Risk
U.S. legislators are looking to the insurance industry to provide a long-term roadmap for providing terrorism coverage before agreeing to extend the Terrorism Risk Insurance Act beyond its December 31, 2005 sunset. In an editorial written for the Property Casualty Insurers Association of America (PCI), House Majority Leader Tom Delay writes, “As Congress begins its […]
By Canadian Underwriter | March 14, 2005
2 min read
Industry
In its “report card” on North American insurance holding companies, reinsurers stand out as facing significant challenges, says Standard & Poor’s.The rater says these challenges come on three fronts, including the devastation wrought by last year’s record U.S. hurricane losses (the impact of which has already been seen on 2004 earnings report by several Bermuda-based […]
By Canadian Underwriter | March 13, 2005
1 min read
Claims
2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish weather patterns” which culminated in the December 26th Indian Ocean tsunami, “the worst natural disaster […]
The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers, brokers and others in Norway, says the case, which centers on whether the destruction of […]
Former Quebec Justice Minister Marc Bellemare has announced he will run for mayor of Quebec City in the November municipal election. Bellemare resigned his provincial role last year after a failed attempt to reform Quebec’s auto insurance system. The Insurance Corp. of B.C. has awarded $10,000 in scholarships to four students at University of B.C.’s […]
A class action lawsuit seeking $3 billion has been filed against Nortel Networks and its auditors, Deloitte and Touche LLP.The suit, filed in Ontario Superior Court on behalf of investors who bought the company’s shares between April 24, 2003 and April 27, 2004, names several of Nortel’s former directors and officers, including former CEO Frank […]
By Canadian Underwriter | March 10, 2005
Home
Property & casualty insurance pricing was flat in February, according to data compiled by Dallas-based electronic insurance exchange MarketScout.MarketScout’s survey, which involves its national distribution system of more than 50,000 agents, found the composite renewal rate “as expiring” in February. “This is the first time in over four years that renewals are being placed with […]
The Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003. The Canadian operations achieved an underwriting profit of $39 million, with the company noting this was $15 million ahead of its strategic plans. A statement from the Canadian operations notes: […]
Moody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents “resolution of a significant uncertainty around the company”, and is financially manageable. Moody’s also believes […]
The Insurance Bureau of Canada (IBC) says the proposed new regulations on electronic vehicle immobilizers announced today does not go quite far enough.Transport Canada has proposed regulations which would require passenger car and light-duty truck manufacturers to include electronic immobilizers as standard equipment on all vehicles sold in Canada by September 1, 2007. However, the […]
By Canadian Underwriter | March 9, 2005
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