Topic
Insurance
Personal injury fraud a $500 million problem, says study
October 17, 2001 by Canadian UnderwriterA 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…
Bush proposes to protect insurers from future terror attack losses
October 16, 2001 by Canadian UnderwriterTo 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…
AXA cancels world cup soccer coverage allegedly due to terrorism risk
October 15, 2001 by Canadian UnderwriterThe 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…
Lloyd’s losses scrutinized by U.S. regulator
October 15, 2001 by Canadian UnderwriterU.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…
Montreal broker first to go direct with Lloyd’s
October 12, 2001 by Canadian UnderwriterUnder 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…
IBC and policy group at odds on B.C. insurance future
October 11, 2001 by Canadian UnderwriterA 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…
RSA ups WTC loss estimate by one-third
October 11, 2001 by Canadian UnderwriterU.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…
U.S. insurance groups look for temporary reinsurance solution for terrorism
October 10, 2001 by Canadian UnderwriterChicago-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…
Zurich doubles WTC loss estimate
October 9, 2001 by Canadian UnderwriterAlmost 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…
Lloyd’s names win right to appeal fraud charge
October 9, 2001 by Canadian UnderwriterA 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…
Auto insurance up for reform in Newfoundland
October 5, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain…
Future of airline insurance up for discussion
October 5, 2001 by Canadian UnderwriterThe future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could…