Industry
The federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with insurers.Following the September 11 terrorist attacks, insurers had said they would cancel existing third-party liability […]
By Canadian Underwriter | September 25, 2001
1 min read
Although the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of Newfoundland, bringing strong winds and heavy rainfall. More than 100 millimeters of rain caused roads […]
By Canadian Underwriter | September 20, 2001
More than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single loss in the company’s history. Swiss Re now predicts its losses will reach US$1.25 billion, […]
3 min read
George Anderson, CEO of the Insurance Bureau of Canada (IBC), has announced his retirement from the organization, effective from the beginning of July of this year. Anderson joined the IBC as president in 1992. "It has been a wonderful time to work at IBC, and we have accomplished some remarkable things. But, to my mind, […]
By Canadian Underwriter | September 19, 2001
Citigroup has reported a loss estimate relating to the September 11 terrorist attacks of up to US$500 million after tax, equivalent to approximately 10c a share. Claims are expected from property, business interruption, workers’ compensation and life insurance. The company also expects a business loss of about US$100-200 million as the result of closure of […]
Specialty insurer Goran Capital Inc. (TSE: GNC) has gained approval from U.S. stock exchange officials to buy back its own stock equal to US$500,000. An application for approval has also been filed with the TSE. The stock repurchase program will enable the company to acquire shares through the open market at any point without restrictions […]
By Canadian Underwriter | September 17, 2001
Financial rating agency A.M. Best Co. expects that insured losses arising from the World Trade Center (WTC) terrorist attacks will exceed US$30 billion. A.M. Best calculated the potential cost based on discussions with several of the major insurers and reinsurers with high exposures in the various business lines affected by the tragic events which took […]
Loss estimates so far disclosed by reinsurers and insurers relating to the terrorist attacks of last week against the World Trade Center have reached a total of about US$6.4 billion. A number of companies expected to have large exposures have not yet reported their loss estimates. Among these are The St. Paul Companies and Lloyd’s […]
Further insurance loss estimates arising from the September 11 terrorist attacks against the World Trade Center (WTC) and the Pentagon have been released by a number of leading insurers.PartnerRe Ltd. believes that the combined property, casualty and aviation exposure to the company is likely to be in the range of US$350-400 million. The company describes […]
By Canadian Underwriter | September 13, 2001
2 min read
Following disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent financial review of the crown insurer. ICBC is operated by the provincial government and […]
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