Claims
Drivers in the affected areas of Louisiana, Mississippi and Alabama may see an auto insurance rate increase of 5% to 10% as a result of the anticipated $1 billion in losses for cars damaged by Katrina.Homeowners will likely see an insurance rate increase of 10% to 30%.In total, the Insurance Information Institute says insurers will […]
By Canadian Underwriter | September 1, 2005
1 min read
Industry
Hub International Limited (NYSE/TSX: HBG) today announced the fold-in acquisition of The Innovators Insurance Agencies Ltd. (Innovators) by its regional hub, Hub International Barton Limited (HUB Barton), which services British Columbia, Canada. Innovators operates primarily in the Kootenay Region of British Columbia and is located in Cranbrook, B.C. Since its founding in 1973, Innovators has […]
Risk
RIMS Canada Council has announced "Next Steps in the Client-Broker Relationship," a keynote panel moderated by RIMS President Ellen Vinck, featuring Michael G. Cherkasky, President and CEO, Marsh; Joe Plumeri, Chairman and CEO, Willis; and Patrick G. Ryan, Executive Chairman, Aon Corporation. This panel discussion will take place on Monday, September 19, 2005, from 9:00-10:15 […]
Most expensive natural disaster to hit insurers
August 31, 2005
3 min read
Although industry insured losses resulting from damages left in Katrina’s wake are estimated at a substantial US$15 – US$25 billion, outstanding hurricane-related catastrophe bonds are expected to remain safe. “Nevertheless, based on a preliminary analysis, it appears that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds […]
2 min read
Despite the severity of loses incurred due to Katrina, it is expected that both insurance and reinsurance companies will fulfill their policyholder commitments with little detriment to individual company ratings. The first 72 hours after Katrina hit, however, caused a major ripple in the reinsurance market as reinsurance contracts are ultimately responsible not only for […]
Home
Canada’s car, home and business insurers will likely have to pay out more than $400 million to help Southern Ontario recover from the storm that hit on August 19, resulting in what the IBC calls the “highest insured loss in Ontario history.” The series of storms, including two tornadoes, wreaked havoc on southern Ontario, destroying […]
Swiss Reinsurance Co. has appointed Jacques Aigrain as the new chief executive officer. Aigrain, who most recently served as deputy CEO of the company, will succeed John Coomber upon his retirement as CEO in December. Coomber will be nominated for the board of directors at Swiss Re’s annual general meeting in 2006, according to the […]
5 min read
The Certified Restoration Drycleaning Network (CRDN) will celebrate its first annual clothing drive this October. Posing a positive challenge to the insurance industry to dig deep into their closets, the drive will donate used women’s business attire to help economically disadvantaged women dress to prepare for interview success, acquire jobs and restore financial self-sufficiency. The […]
Commercial
Regional adjusting firm Pritchard Woodall & Associates were recently called upon to deal with the aftermath of the Queen of Oak Bay Ferry damaging some 29 vessels and a commercial wharf located at Horseshoe Bay in North Vancouver, BC. Working with the insurers and BC Ferries, Mark Woodall, a principal of Pritchard Woodall & Associates, […]
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