Risk
A new report from analysts Conning and Company says U.S. property and casualty insurers will begin pricing “terrorist attack risk” separate from other coverage in light of the September 11 terrorist attacks. The report also suggests that maximum probable loss in claims will be refigured to a higher level and priced accordingly. As well, Conning […]
By Canadian Underwriter | October 18, 2001
1 min read
Industry
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
Home
To aid the insurance industry to withstand future terrorism losses, the Bush administration has proposed that the insurance industry and the government would split the costs of property claims from future terror attacks. Taxpayers would pick up 80 per cent of the first $20 billion US in costs next year and insurers the rest. The […]
By Canadian Underwriter | October 16, 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 […]
2 min read
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
Claims
A new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost certainly result in a number of negative outcomes, including discriminatory rate setting, higher insurance premiums […]
By Canadian Underwriter | October 11, 2001
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 […]
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
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