Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in…
Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per…
In the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds…
The area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
The 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…
In a time when insurers are cutting costs, including those associated with claims handling, it is difficult to say any adjuster is “flying high”. But Keith Edwards is one exception. Not only will he take over as president of the Canadian Independent Adjusters Association (CIAA) this year, but the licensed pilot also has high hopes for his profession. Edwards says this time of “belt tightening” is an opportunity for independents to prove their efficiency and expertise.
An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was…
Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of…
A tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and…
The 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…
As controversy over aftermarket parts use continues to swirl in the wake of the State Farm verdict, insurers, auto manufacturers, and those in the collision repair industry are looking at how to make driving safer and reduce accident costs. With auto insurers facing dismal results across the country, and in Ontario in particular, the need to tackle these costs is clear. But the role aftermarket parts, recycled parts, theft deterrents, and vehicle design will play in this attempt to bring profitability back to the auto insurance market was very much up for discussion at the recent Auto Insurers and Manufacturers (AIM) forum held in Mississauga.
With my boss, Fred Wilson, at the wheel, we maneuvered the comfy van on to the highway and headed for the golf course. As manager of the company’s downtown branch, Fred was in close daily contact with many of our…