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AIG among first to show heavy impact of WTC losses on 3-quarter results

October 29, 2001 by Canadian Underwriter

American International Group Inc.’s property and casualty insurance business produced a massive 80% drop in pretax earnings to US$201.5 million for the third-quarter of 2001 compared with US$868.3 million for the same period a year prior. The decline in pretax…

News Insurance

Lloyd’s gains reprieve on WTC claim payment deadline

October 29, 2001 by Canadian Underwriter

Lloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given…

News Insurance

Atlantic insurers back new treatment for domestic oil tanks

October 26, 2001 by Canadian Underwriter

Faced with escalating losses arising from toxic spills associated with domestic oil tanks in the Atlantic provinces, insurers have backed a new treatment process that is expected to significantly reduce corrosion and the potential of leaks.Insurers operating in Atlantic Canada…

News Insurance

S&P joins call for government-backed terrorism pool

October 24, 2001 by Canadian Underwriter

Rating agency Standard & Poor’s has joined the voices of insurance industry bodies calling for the creation of a federal government-backed reinsurance pool for terrorism covers.In the aftermath of the September 11 terrorist attacks, several insurer associations and regulation bodies…

News Insurance

Lloyd’s liquidity boosted by regulators’ decision

October 23, 2001 by Canadian Underwriter

A recent decision by U.S. regulators not to require Lloyd’s members to fully fund the market’s reinsurance trust will ease some of the pressure on the market’s liquidity, says rating agency Standard & Poor’s (S&P). However, insurers have reacted with…

News Insurance

Swiss Re seeks judgement on WTC claims

October 23, 2001 by Canadian Underwriter

Global reinsurer Swiss Re is taking the offensive against World Trade Center (WTC) lessee Larry Silverstein, asking the court to have the September 11 attacks on the building classified as one insured event.The move follows Silverstein’s statements to the press…

News Insurance

IBC helps recover more than $16 million in stolen vehicles last year

October 22, 2001 by Canadian Underwriter

In the last fiscal year (July 2000 to June 2001) the Insurance Bureau of Canada (IBC) has played a part in the recovery of 666 vehicles nationwide, valued at more than $16 million. The IBC’s Investigative Services Division (ISD) adds…

News Insurance

Allstate earnings hard hit

October 19, 2001 by Canadian Underwriter

U.S. insurer Allstate is among the first to report post-September 11 results, and the picture is not a pretty one. Not only was the company hit with exposures from the September 11 attacks, to the tune of US$32 million. But…

News Insurance

Rating agency predicts “worst year ever” for insurers

October 19, 2001 by Canadian Underwriter

Rating agency Fitch is predicting 2001 will be the worst underwriting year ever for p&C insurers, largely as a result of the September 11 terrorist attacks. In a new report, Fitch notes that the industy will likely post its worst…

News Insurance

Lloyd’s issues $1.78 billion cash call to members

October 18, 2001 by Canadian Underwriter

In light of almost Cdn$3 billion (1.3 billion pounds) in losses from the U.S. terrorist attacks, Lloyd’s of London is making a cash call on members for $1.78 billion (780 million pounds). Money will be used to help pay claims…

News Insurance

Conning report suggests terrorism exclusions on the way

October 18, 2001 by Canadian Underwriter

A new report from analysts Conning and Company says U.S. property and casualty insurers will begin pricing “terrorist attack risk” separate from other coverage in light of the September 11 terrorist attacks. The report also suggests that maximum probable loss…

News InsuranceMergers and Aqcuisitions

Personal injury fraud a $500 million problem, says study

October 17, 2001 by Canadian Underwriter

A 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…