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AXA ups terrorist attack loss estimate to $550 million

September 24, 2001 by Canadian Underwriter

As 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…

News Insurance

Newfoundland shores hit by remnants of Gabrielle

September 20, 2001 by Canadian Underwriter

Although 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…

News InsuranceMergers and Aqcuisitions

Insurers update numbers from terrorist attacks while liability debate looms

September 20, 2001 by Canadian Underwriter

More 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…

News Insurance

IBC CEO resigns

September 19, 2001 by Canadian Underwriter

George 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…

News Insurance

New WTC loss estimates filter through, claims being processed

September 19, 2001 by Canadian Underwriter

Citigroup 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…

News Insurance

Goran announces stock repurchase plan

September 17, 2001 by Canadian Underwriter

Specialty 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…

News Insurance

A.M. Best projects US$30 billion insured loss from WTC events

September 17, 2001 by Canadian Underwriter

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…

News Insurance

Reinsurer/insurer early WTC loss estimates near US$6.5 billion

September 17, 2001 by Canadian Underwriter

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…

News Insurance

Additional insurers/reinsurers present WTC loss estimates

September 14, 2001 by Canadian Underwriter

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…

News Insurance

IBC questions financial affairs of ICBC (September 13, 2001)

September 13, 2001 by Canadian Underwriter

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…

News Insurance

Several insurers/reinsurers reveal WTC loss estimates

September 13, 2001 by Canadian Underwriter

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…

News Insurance

WTC terror attack could produce insured loss of US$20 billion

September 12, 2001 by Canadian Underwriter

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…