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The east coasts of Canada and the U.S. both felt the lash of Mother Nature with hurricanes in the form of Isabel and Juan causing widespread damage over a short period of time. In Canada, Hurricane Juan slammed into Nova Scotia and PEI, with winds topping 145 km/h, causing significant damage and putting insurers on […]
September 30, 2003
2 min read
The day before the second anniversary of the September 11 terrorist attacks, insurers announced they would band together to sue organizations, individuals and countries who support terrorists, to recoup losses from the 9/11 events.September 11, 2001 remains the largest insured loss in history, and U.S. insurers are on the hook for at least US$9.3 billion […]
By Canadian Underwriter | September 11, 2003
Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as cover price increases finally began to outstrip the growth in claims costs, according to preliminary industry data collected by the Insurance Bureau of Canada (IBC). The property and casualty insurance industry finished the second […]
By Canadian Underwriter | September 8, 2003
1 min read
Early estimates of insured damage from forest fires still raging through B.C. suggest that this disaster could shape up to be Canada’s second-worst catastrophe loss, with the 1998 ice storm remaining well ahead in loss numbers. Media reports have put a $200 million insurance price tag on the B.C. fires, but the loss could potentially […]
August 31, 2003
Robert Frost once suggested that, "a jury consists of twelve persons chosen to decide who has the better lawyer". While there is an element of truth to this, insurers have long had faith in juries for their common sense and prudent approach to assessing damages. This perspective, however, was recently put "to the test" when a jury awarded an unprecedented $2.5 million in damages against an insurance company.
By William Blakeney, Blakeney, Henneberry Murphy | August 31, 2003
7 min read
The state of Kansas says 2003 has been a difficult year for insurers who have already paid out US$256 million for storm losses between April and July.”The storm season extended well beyond spring this yearand we’ve exceeded the amount of damage reported in all of 2002,” says Insurance Commissioner Sandy Praeger. “In July, the estimate […]
By Canadian Underwriter | August 26, 2003
New changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a reform package that includes a 12-month freeze on rates.The package would also mean that the […]
The price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance program. Not counting those claims, the figures is about US$19.5 million in insured losses.Tropical Storm […]
By Canadian Underwriter | August 20, 2003
The Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant jump over the $9.2 million net income reported for the first half of 2002.The public […]
By Canadian Underwriter | August 18, 2003
Fires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned, including major blazes in Strawberry Hill, McLure and Chilko Lake. Fires are also spreading into […]
By Canadian Underwriter | August 6, 2003
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