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U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO).In total, approximately 218,000 claims from businesses and homeowners were made […]
By Canadian Underwriter | May 28, 2002
1 min read
The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property claims as a result of three catastrophes, according to preliminary figures.A January winter storm that […]
By Canadian Underwriter | April 22, 2002
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or 97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
March 31, 2002
The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a lower court judgement forcing the insurer to return the deductible on a vehicle destroyed in […]
By Canadian Underwriter | March 8, 2002
2 min read
The debate surrounding compensation for unearned premiums was among the issues on the table at the recent annual general meeting of the Property and Casualty Insurance Compensation Corporation (PACICC). The corporation, set up to pay out claims following insurer insolvencies, had been asked by regulators to review its coverage of unearned premiums. PACICC had instituted […]
February 28, 2002
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
By Canadian Underwriter | February 28, 2002
ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks. ACE says that the settlement is based upon a single occurrence event, and therefore will […]
By Canadian Underwriter | February 17, 2002
Larry Silverstein, leaseholder for the World Trade Center is reportedly close to reaching a settlement with two of the complex’s 22 insurers. XL Capital and Ace are the only insurers not named in Silverstein’s lawsuit in which he seeks to collect twice the amount of his insurance policy, claiming the September 11 terrorist attacks that […]
By Canadian Underwriter | February 8, 2002
New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and approved by the National Association of Insurance Commissioners (NAIC) after U.S. Congress failed to pass […]
By Canadian Underwriter | January 8, 2002
U.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among those countries. St. Paul will continue to operate its specialty commercial property-liability business. The U.K, […]
By Canadian Underwriter | December 12, 2001
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