Segment
Claims
Several insurers/reinsurers reveal WTC loss estimates
September 13, 2001 by Canadian UnderwriterA number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
WTC terror attack could produce insured loss of US$20 billion
September 12, 2001 by Canadian UnderwriterThe tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…
Atlantic Canadians hold low perception of insurance costs
September 10, 2001 by Canadian UnderwriterA research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
Appeals court finds Ontario Names liable
September 5, 2001 by Canadian UnderwriterThe Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
IBC wants oil tank regulations in place
September 5, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Lloyd’s forecasts losses for past two years
August 31, 2001 by Canadian UnderwriterInsurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the…
Industry’s ROE slips again on rising claims (August 27, 2001)
August 27, 2001 by Canadian UnderwriterCanada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…
MPI pays over $3 million for hail damage
August 23, 2001 by Canadian UnderwriterA hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by…
A.M. Best lifts "negative outlook" on Lloyd’s
August 16, 2001 by Canadian UnderwriterRating agency A.M. Best has lifted its "negative outlook" on Lloyd’s of London. The agency has also affirmed the London-based market’s "A" rating. This step follows a negative outlook report which was issued on Lloyd’s on June 28 of this…
Tobacco litigation wars continue (June 21, 2001)
June 21, 2001 by Canadian UnderwriterThe U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.…
Co-operators hits loss rut again (June 13, 2001)
June 13, 2001 by Canadian UnderwriterFollowing improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter…
Insurers battle against rising claims tide
June 12, 2001 by Canadian UnderwriterThe Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of…