Claims
While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and are being declared a catastrophe by the Insurance Services Office (ISO). This means that a […]
By Canadian Underwriter | May 8, 2003
1 min read
The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year prior.However, underwriting results continued to be sluggish, showing only slight improvement. Overall, the reinsurers posted […]
By Canadian Underwriter | May 7, 2003
North American operations did little to boost the fortunes of adjuster Lindsey Morden Group Inc. (TSX: LM). For the first quarter 2003, the company reports a net loss of $1.99 million, and says reduced revenue from U.S. and Canadian operations dragged down overall results. Although this is still a significant improvement over the loss of […]
While proponents of the new Ontario auto reform legislation anticipate relief for a number of issues facing automobile insurers, some fear it will further expose a smoldering crisis that has been plaguing the industry for several years now – a shortage of active, qualified and experienced bodily injury (BI) claims adjusters. When Bill-59 was passed […]
By Lorri Frederick | April 30, 2003
6 min read
Colorado State University’s tropical storm research team under William Gray predicts that this year’s hurricane season from June to end November will spawn twice as many hurricanes than last year with the number of “named storms” amounting to about 140% of the long-term annual average. Gray has been forecasting hurricanes for the last 20 years.Gray’s […]
By Canadian Underwriter | April 8, 2003
Tornadoes and deadly storms that ripped through Georgia on Wednesday have caused US$2.5 million in claims, estimates the state’s Insurance Commissioner, John Oxendine.He visited the devastated areas today, calling on insurers to quickly pay out claims.The storms claimed six lives, and damaged or destroyed about 160 homes.”Individuals in these areas have suffered devastating losses and […]
By Canadian Underwriter | March 20, 2003
Montreal-based Optimum General Inc. (TSX: OGI.A) is likely relieved to see 2002 gone, as the company reported a net loss of $7.4 million, or $0.68 per share, for the year ending December 31. This compares to a loss of $2.7 million, or $0.25 per share, in 2001.For the last quarter of the year, the net […]
By Canadian Underwriter | March 4, 2003
2 min read
2002 saw deteriorating results for international adjuster Lindsey Morden (TSX: LM), largely as a result of its troubled U.S. operations. While revenue increased by $19 million between 2001 and 2002, the company suffered a net loss last year of $17.5 million, or $1.28 a share – this compares with a net loss of $5.8 million […]
February 28, 2003
Auto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written premiums grew 5.7% for the quarter to $442 million versus $418 million for fourth quarter […]
By Canadian Underwriter | February 28, 2003
Not surprisingly, tort costs in the U.S. are increasing sharply, as indicated in a new study by Tillinghast-Towers Perrin. In 2001, the U.S. tort system cost US$205 billion, or US$721 per capita. This is a 14.3% increase over the year prior and represents costs equivalent to a 5% tax on wages.Tillinghast has tracked tort costs […]
By Canadian Underwriter | February 20, 2003
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