Claims
Global reinsurer Munich Re announced that it will increase reserves relating to losses stemming from the World Trade Center (WTC) terrorist attacks by US$500 million to a total of about US$2.9 billion. The company will also inject about US$2 billion into its troubled U.S. subsidiary, American Re. Munich acquired American Re in 1996 for around […]
By Canadian Underwriter | July 11, 2002
1 min read
Former Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.”It is overwhelming to receive this kind of an honor and to be included in such a small group of […]
By Canadian Underwriter | July 8, 2002
2 min read
Adjusters Crawford Canada report that all 10,000 “stage one” applications have bee processed in the Walkerton Compensation Plan settlement. Crawford was designated by the courts to administer the settlement following the town’s tainted water crisis and resultant class action in May 2002. Under stage one, over 8,500 members qualified under the class and 7,261 were […]
June 30, 2002
In an environment of claims cost cutting, increased litigation exposure and heightened competition from "inhouse resources", the independent adjusting profession faces some tough leadership challenges. And, like "the rock" that he calls home, Arnold Pike believes that as the incoming president of the Canadian Independent Adjusters Association (CIAA), he is ready to guide members through this challenging time. The keys, he says, will be to work toward a "single voice" on issues, and while doing so, "to make some noise" about the value of independent adjusters within the insurance industry.
By Vikki Spencer | June 30, 2002
5 min read
Despite widespread rate hardening and improved underwriting results, the U.S. p&c industry saw its net income fall 7.3% for the first quarter 2002 largely as a result of declining investment returns, says the Insurance Services Office (ISO). Net income was $5.1 billion (all figures are in U.S. dollars) for the first quarter of this year, […]
By Canadian Underwriter | June 26, 2002
Wildfires running through Colorado’s Iron Mountain, near Canon City, recently are estimated to have caused US$75 million in insured damages, says the Rocky Mountain Insurance Information Association.In a press release, the association notes that the number is based on a majority of insurers having reported claims filed thus far. About 78 claims have been filed, […]
By Canadian Underwriter | June 14, 2002
Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic Autopac coverage, according to a press release on […]
By Canadian Underwriter | June 12, 2002
Broker consolidator Vector Intermediaries (TSX: VTE) is seeing continued operating improvement in the first quarter ending March 31, 2002. Earnings before interest, taxes and amortization were $165,462 versus $148,272 for the first quarter 2001.The result is consistent earnings per share of $0.01 year-on-year. The company notes that despite much lower contingent commissions and the first […]
By Canadian Underwriter | June 7, 2002
As insurance consumers we are inundated with offers and incentives to buy insurance or to switch companies. Most of us stay right where we are until we are given an incentive to leave, which all too often comes in the form of a badly handled claim. While a bad claim experience is not the only […]
By Colin Smith, vice president of eClaims at Castek Software Inc. | May 31, 2002
3 min read
Broker consolidator Vector Intermediaries Inc. (TSX Venture Exchange: VTE) is reporting a net loss of $4.04 million loss for 2001, only a slight improvement over a loss of $4.05 the year prior. This works out to a loss of $0.18 per share for the year ended December 31, 2001,versus the loss of $0.35 per share […]
By Canadian Underwriter | May 21, 2002
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