Claims
A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be purchased as “add-ons” were shown to be of use in the aftermath of Charley. For […]
By Canadian Underwriter | August 26, 2004
1 min read
A Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf Coast on August 13, packing 145 mph winds and destroying homes, businesses and vehicles.”In the […]
The total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in insured losses in that state. Losses from Charley’s touchdown in North and South Carolina on […]
By Canadian Underwriter | August 25, 2004
The crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation may impact insurance coverage for the two airlines involved. While Volga Aviaexpress has not released […]
Risk
More than 46% of U.S. businesses who purchased property insurance in the second quarter of 2004 also bought terrorism risk coverage, according to the latest survey from international broker Marsh Inc.Marsh has been tracking terrorism insurance purchases since the implementation of the Terrorism Risk Insurance Act at the end of 2002 and finds this most […]
Industry
Fairfax Financial Holdings Ltd. is selling US$95 million in 7.75% senior notes due 2012 at an issue price of 97.25%. The company says it plans to use the proceeds to purchase its outstanding debt from time to time, based on market conditions, or for general corporate purposes. The offering is expected to close August 27. […]
By Canadian Underwriter | August 24, 2004
Mutuals and stock insurance companies have decidedly different growth strategies, as outlined in a new study by Conning Research & Consulting Inc.The study, “Mutuals and Stock in the P-C Industry: How Does Your Company Grow?” finds that while large stock companies have outperformed mutuals in terms of underwriting for the years 1998-2002, small mutual were […]
2 min read
The organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management Society (RIMS) says, “because of the complex nature of insurance transactions, a special trust relationship […]
Auto
A new study by Manitoba Public Insurance (MPI) suggests young driver are being targeted by thieves and vandals.Of people aged 18 to 24, 38% say they have reported a vehicle theft, vandalism or break-in to the public insurer in the last two years. Just 26% of those aged 25-39 report such crimes. And of those […]
By Canadian Underwriter | August 23, 2004
On the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast this season.Already just three weeks into the hurricane season there have been three hurricanes, with […]
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