Industry
U.K.-based Royal & SunAlliance has increased its estimate of losses from the terrorist attacks on America to 200 million pounds (US$290 million) pretax, up from an earlier estimate of 150 million pounds.The company reports that while aviation and property losses were relatively easy to tally, the new estimate reflects more complex exposures such as business […]
By Canadian Underwriter | October 11, 2001
2 min read
Chicago-based The National Association of Independent Insurers (NAII) has released a proposal which it believes offers the best short-term solution to insurers in the wake of the reduction in reinsurance cover for terrorism exposures. NAII says it will continue to work with other insurance industry bodies toward identifying a more permanent solution to terrorism coverage.At […]
By Canadian Underwriter | October 10, 2001
Almost a month after the terrorist attacks on the World Trade Center (WTC) and Pentagon, Zurich Financial Services Group is doubling its loss estimate. The company now says pretax losses could reach between US$700 million and $900 million, although on September 12, the day after the attacks, it had come in with a US$400 million […]
By Canadian Underwriter | October 9, 2001
A group of 220 Lloyd’s investors (names) have another chance to make their case for fraud against the 300-year-old insurance market. The charges, which were put down by the U.K. Commercial Court late last year, stem from asbestosis claims of the mid-1980s. The names charge that Lloyd’s executives concealed the severity of asbestosis losses.Although Lloyd’s […]
1 min read
To help aid the victims and survivors of the September 11 terrorist attacks in the United States, the Insurance Brokers Association of Canada (IBAC) has partnered with The Salvation Army in Canada to set up the Canadian Insurance Brokers’ Appeal for the Salvation Army’s U.S. Disaster Fund. The purpose of this initiative is to enable […]
By Canadian Underwriter | October 5, 2001
After five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) is finally able to institute a standard auto insurance invoice for health care practitioners in Ontario. The invoice, which applies to rehabilitation providers such as chiropractors, massage therapists, psychologists, and the like, will take effect November 12, […]
By Canadian Underwriter | October 4, 2001
Rating agency Fitch’s is predicting Lloyd’s of London losses from the terrorist attacks on America could reach US$10 billion or more. This comes after Lloyd’s announced estimated gross losses of US$1.9 billion for the market – still representing the single biggest loss event in Lloyd’s 300-year history.Fitch’s makes the claims based on the industry’s experience […]
By Canadian Underwriter | October 3, 2001
Lloyd’s of London has announced an increase in its "central fund" premium levy which is charged against syndicate members by 0.9% to the 2% level. The new rate becomes effective from next year and will run through to the end of 2003, the insurance market says.The additional income generated will boost the central fund coffer […]
By Canadian Underwriter | October 2, 2001
Winnipeg-based auto collision repair operator The Boyd Group Inc. (TSE: BYD.A) has acquired AWC Collision Center which consists of four operations located in metro Seattle and Tacoma within the U.S. state of Washington. The terms and purchase price of the acquisition were not disclosed.Boyd will, however, issue about 143,000 class-A shares at a value of […]
After six years at the helm, the head of British Columbia’s public insurer is stepping down. Thom Thompson has been president and CEO of the Insurance Corporation of B.C. (ICBC) since 1995, and his retirement comes amidst a torrent of changes at the public insurer.Speculation has loomed that the B.C. auto market will be privatized […]
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