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In the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new health and environmental risks and threatens to become the defining challenge for generations to come,” […]
By Canadian Underwriter | October 1, 2002
2 min read
Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused US$50 million in auto insurance losses alone.Homeowners losses total US$25 million, according to preliminary estimates, […]
1 min read
You don’t have to be a mystic to predict that the next five years are going to be a time of change for Canada’s insurance industry, particularly the broker-based property & casualty sector. This should not come as a surprise, but trying to get 30,000 or so brokers to sign on to a sophisticated solution […]
By Ivor Kaye, Grantech Technologies | September 30, 2002
4 min read
Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator. Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused US$50 million in auto insurance losses alone. Homeowners losses total US$25 million, according to […]
September 30, 2002
U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). Insurers’ net […]
By Canadian Underwriter | September 30, 2002
3 min read
A federal judge in New York has declared that the felling of the World Trade Center towers by two planes on September 11, 2001 was “one occurrence”, not two as claimed by the leaseholder.The ruling applies to three insurers, St. Paul Fire and Marine Insurance Co., Hartford Fire Insurance Co. and Royal Indemnity. U.S. District […]
By Canadian Underwriter | September 26, 2002
New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.”The vast majority of claims for homes and autos have been paid, but commercial claims are […]
By Canadian Underwriter | September 12, 2002
Governments in Germany and Australia have beat the U.S. to the punch in devising terrorism backstop plans.The German plan has seen the government establish a new insurer, Extremus A.G., now offering up to Eur10 billion (Cdn$15.4 billion) in coverage for commercial property risks including property and business interruption coverage. The mechanism is actually a pool, […]
By Canadian Underwriter | September 6, 2002
In the ongoing battle between World Trade Center leaseholder and a group of insurers for the property, a New York federal judge has ordered the parties to hire an independent appraiser to value the complex, destroyed in the September 11 terrorist attacks.Acting on a motion by Allianz Insurance Company, and over objections from Silverstein, the […]
By Canadian Underwriter | August 22, 2002
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