Industry
Families of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade Center (WTC) South Tower. Now several other families have joined in four suits, naming United, […]
By Canadian Underwriter | January 16, 2002
2 min read
Manitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba Public Insurance (MPI) reports income dropped to $11.6 million, down from $67.1 million for the […]
By Canadian Underwriter | January 15, 2002
1 min read
Lloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has dropped from 108 last year to 86, while the number of Names with unlimited liability […]
By Canadian Underwriter | January 14, 2002
The recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the city’s economy is in a fragile state of recovery, says Joe Termini, counsel for the […]
By Canadian Underwriter | January 10, 2002
John Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan to step down, a decision some media sources are linking to the company’s huge exposure […]
Terrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to be a “soft landing”. “It was expected that across-the-board premium increases would be relatively modest […]
By Canadian Underwriter | January 9, 2002
Studies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This trend has been consistent for the past five years.Regina ranked as the top city, with […]
By Canadian Underwriter | January 4, 2002
A decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw does not violate insurers’ rights under the Canadian Charter of Rights and Freedoms.The city operates […]
By Canadian Underwriter | January 2, 2002
Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be sold to Fairfax Inc. as of January 1, 2002, the company announces. The value of […]
By Canadian Underwriter | January 1, 2002
Insurance adjusters are witnesses to carnage. They see tumult in places where days, and in some cases hours before, people were going about their daily business in an orderly world. It is part of the job. But how do you react when you are assigned to adjust claims stemming from the collapse of the World Trade Center on September 11? Three seasoned adjusters from Cunningham Lindsey say the assignment was not like any other they had experienced.
December 31, 2001
7 min read
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