Risk
Risk modeling firm Risk Management Solutions (RMS) is predicting that Hurricane Isabel, which has not yet hit the U.S. coast, could cause as much as US$500 million in insured damage. This depends on the storm maintaining its current tracked, headed for the coast of North Carolina.But the damage will be much more severe if the […]
By Canadian Underwriter | September 17, 2003
2 min read
Industry
Toronto-based Kingsway Financial Services (TSX, NYSE: KFS) says it will offer US$50 million in trust preferred securities in the U.S. Dividend rates for the securities have not yet been determined, the company notes, as the announcement is the start of the marketing campaign and sales have not yet begun. A registration statement has been made […]
1 min read
Lloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the issue of tort reform in the U.S. to stem the tide of litigation and its […]
By Canadian Underwriter | September 16, 2003
A new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks at the impact on policyholders of state regulatory practices with regards to solvency. They study […]
Although the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net income is up 159%, to US$18.6 billion, from the US$7.2 billion reported for first-half 2002.Rate […]
By Canadian Underwriter | September 15, 2003
For Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy set to retire at the end of the year. Kennedy has held the post for […]
By Canadian Underwriter | September 12, 2003
With news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice president of personal insurance for Royal. He has been with the company since 1987.”Mr. Saunders […]
Claims
Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected for 2004. This follows on an estimated 7% increase in 2003.Average cost of a homeowners’ […]
By Canadian Underwriter | September 11, 2003
Home
The day before the second anniversary of the September 11 terrorist attacks, insurers announced they would band together to sue organizations, individuals and countries who support terrorists, to recoup losses from the 9/11 events.September 11, 2001 remains the largest insured loss in history, and U.S. insurers are on the hook for at least US$9.3 billion […]
The Insurance Bureau of Canada (IBC) and the Consumers’ Association of Canada (CAC) are engaging in a war of words over the cost of auto insurance, following the release of a study by the CAC suggesting rates in Ontario are substantially higher than in provinces where insurance is government-run.The Consumers’ Association, which advocates public auto […]
3 min read
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