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Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The “Preeminence” book is targeted to high-net-worth clients in Ontario, Quebec and B.C.”This transaction will further […]
By Canadian Underwriter | November 23, 2001
1 min read
Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of business interruption claims, it does not take into account aviation-related losses, liability, life or workers’ […]
By Canadian Underwriter | November 6, 2001
A deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put insurers in a bind as they attempt to negotiate treaties for January 2002.The Senate plan, […]
By Canadian Underwriter | November 2, 2001
Insured property losses from Tropical Storm Allison, which struck several U.S. states this past summer, are expected to reach US$2.5 billion, says the Insurance Services Office Inc. (ISO). This is more than double the ISO’s original July estimate of US$1.2 billion. The difference is largely the result of Texas claims, which grew from US$1 billion […]
October 31, 2001
American International Group Inc.’s property and casualty insurance business produced a massive 80% drop in pretax earnings to US$201.5 million for the third-quarter of 2001 compared with US$868.3 million for the same period a year prior. The decline in pretax earnings was attributed to an estimated US$820 million in claims the group expects to incur […]
By Canadian Underwriter | October 29, 2001
Global reinsurer Swiss Re is taking the offensive against World Trade Center (WTC) lessee Larry Silverstein, asking the court to have the September 11 attacks on the building classified as one insured event.The move follows Silverstein’s statements to the press that he would file two insurance claims on the building, citing the fact that two […]
By Canadian Underwriter | October 23, 2001
To aid the insurance industry to withstand future terrorism losses, the Bush administration has proposed that the insurance industry and the government would split the costs of property claims from future terror attacks. Taxpayers would pick up 80 per cent of the first $20 billion US in costs next year and insurers the rest. The […]
By Canadian Underwriter | October 16, 2001
Hail as large as baseballs caused more than $3 million in damage to vehicles in Manitoba, the province’s public insurer reports. A late summer storm wreaked havoc on car hoods, fenders and roofs, reports Manitoba Public Insurance (MPI). Shortly after the storm, MPI established an emergency hail claim center to deal with more than 2,000 […]
September 30, 2001
As insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million pretax loss, from last week’s prediction of US$300-$400 million. The company’s gross exposure is US$1 […]
By Canadian Underwriter | September 24, 2001
In releasing its first-half 2001 results, U.K.-based Royal & SunAlliance (RSA) says the release of capital from its life operations will be fed into growing its property and casualty business in several countries, including Canada. RSA CEO Bob Mendelsohn says the company is reorganizing its business to focus on its p&c side, believing that this […]
By Canadian Underwriter | August 2, 2001
2 min read
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