Industry
In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the quarter.While no third quarter figures are available for 2000 for comparison, the company does note […]
By Canadian Underwriter | November 15, 2001
2 min read
Risk
Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat satisfied with their claims experience.Chubb scored 86% in the “very satisfied” category, with Farmers’ Mutual, […]
1 min read
Commercial
Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to an anticipated broad withdrawal of reinsurance cover as from the beginning of next year. "These […]
By Canadian Underwriter | November 14, 2001
Rating agency Standard and Poor’s says between US$10 billion and US$20 billion of new capital will enter the insurance market in the next six months, the majority of which will be in reinsurance.Already new companies have brought more than US$5 billion in capacity, notes Donald Watson, director of S&P’s financial services ratings. “With existing market […]
A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored by general manager Joel Baker, notes that insurers can also expect reinsurance rate increases of […]
By Canadian Underwriter | November 13, 2001
In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance Conference in Toronto, delegates learned that the terrorist attacks on the U.S. will definitely impact […]
Claims
Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday morning, an American Airlines Airbus A-300 crash into homes in the Queen’s borough of New […]
By Canadian Underwriter | November 12, 2001
Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000.Earnings per […]
By Canadian Underwriter | November 9, 2001
New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income of US$14.6 million reported for the same period in 2000.The negative earnings performance occurred as […]
By Canadian Underwriter | November 7, 2001
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates to $35.23 a share against the $1.93 a share loss reported for the third quarter […]
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