Claims
For the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the drop could be the result of 2002 being the first year of operations for the […]
By Canadian Underwriter | January 8, 2003
2 min read
Risk
Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm affected almost the same territory as that devastated by 1999’s Windstorm Lothar, for which RMS […]
1 min read
An appeal from World Trade Center (WTC) leaseholder Larry Silverstein will be heard by a U.S. federal appeals court. Silverstein is challenging a ruling by U.S. District Court Judge John Martin which said that for those insurers covering the WTC under the “Wilprop” form, the September 11, 2001 terrorist attacks would be considered one occurrence.The […]
By Canadian Underwriter | January 7, 2003
Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co.A.M. Best cites Gerling’s leading position in industrial insurance coverage coupled with the groups recently announced restructuring plans as the prime strengths of the […]
By Canadian Underwriter | January 6, 2003
Home
Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own about 35% of CIMI.EGI and The Co-operators each own half of non-standard auto insurer Echelon […]
Auto
A new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study on multiple claims for the same vehicle carried out by the government insurer. Results show […]
Most of the insurance industry’s losses due to catastrophes last year were the result of windstorms and floods, says a new study from Munich Re. A full 98% of natural catastrophe payouts went to such losses, the reinsurance giant calculates.The European floods last summer constituted the worst of the cats, leading to about US$3 billion […]
By Canadian Underwriter | January 3, 2003
Industry
Speakers at the recent Society for Insurance Research forum pointed to lack of underwriting excellence and reserve issues as among a host of problems dragging down the insurance and reinsurance industries.”I haven’t seen an insurer CEO smile in the past six months, and I talk to a lot of them,” says Myron Picoult advisor to […]
Canadian financial services conglomerate Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of $1.50 each on multiple voting and subordinate voting shares for 2002.The dividend comes per Fairfax’s decision in 2000 that it would pay a modest annual dividend.
By Canadian Underwriter | January 2, 2003
While 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last year resulted in about US$40 billion in economic loss, about US$12 billion of which insurers […]
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