Claims
Bermuda-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 to US$647 after tax, largely as a result of adverse development on losses from casualty […]
By Canadian Underwriter | January 14, 2004
1 min read
As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re notes that total insured losses for the year were US$15 billion, versus US$11.5 billion in […]
By Canadian Underwriter | January 7, 2004
2 min read
Tort 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. The single largest factor in the increase is the reassessment of asbestos liabilities, which grew by US$11 billion last year, or one-third of […]
December 31, 2003
The storm of wild fires that ripped through British Columbia was a watershed for the Canadian insurance industry - not only did it represent one of the most significant losses in history, but it was also a test of the industry's ability to rise to the claims challenge.
By Wendy Hillier | December 31, 2003
6 min read
Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier. These figures do not include results for Loyalist Group Ltd. (LGL) following on the group’s decision to reduce its ownership […]
A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003. The company suffered a pre-tax loss of $218,724 for the six-month period, versus a gain of $335,728 for the six months ending September 30, 2002. Net loss for the […]
A new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion), with about 20,000 lives lost.There were five cats costing insurers more than US$1 billion last […]
By Canadian Underwriter | December 17, 2003
Tort 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 per person.The culprit: asbestos lawsuits. The single largest factor in the increase is the reassessment […]
By Canadian Underwriter | December 12, 2003
French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative outlook from rating agencies which led many brokers to question their position relative to the […]
A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003.The company suffered a pre-tax loss of $218,724 for the most recent six months, versus a gain of $335,728 for the six months ending September 30, 2002. Net loss for […]
By Canadian Underwriter | December 10, 2003
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