Canadian Underwriter

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Insurance


News Insurance

Lloyd’s liquidity boosted by regulators’ decision

October 23, 2001 by Canadian Underwriter

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

News Insurance

Swiss Re seeks judgement on WTC claims

October 23, 2001 by Canadian Underwriter

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

News Insurance

IBC helps recover more than $16 million in stolen vehicles last year

October 22, 2001 by Canadian Underwriter

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

News Insurance

Allstate earnings hard hit

October 19, 2001 by Canadian Underwriter

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

News Insurance

Rating agency predicts “worst year ever” for insurers

October 19, 2001 by Canadian Underwriter

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

News Insurance

Lloyd’s issues $1.78 billion cash call to members

October 18, 2001 by Canadian Underwriter

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

News Insurance

Conning report suggests terrorism exclusions on the way

October 18, 2001 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

Personal injury fraud a $500 million problem, says study

October 17, 2001 by Canadian Underwriter

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

News Insurance

Bush proposes to protect insurers from future terror attack losses

October 16, 2001 by Canadian Underwriter

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

News Insurance

AXA cancels world cup soccer coverage allegedly due to terrorism risk

October 15, 2001 by Canadian Underwriter

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

News Insurance

Lloyd’s losses scrutinized by U.S. regulator

October 15, 2001 by Canadian Underwriter

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

News Insurance

Montreal broker first to go direct with Lloyd’s

October 12, 2001 by Canadian Underwriter

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