Canadian Underwriter

What’s new: In brief (December 14, 2004)

December 14, 2004   by Canadian Underwriter

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Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the purposes of coverage, thus potentially doubling the payouts for the nine companies involved, S&P says the impact on earnings and capitalization of the extra US$1.1 billion in losses will not drag ratings down. Insurers involved include: Allianz Global Risks US, Industrial Risk Insurers, Travelers, Royal, Gulf Insurance (St. Paul Travelers), Zurich, TIG (Fairfax), and Twin City (Hartford).

Ohio has passed a massive tort reform bill, which deals with multiple litigation issues. Among the provisions of SB 80 are: a $350,000 per plaintiff limit on non-economic damages for non-catastrophic injuries; limits of US$350,000 on punitive damages against small businesses; a 10 statute of repose on product liability cases; and protection against frivolous “fast food” obesity lawsuits. The legislation follows tort reform measures in Mississippi and Texas last year.

Markel Insurance Co. of Canada is extending its roadshow presentations on trucking insurance. At least five additional dates have been added to the seven presentations already given by Markel CEO Mark Ram. The tour is coming soon to Markham, Sudbury, Etobicoke, Ingersoll and Calgary, with future dates expected for Quebec. Trucking operators and insurance brokers can find out more about the free seminars by contacting Stacey Kenny at 1-888-MARKEL-1.

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