Segment
Claims
Lindsey Morden loss widens in 2003 despite revenue jump
February 12, 2004 by Canadian UnderwriterAlthough international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003,…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…
Study confirms auto injury losses skyrocketing in the U.S.
January 20, 2004 by Canadian UnderwriterWhile it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…
Farm equipment injuries lead to highest jury awards: study
January 19, 2004 by Canadian UnderwriterVictims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts,…
U.S. cats cost US$12.8 billion in 2003
January 16, 2004 by Canadian UnderwriterU.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is…
XL takes US$694 million reserve charge on US reinsurance business
January 14, 2004 by Canadian UnderwriterBermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts…
New study highlights dangers of marijuana grow operations
December 23, 2003 by Canadian UnderwriterIn a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost…
Auto accidents account for half of major injuries in Canada
December 23, 2003 by Canadian UnderwriterA new report from the Canadian Institute for Health Information (CIHI) notes that almost half of all major injuries sustained in 2001-2002, 47%, were the result of motor vehicle accidents. And men bore the brunt, accounting for 67% of all…
P&C reserves are actually improving, says Conning
December 19, 2003 by Canadian UnderwriterDespite reports from rating agencies suggesting reserve deficiencies remain a major concern for U.S. p&c insurers, Conning Research & Consulting says the situation is actually improving.Although reserve deficiencies persist, significant reserve additions made by companies in 2002 have turned the…
Fraudulent cyclist tops list of insurance scams
December 18, 2003 by Canadian UnderwriterA scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter,…
US tort costs skyrocket to US$233 billion in 2002
December 12, 2003 by Canadian UnderwriterTort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. Compared with 1950, tort costs have grown US$797…
Jury awards ICBC $4.5 million in chop shop suit
December 5, 2003 by Canadian UnderwriterA British Columbia Supreme Court jury has awarded ICBC $4.5 million in a civil lawsuit against two brothers who operated a chop shop in Mission, B.C. It is believed to be the largest punitive award of its kind.<br> “This is…