Canadian Underwriter

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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

News InsuranceMergers and Aqcuisitions

IBC and policy group at odds on B.C. insurance future

October 11, 2001 by Canadian Underwriter

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

News Insurance

RSA ups WTC loss estimate by one-third

October 11, 2001 by Canadian Underwriter

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

News Insurance

U.S. insurance groups look for temporary reinsurance solution for terrorism

October 10, 2001 by Canadian Underwriter

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

News Insurance

Zurich doubles WTC loss estimate

October 9, 2001 by Canadian Underwriter

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

News Insurance

Lloyd’s names win right to appeal fraud charge

October 9, 2001 by Canadian Underwriter

A group of 220 Lloyd’s investors (names) have another chance to make their case for fraud against the 300-year-old insurance market. The charges, which were put down by the U.K. Commercial Court late last year, stem from asbestosis claims of