Segment
Claims
Four hurricanes generate record storm claims numbers
October 6, 2004 by Canadian UnderwriterHurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew…
Hurricane season outpaced predictions: Gray
October 6, 2004 by Canadian UnderwriterThe 2004 Atlantic hurricane season was much worse than anticipated, but will taper off through October, according to the latest predictions by Prof. William Gray and the University of Colorado department of atmospheric science team.Both August and September outpaced expectations,…
RIMS Canada Conference: Risk managers challenge service standards
October 5, 2004 by Canadian UnderwriterAmong the many impacts the insurance industry experienced as a result of the 9/11 disaster was a recognition of the abysmal state of service taking place in commercial insurance ranks. So said a panel of speakers representing all segments of…
What’s new: In brief (October 04, 2004)
October 4, 2004 by Canadian UnderwriterAIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that…
Reserve deficiency hits US$67 billion: A.M. Best
October 4, 2004 by Canadian UnderwriterDespite moves by several companies to bolster reserves over the past three years, the p&c industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains…
U.S. storm losses will exceed US$22 billion: III
October 3, 2004 by Canadian UnderwriterThe 2004 hurricane season will rank as the second-largest insured loss in U.S. history, according to the Insurance Information Institute (III).The III says losses from the 2004 hurricanes Charley, Frances, Ivan and Jeanne will hit US$22 billion at least. The…
Insurer storm loss estimates start to pour in
September 30, 2004 by Canadian UnderwriterMany insurers and reinsurers and beginning to count the costs of the 2004 Atlantic hurricane and Pacific typhoon season, and preparing investors for the impact on financial results.One of the hardest hit is Bermuda-based Renaissance Re, which says its third…
Blockbuster class action dismissed in Quebec
September 30, 2004 by Canadian UnderwriterAn attempt by Blockbuster Inc. customers to launch a class action suit against the video store chain over its fees has been blocked by the Quebec courts.Blockbuster announced this week that after a two-week hearing, the Quebec Superior Court had…
Reinsurance recoverable issue moderates in 2003: Fitch
September 29, 2004 by Canadian UnderwriterThe burning issue of reinsurance recoverables appears to have moderated somewhat in 2003, notes a new report by Fitch Ratings.The report, which takes in results from 1998-2003, finds the industry’s exposure to reinsurance grew much less in 2003 than in…
What’s new: In brief (September 28, 2004)
September 28, 2004 by Canadian UnderwriterFormer Insurance Brokers Association of Canada (IBAC) president Brian Gilbert was the recipient of the “Jean-Charles d’Auteuil Memorial Award of Merit” at the association’s recent agm in Regina. IBAC Chair Ken Orr presented the honor to Gilbert in recognition of…
Grow ops present more than a fire hazard: Fraud Forum
September 28, 2004 by Canadian UnderwriterIssues insurers may face when dealing with marijuana grow operations extend beyond the threat of fire, delegates at the Annual Toronto Fraud Forum learned Tuesday.Staff Sgt. Marc Pineault of the Ottawa Police Services says another significant problem is mold growth…
Hurricanes move onto rater radar screens
September 28, 2004 by Canadian UnderwriterFlorida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the…