Topic
Insurance
Large brokers produce mixed results
February 12, 2002 by Canadian UnderwriterThe world’s largest insurance brokers have each produced very different yearend results in the wake of September 11 and a hardening insurance market.Giant Marsh & McLennan held the line, with revenues of US$2.5 billion in the fourth quarter, equal to…
Fairfax, Odyssey hit by WTC and Enron claims
February 11, 2002 by Canadian UnderwriterOn the tail of a slew of terrible fourth quarter 2001 reportings from insurers, Canadian-based Fairfax is the latest to tell its tale of financial woe in the wake of September 11. The World Trade Center (WTC) attacks, combined with…
WTC leaseholder close to settlement with two insurers, while clean-up lawsuit looms
February 8, 2002 by Canadian UnderwriterLarry Silverstein, leaseholder for the World Trade Center is reportedly close to reaching a settlement with two of the complex’s 22 insurers. XL Capital and Ace are the only insurers not named in Silverstein’s lawsuit in which he seeks to…
Lost Enron investment costs insurers US$3 billion, says A.M. Best
February 7, 2002 by Canadian UnderwriterRating agency A.M. Best says the collapse of U.S. energy giant Enron has cost insurers US$3 billion in investment exposures, at least in the early stages. The figure assesses losses as of September 30, 2001.However, the majority of these losses…
Lloyd’s makes cash call to cover claims
February 6, 2002 by Canadian UnderwriterLloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about…
IBC auto cost study targets "soft tissue" claims
February 5, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response…
Canadian government extends airline cover
February 4, 2002 by Canadian UnderwriterThe Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there…
U.S. trade groups react to NAIC ruling on personal lines terrorism exclusions
February 1, 2002 by Canadian UnderwriterFollowing a decision by the U.S. National Association of Insurance Commissioners (NAIC) not to allow terrorism exclusions on personal lines policies, insurers are reacting with dismay. Through their trade associations, including the National Association of Independent Insurers (NAII) and the…
Lloyd’s proposals necessary but challenging, says S&P
January 30, 2002 by Canadian UnderwriterProposed reforms to the structure of the world’s oldest insurance market announced by Lloyd’s earlier this week are being praised by rating agency Standard & Poor’s. Although the announcement does not impact Lloyd’s single-A rating, S&P says the reforms “address…
U.S. commercial market reveals hardening and confusion
January 29, 2002 by Canadian Underwriter“Major commercial property/casualty premiums uniformly on the upswing and confusion in the market” is how the U.S. Council of Insurance Agents and Brokers (CIAB) is characterizing the post-September 11 environment. In releasing fourth quarter 2001 results of its Commercial Insurance…
FSCO releases last quarter 2001 approved auto rate increases
January 28, 2002 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on…
Canadian operations contribute to Crawford success in Q4
January 25, 2002 by Canadian UnderwriterAdjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up…