Claims
The total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred as a result of Hurricane Wilma.Approximately 750,000 claims are expected to be received in relation […]
By Canadian Underwriter | November 28, 2005
1 min read
Hurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.”Catastrophe rate increases are ranging from 10% to more than 100%,” notes the Marsh report, entitled ‘The Impact of Nature: The Aftermath of Hurricanes […]
By Canadian Underwriter | November 25, 2005
Industry
The Financial Services Authority (FSA) recently announced it may force insurance brokers to disclose the fees they get from insurers unless they significantly improve the way they manage their conflicts of interest.The FSA sent a letter to chief executives quoting a study of 38 firms that indicated brokers were not handling conflicts of interest effectively […]
2 min read
XL Capital Ltd (NYSE: XL) recently received a draft actuarial report from the Independent Actuary in connection with the Company’s post-closing protection for adverse development of net loss and unearned premium relating to it’s acquisition of specific Winterthur International insurance operations from the Winterthur Swiss Insurance Company (“WSIC”) in 2001.Initial review of the Independent Actuary’s […]
Risk
Integro Ltd. has expanded into the London, England marketplace, acquiring Humphreys Haggas Sutton & Co. Ltd (HHS).HHS is a Lloyd’s broker founded in 1994 by its three principals, Toby Humphreys, Simon Haggas and John Sutton. Integro has received regulatory approval from the Financial Services Authority for the change in control. The name of the firm […]
By Canadian Underwriter | November 24, 2005
Auto
SGI is amending Saskatchewan’s Traffic Safety Act to establish an immediate 24-hour licence suspension for drivers who fail a standard field sobriety test (SFST) due to alcohol or drug impairment.Also, the province’s act will be amended in 2006 so that drivers who refuse an SFST will also face immediate 24-hour suspension of their driver’s licence. […]
Willis (NYSE: WSH) recently engaged in two acquisitions and will continue making purchases in its strategic move to boost its regional business.Most recently, Willis reached agreements to buy Peruvian broker JH Asesores y Corredores de Seguros (JHA) and Brazilian benefits company K R Athos Consultoria e Corretora de Seguro de Vida (Athos). The next steps […]
A Whitehorse woman who operated the Yukon-based insurance agency Territorial Insurance Solutions is facing dozens of fraud charges after leaving Yukon customers who purchased insurance through Territorial without any valid coverage.Joanne Walker recently stated she will be pleading guilty to all 28 charges against her in connection with the alleged insurance scam.Walker is not represented […]
Home
At a recent meeting of the National Conference of Insurance Legislators (NCOIL), the Property Casualty Insurers Association of America (PCI) adopted a resolution on aftermarket parts and renewed a model law on credit scoring on the premise that these actions will strike a practical balance between consumer protection, competition and sound underwriting principles.The resolution promotes […]
By Canadian Underwriter | November 23, 2005
Endurance Specialty Holdings Ltd. will incur a loss of $120 million before tax due to the effects of Hurricane Wilma.This represents an anticipated preliminary estimate that includes an estimated $35 million in gross losses that resulted from storm damage in Mexico’s Yucatan Peninsula, according to the Company. The majority of the other losses are a […]
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