Segment
Claims
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…
Jeanne could be the worst hurricane of 2004
September 27, 2004 by Canadian UnderwriterEarly estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide…
Proposed rules for Ontario paralegals released
September 26, 2004 by Canadian UnderwriterThe Law Society of Upper Canada (LSUC) late last week delivered its report to Ontario’s Attorney General regarding proposed rules for regulating paralegals. The proposal, in essence, expands the existing consumer protection function of the Law Society to take in…
Jeanne makes history in Florida
September 26, 2004 by Canadian UnderwriterHurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For…
What’s new: In brief (September 26, 2004)
September 26, 2004 by Canadian UnderwriterState Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with…
Ivan loss estimates lower than first thought
September 22, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the…
What’s new: In brief (September 20, 2004)
September 20, 2004 by Canadian UnderwriterWindow cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting…
Insurers less than impressed with latest asbestos plan
September 20, 2004 by Canadian UnderwriterU.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related…
U.S. insurers post US$9 billion underwriting profit in first-half 2004
September 20, 2004 by Canadian UnderwriterU.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the…
What’s new: In brief (September 19, 2004)
September 19, 2004 by Canadian UnderwriterA survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial…
Charley, Frances and Ivan combined could top Andrew
September 19, 2004 by Canadian UnderwriterWith Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm…
Ivan damage less than expected, but losses still mounting
September 16, 2004 by Canadian UnderwriterRisk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions…