Industry
Faced with escalating losses arising from toxic spills associated with domestic oil tanks in the Atlantic provinces, insurers have backed a new treatment process that is expected to significantly reduce corrosion and the potential of leaks.Insurers operating in Atlantic Canada have incurred 50%-a-year increases over recent years in claim costs associated domestic oil tank spills, […]
By Canadian Underwriter | October 26, 2001
2 min read
Rating agency Standard & Poor’s has joined the voices of insurance industry bodies calling for the creation of a federal government-backed reinsurance pool for terrorism covers.In the aftermath of the September 11 terrorist attacks, several insurer associations and regulation bodies have proposed to U.S. Congress the creation of a terrorism insurance funding mechanism similar to […]
By Canadian Underwriter | October 24, 2001
A recent decision by U.S. regulators not to require Lloyd’s members to fully fund the market’s reinsurance trust will ease some of the pressure on the market’s liquidity, says rating agency Standard & Poor’s (S&P). However, insurers have reacted with concern to the decision, questioning Lloyd’s ability to meet its obligations as a result of […]
By Canadian Underwriter | October 23, 2001
In the last fiscal year (July 2000 to June 2001) the Insurance Bureau of Canada (IBC) has played a part in the recovery of 666 vehicles nationwide, valued at more than $16 million. The IBC’s Investigative Services Division (ISD) adds that it has assisted police in recovering more than $20 million in stolen vehicles in […]
By Canadian Underwriter | October 22, 2001
1 min read
U.S. insurer Allstate is among the first to report post-September 11 results, and the picture is not a pretty one. Not only was the company hit with exposures from the September 11 attacks, to the tune of US$32 million. But higher homeowners claims and investment losses were largely to blame for an earnings drop of […]
By Canadian Underwriter | October 19, 2001
Rating agency Fitch is predicting 2001 will be the worst underwriting year ever for p&C insurers, largely as a result of the September 11 terrorist attacks. In a new report, Fitch notes that the industy will likely post its worst underwriting loss ever. Even if losses from the terrorist attacks are at the low end […]
A newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal injury claims that contained some form of fraud.The claims included accident benefit (AB), bodily injury […]
By Canadian Underwriter | October 17, 2001
The world soccer governing body FIFA announced today that its largest insurer for the upcoming 2002 World Cup has provided a cancellation notice for its portion of the insurance program covering the football events to take place in Korea and Japan. FIFA says, however, that this will not endanger the staging of the 2002 World […]
By Canadian Underwriter | October 15, 2001
U.S. regulators will be looking at the finances of insurance market Lloyd’s of London in the wake of the terrorist attacks on the World Trade Center and Pentagon on September 11. Following the incidents, Lloyd’s announced that its exposures would be US$1.9 billion for the market as a whole. The National Association of Insurance Commissioners […]
Under a new Lloyd’s of London scheme to allow non-U.K. brokers to deal directly with the market’s underwriters, the first Canadian broker is now on board.Montreal-based B.F. Lorenzetti & Associates (BFL) will be the first in this country to deal directly with underwriters at the 300-year-old insurance market, rather than going through a Lloyd’s broker […]
By Canadian Underwriter | October 12, 2001
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