Topic
Insurance
ICBC president Thompson to retire
October 2, 2001 by Canadian UnderwriterAfter six years at the helm, the head of British Columbia’s public insurer is stepping down. Thom Thompson has been president and CEO of the Insurance Corporation of B.C. (ICBC) since 1995, and his retirement comes amidst a torrent of…
Hail storms hit MPI balance sheet
October 1, 2001 by Canadian UnderwriterManitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for…
Insurers ask U.S. Congress to support insurance pool
September 27, 2001 by Canadian UnderwriterChubb CEO Dean O’Hare was among insurance representatives speaking to Congress this week on the need for an insurance pool to cover terrorism risks moving into the future. In light of the recent terrorist attacks on the World Trade Center…
Lloyd’s can absorb $1.9 billion loss, says chairman
September 26, 2001 by Canadian UnderwriterLloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than…
U.S regulators to assess insurer solvency following attacks
September 25, 2001 by Canadian UnderwriterConcerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing…
Government covers airline terrorism exposures
September 25, 2001 by Canadian UnderwriterThe federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with…
AXA ups terrorist attack loss estimate to $550 million
September 24, 2001 by Canadian UnderwriterAs insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million…
Newfoundland shores hit by remnants of Gabrielle
September 20, 2001 by Canadian UnderwriterAlthough the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of…
Insurers update numbers from terrorist attacks while liability debate looms
September 20, 2001 by Canadian UnderwriterMore than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single…
IBC CEO resigns
September 19, 2001 by Canadian UnderwriterGeorge Anderson, CEO of the Insurance Bureau of Canada (IBC), has announced his retirement from the organization, effective from the beginning of July of this year. Anderson joined the IBC as president in 1992. "It has been a wonderful time…
New WTC loss estimates filter through, claims being processed
September 19, 2001 by Canadian UnderwriterCitigroup has reported a loss estimate relating to the September 11 terrorist attacks of up to US$500 million after tax, equivalent to approximately 10c a share. Claims are expected from property, business interruption, workers’ compensation and life insurance. The company…
Goran announces stock repurchase plan
September 17, 2001 by Canadian UnderwriterSpecialty insurer Goran Capital Inc. (TSE: GNC) has gained approval from U.S. stock exchange officials to buy back its own stock equal to US$500,000. An application for approval has also been filed with the TSE. The stock repurchase program will…