News
S&P joins call for government-backed terrorism pool
October 24, 2001 by Canadian UnderwriterRating 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…
Lloyd’s liquidity boosted by regulators’ decision
October 23, 2001 by Canadian UnderwriterA 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…
Swiss Re seeks judgement on WTC claims
October 23, 2001 by Canadian UnderwriterGlobal 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…
IBC helps recover more than $16 million in stolen vehicles last year
October 22, 2001 by Canadian UnderwriterIn 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…
Allstate earnings hard hit
October 19, 2001 by Canadian UnderwriterU.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…
Rating agency predicts “worst year ever” for insurers
October 19, 2001 by Canadian UnderwriterRating 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…
Lloyd’s issues $1.78 billion cash call to members
October 18, 2001 by Canadian UnderwriterIn 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…
Conning report suggests terrorism exclusions on the way
October 18, 2001 by Canadian UnderwriterA 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…
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…