Segment
Claims
MPI gets rate approval
November 20, 2001 by Canadian UnderwriterManitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped…
Chubb tops FSCO claims survey
November 15, 2001 by Canadian UnderwriterOnce again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…
Fairfax 3-Q performance shows widening loss spiral
November 7, 2001 by Canadian UnderwriterToronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…
ISO puts insured property losses from September 11 at US$16.6 billion
November 6, 2001 by Canadian UnderwriterTotal insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…
U.S. government at odds on insurance package
November 2, 2001 by Canadian UnderwriterA deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…
Terrorist attacks evident in Q3 insurer results
November 1, 2001 by Canadian UnderwriterWith insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result…
Lloyd’s gains reprieve on WTC claim payment deadline
October 29, 2001 by Canadian UnderwriterLloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given…
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…
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…
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…
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…