Financial rating agency A.M. Best Co. expects that insured losses arising from the World Trade Center (WTC) terrorist attacks will exceed US$30 billion. A.M. Best calculated the potential cost based on discussions with several of the major insurers and reinsurers…
Loss estimates so far disclosed by reinsurers and insurers relating to the terrorist attacks of last week against the World Trade Center have reached a total of about US$6.4 billion. A number of companies expected to have large exposures have…
Further insurance loss estimates arising from the September 11 terrorist attacks against the World Trade Center (WTC) and the Pentagon have been released by a number of leading insurers.PartnerRe Ltd. believes that the combined property, casualty and aviation exposure to…
Following disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an…
A number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
The tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…
A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
The loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns…
Specialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately…
The Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Zurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well…