Industry
Financial rating agency A.M. Best Co. expects that insured losses arising from the World Trade Center (WTC) terrorist attacks will exceed US$30 billion. A.M. Best calculated the potential cost based on discussions with several of the major insurers and reinsurers with high exposures in the various business lines affected by the tragic events which took […]
By Canadian Underwriter | September 17, 2001
1 min read
Loss estimates so far disclosed by reinsurers and insurers relating to the terrorist attacks of last week against the World Trade Center have reached a total of about US$6.4 billion. A number of companies expected to have large exposures have not yet reported their loss estimates. Among these are The St. Paul Companies and Lloyd’s […]
Further insurance loss estimates arising from the September 11 terrorist attacks against the World Trade Center (WTC) and the Pentagon have been released by a number of leading insurers.PartnerRe Ltd. believes that the combined property, casualty and aviation exposure to the company is likely to be in the range of US$350-400 million. The company describes […]
By Canadian Underwriter | September 13, 2001
2 min read
Following disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent financial review of the crown insurer. ICBC is operated by the provincial government and […]
A number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past Tuesday.The losses in question relate to destruction of physical property and business exposures, as well […]
By Canadian Underwriter | September 12, 2001
5 min read
The tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss as high as US$20 billion, several insurance industry bodies say.The suicide terrorist attacks on the […]
3 min read
A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year, insurers notched up a loss of $190 million from the region, observes the IBC’s Atlantic […]
By Canadian Underwriter | September 10, 2001
The loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns of 30 companies, pegs the industry’s combined ratio for the first six months of this […]
By Canadian Underwriter | September 6, 2001
Specialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately owned, Tennessee-based company, produced over US$70 million in revenue last year.Kingsway president and CEO Bill […]
By Canadian Underwriter | September 5, 2001
The Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold lower court rulings allowing Lloyd’s to enforce British judgements against the Names.Justice Feldman called the […]
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