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Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of this year indicated lead and benzene levels of up to seven times higher than accepted […]
By Canadian Underwriter | June 20, 2001
1 min read
Following on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual commission revenue of about US$7 million.J.P. Flanagan, which deals in property, casualty and professional liability […]
By Canadian Underwriter | June 18, 2001
An earthquake that shook Seattle and nearby areas in Washington and Oregon will cost insurers about $330 million, says a press release from the Insurance Services Office (ISO). The quake, which struck on February 28 and measured 6.8 on the Richter scale, resulted in over 13,500 claims from homeowners and businesses in the affected area. […]
April 30, 2001
The failure last year of Quebec insurer GISCO put the Property and Casualty Insurance Compensation Corporation (PACICC) pre-fund system to the test, and now new changes are in the works. At the corporation’s recent annual general meeting, president and CEO Alex Kennedy notes that the existing provisions for the fund were “not as flexible as […]
March 31, 2001
2 min read
The insured cost of catastrophic losses for 2000 in the U.S. fell below the past 10-year average to a low of US$4.3 billion, according to the Insurance Services Office (ISO). Last year’s cat loss in value terms was 53% below the 10-year average for insured property losses of US$9.1 billion a year. The ISO reports […]
February 28, 2001
In what could be a landmark case, the applicability of CGL policies over Internet activities is at issue in the B.C. courts. At the heart of the claim is the exclusion of publishing activities from policies, and to what degree material posted on the Internet constitutes publication. Attempts to "flame" or personally discredit individuals online promise to bring a growing number of lawsuits. The question remains whether insurers can deny defence coverage in these cases, or if they will be caught up in the flames.
By William Blakeney of Blakeney, Henneberry, Baksh | January 31, 2001
8 min read
U.S. insurers experienced their lowest quarterly catastrophe related loss for the third quarter of this year since 1990, says the Insurance Services Office (ISO). The overall cat loss for the third quarter amounts to US$315 million based on three events with a thunderstorm that occurred in the upper Midwest in early July fetching the highest […]
December 31, 2000
As a unique auction held in London, U.K., attests to, Internet domain names are becoming a hot property in the insurance industry. Staged by international auctioneers Colliers CRE, the auction put 303 “virtual properties”, or domain names, referencing the insurance industry on the block. Included were “AccidentInsuring.com”, “LifeInsuring.com” and “MedicalInsuring.com”, as well as their “.net” […]
November 30, 2000
With the rise of high-tech crime fighting equipment and the experts to match the tools, insurers are discovering new ways to crack down on fraud. Far from a victimless crime, fraud accounts for higher premiums and higher taxes as fake claims drain precious emergency resources as well as funds. The recent “Project Slip” initiative by […]
By Vikki Spencer | October 31, 2000
7 min read
The U.S. property and casualty insurance industry recorded a 32.5% drop in net income to US$10 billion for the first half of 2000 compared with the US$14.9 billion made at the end of June last year. The significant decline is almost entirely attributable to an 88% hike in claim costs which boosted the industry’s net […]
October 31, 2000
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