Segment
Claims
One for All…Or the “Deepest Pocket”?
September 1, 2002 Craig HarrisDespite talk about reforming joint and several liability, the legal principle that some refer to as the “1 percent rule” still plagues deep pockets like governments – and their insurers.
Into the Fire
September 1, 2002 Brian Jones, president of Jones Brown Inc.Devastating condominium fires, such as the most recent blaze at Calgary’s Waterford complex, have created challenges for the construction industry and builders risk insurance market. Are the actions of insurers justified relative to loss experience, and how are insureds reacting to the tighter terms and pricing of cover?
Nova Scotia actuarial review cites inadequate rates
August 27, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is pleased with the results of a new independent report commissioned by Nova Scotia’s Utilities and Review Board (UARB) that suggests auto insurance rates have been inadequate for at least the past five years.The…
Claims hamper Co-operators rebound
August 26, 2002 by Canadian UnderwriterDespite encouraging half-year results, net income was down in the seoncd quarter and claims were on the rise for Co-operators General Insurance Company (TSX: CCS.PR.A).After-tax net income was down to $7.0 million for the quarter ending June 30, 2002, from…
Insurers gashed in 2-Q by tumbling investment returns
August 23, 2002 by Canadian UnderwriterCanadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings…
Markham General fallout continues
August 22, 2002 by Canadian UnderwriterFollowing the wind-up of Ontario-based Markham General, bodyshops are reporting that previously filed claims are not being paid. This follows a Toronto Star report early this week that stated cheques issued by the failed insurer are bouncing.The Collision Industry Action…
More companies make key asbestos disclosures
August 15, 2002 by Canadian UnderwriterIn its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims…
Optimum General still waiting for turnaround
August 14, 2002 by Canadian UnderwriterTough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting…
Busy period for asbestos liability, as three companies make key disclosures
August 13, 2002 by Canadian UnderwriterShares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained…
ICBC reports almost $40 million profit in Q-2 2002
August 12, 2002 by Canadian UnderwriterBritish Columbia’s public insurer is reporting increased profits for the quarter ending June 30, 2002, largely the result of changes to its investment portfolio. The Insurance Corporation of B.C. (ICBC) saw a net profit of $39.6 million for the second…
U.S. insurers face almost US$2 billion in claims in second quarter 2002
July 30, 2002 by Canadian UnderwriterU.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this…
Standard & Poor’s drops St. Paul Cos. financial rating
July 25, 2002 by Canadian UnderwriterRating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit…