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Canadian property and casualty insurers produced a return on equity of 2.9% for the 12 months to the end of September 2002. The industry’s net taxed earnings for the first nine months of last year dropped year-on-year by 22% to $464 million compared with the $597 million reported for the same period in 2001, according […]
December 31, 2002
2 min read
A last minute attempt to find a buyer for the Canadian reinsurance operation of Gerling Globale Ruck (GGR) fell apart at the end of last year, confirms local group president John Kartechner. Global parent Gerling Konzern announced in late October of last year that its reinsurance interests under financially troubled GGR would cease to write […]
Storms that hit several U.S. states in early December caused US$360 million in insured damage, according to estimates from the Insurance Services Office (ISO). All in all, it has been a relatively high fourth quarter in terms of catastrophe losses, the ISO says. To date, cat losses stand at US$1.3 billion. North Carolina was hardest […]
1 min read
Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high fourth quarter in terms of losses, the ISO says. To date, losses stand at US$1.3 […]
By Canadian Underwriter | December 19, 2002
A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier estimates from the Insurance Information Institute (III) which had preliminarily put losses at US$290-300 million. […]
By Canadian Underwriter | December 5, 2002
In the insurance industry, customer service is synonymous with success. In the current economic climate, insurers are focused on customer satisfaction and loyalty more than ever. But, delivering consistent and quality customer care is no small challenge. Companies need “anytime, anywhere” access in order to deliver quality service. One technology that is helping the insurance […]
By Richard Blacklock, AT&T Global Network Services | November 30, 2002
3 min read
Gerling Group announced today it would exit the reinsurance business altogether, spinning off its operations to an investor group headed by Dr. Achim Kann.The life reinsurance arm will become a subsidiary and be sold off, while a Gerling press releases states that “Kann will strengthen the substance of non-life reinsurance business by concluding commutation agreements”.Gerling […]
By Canadian Underwriter | November 26, 2002
Despite notice in late October by Gerling Konzern that its global property and casualty reinsurance interests under Gerling Globale Ruck (GGR) will cease to write new business with the intent of winding up operations, hopes remain high that a buyer will be found to acquire the Canadian unit of Gerling Global Reinsurance Co. The Cologne-based […]
October 31, 2002
The U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October.Lili had swept the coast of Mexico as a category 4 hurricane, but was downgraded to category 2 when it lost power over the Gulf of Mexico. When it […]
By Canadian Underwriter | October 18, 2002
With the downgrade of Hurricane Lili to Category 2 prior to landfall in Louisiana, it is now estimated that U.S. insurers will suffer less than US$500 million in property wind damage claims, says catastrophe management services company EQECAT.While there is still a 20% chance losses could exceed US$600 million, EQECAT estimates the downgrade (Lili was […]
By Canadian Underwriter | October 9, 2002
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