The recent “Project Slip” initiative by […]
October 31, 2000
7 min read
The U.S. property and casualty insurance industry recorded a 32.5% drop in net income to US$10 billion for the first half of 2000 compared with the US$14.9 billion made at the end of June last year. The significant decline is almost entirely attributable to an 88% hike in claim costs which boosted the industry’s net […]
October 31, 2000
2 min read
Faced with a rapidly evolving marketplace driven by new technology advancements, independent brokers and agents across North America have realised the need to step forward with cooperative initiatives to ensure that their profession remains relevant and effective in the new electronic century. The Insurance Brokers Association of Canada (IBAC) and the Independent Insurance Agents of […]
September 30, 2000
5 min read
When a tornado ripped through Pine Lake, Alberta in July of this year, confusion was the order of the day. Local emergency authorities and the media swarmed around the devastated area trying to assist the victims. Insurers and adjusters were also there, providing swift service in getting the residents back on their feet
August 31, 2000
3 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. International Insurance Society, Inc. Annual Seminar. Vancouver, BC. For further information call 212-515-9291. July 9 to 12. Property and […]
June 30, 2000
2 min read
Last year proved to be a turning point for the insurance industry’s technology standards organization, the Centre for Study of Insurance Operations (CSIO), says chairman Howard Moran at the annual general meeting. Subsequent to the appointment of a new president, Klaas Westera, in July of last year, the CSIO completed an internal study highlighting the […]
April 30, 2000
2 min read