Canadian Underwriter

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Insurance


News Insurance

Terrorist attacks evident in Q3 insurer results

November 1, 2001 by Canadian Underwriter

With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result

News InsuranceMergers and Aqcuisitions

IBC responds to Ontario’s revised auto insurance proposal

October 31, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest

News Insurance

World Cup scores new insurance deal

October 30, 2001 by Canadian Underwriter

FIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one

News Insurance

Industry poised for success in 2002, says S&P

October 30, 2001 by Canadian Underwriter

A new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the

News Insurance

AIG among first to show heavy impact of WTC losses on 3-quarter results

October 29, 2001 by Canadian Underwriter

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

News Insurance

Lloyd’s gains reprieve on WTC claim payment deadline

October 29, 2001 by Canadian Underwriter

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

News Insurance

Atlantic insurers back new treatment for domestic oil tanks

October 26, 2001 by Canadian Underwriter

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

News Insurance

S&P joins call for government-backed terrorism pool

October 24, 2001 by Canadian Underwriter

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

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