Risk
An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part of a United Nations initiative.This new data dictionary provides the technology neutral, reusable building blocks […]
By Canadian Underwriter | October 12, 2005
2 min read
Claims
AIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now insolvent. Available as an endorsement to AIG Excess Casualty’s Commercial Umbrella Liability policy, Umbrella Prime(R), […]
By Canadian Underwriter | October 11, 2005
Swiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to support the ICRC’s global humanitarian endeavours. Peter Forstmoser, chairman of the board of Swiss Re, […]
Although the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The report states that the recent hurricanes “will force insurers to re-examine net retentions, limits and […]
1 min read
Fairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately $50 billion. Fairfax’s initial post-tax loss estimate of between $108 million and $104 million was […]
Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed, vice chairman and chief operating officer of The ChubbCorporation, says customers, agents and brokers appreciate […]
Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion). However, business written in the first half of 2005 plummeted from 9.84 billion to 8.4 […]
By Canadian Underwriter | October 7, 2005
Industry
Canada’s insurers have launched a national insurance crime TIPS line to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. As a result of an anonymous tip that listed, the Insurance Bureau of Canada (IBC), the administrator of the new TIPS line, recently foiled […]
The Consumers’ Association of Canada says it will be filing an official complaint with the Federal Competition Bureau, alleging anti-competitive and anti-consumer activities by the insurance industry in Canada.”This industry continues to portray conflicts of interest, secret commissions, and steering of customers as being good for consumers,” Bruce Cran, the president of the Consumers’ Association […]
Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as the single most expensive insured occurrence in the U.S. to date,” Patricia Guinn, managing director, […]
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