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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
Claims
Lloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given a deadline of November 15 by the insurance regulators to deposit in full the payment […]
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
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 […]
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
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 […]
In light of almost Cdn$3 billion (1.3 billion pounds) in losses from the U.S. terrorist attacks, Lloyd’s of London is making a cash call on members for $1.78 billion (780 million pounds). Money will be used to help pay claims following the attacks, in which Lloyd’s syndicates insured the World Trade Center and both U.S. […]
By Canadian Underwriter | October 18, 2001
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