Canadian Underwriter

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European airliners create terrorism loss fund

April 30, 2002 by Canadian Underwriter

The Association of European Airlines (AEA) has established a terrorism insurance scheme called "Eurotime" which is expected to replace current temporary government backstop facilities for this particular peril. Airliners from around the world have been operating mostly with the insurance

News Insurance

Silverstein advances WTC case for “two occurrence” settlement

April 29, 2002 by Canadian Underwriter

A document just released by parties involved in the dispute over coverage for the World Trade Center (WTC) explains the position of representatives for the Silverstein interests, who are calling the September 11 attacks two separate events and seeking double

News Insurance

CIAG advises repair shops to get money up front

April 29, 2002 by Canadian Underwriter

In light of the recent cancellation of policies by Ontario’s Markham General Insurance Company, the industry association representing bodyshops is suggesting its members get money up front from the company’s claimants for repairs. In an “urgent notice to shopowners”, the

News Insurance

New York’s Federal Reserve Bank pegs lower WTC cleanup cost

April 26, 2002 by Canadian Underwriter

A report issued by the Reserve Bank of New York estimates that the cleanup and rebuilding cost in downtown Manhattan following the World Trade Center (WTC) terrorist attacks could be US$6 billion less than what had been originally anticipated. The

News Insurance

Royal & SunAlliance takes decisive action against name imposter

April 26, 2002 by Canadian Underwriter

Royal & SunAlliance Insurance Co. of Canada says it will not stand by as an imposter entity continues to use the insurer’s corporate name to market what would appear to be fraudulent insurance products.Royal has launched an official investigation into

News Insurance

Five U.S. states approve terrorism exclusions on homeowners’ cover

April 26, 2002 by Canadian Underwriter

Insurance regulators in Arizona, Colorado, North Dakota, South Dakota and Kentucky have approved requests by insurers to apply terrorism exclusions to homeowners’ covers, according to the Insurance Services Office (ISO). While some insurers are still offering terrorism cover in these

News Insurance

SGI to offer driver discount and new fines

April 25, 2002 by Canadian Underwriter

Saskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million

News Insurance

German government close to terrorism coverage solution, says news source

April 24, 2002 by Canadian Underwriter

A German newspaper, “Handelsblatt”, is reporting that country’s government is close to signing a solution for terrorism coverage. The German government has been negotiating with insurers and industrial representatives to find a compromise following the withdrawal of terrorism reinsurance since

News Insurance

Identity theft leaves Royal & SunAlliance bothered

April 23, 2002 by Canadian Underwriter

A non-licensed financial services entity calling itself "Royal and Sun Alliance: International Loans and Insurance Group" has set up a website under that name, listing a Toronto address and telephone number.The Office of the Superintendent of Financial Services (OSFI) has

News Insurance

IBC tries to educate consumers about hard market

April 23, 2002 by Canadian Underwriter

In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.“The increased cost of automobile insurance has been the focus of much attention

News Insurance

Cats at 10-year low for Q1, says ISO

April 22, 2002 by Canadian Underwriter

The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property

News Insurance

Commercial market in distress, say U.S. agents

April 19, 2002 by Canadian Underwriter

The dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September