Risk
In the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath along the coast of North Carolina and Virginia, with other states as far north as […]
By Canadian Underwriter | September 22, 2003
2 min read
The Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane is expected to lose much of its momentum and intensity as it moves deeper inland, […]
By Canadian Underwriter | September 19, 2003
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
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 […]
1 min read
Reinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September 11 losses, adverse development on liability and continuing investment return woes is among the factors […]
By Canadian Underwriter | September 8, 2003
Hurricane Fabian, which bashed the island of Bermuda on Friday with sustained winds of 120 mph, could cost insurers US$300-$350 million, according to risk modeling firm AIR Worldwide Inc.AIR Worldwide senior vice president, Pat Donahue, says the figure is based on insurable properties on the island, and was modeled using storm tracking and intensity markers […]
Rating agency Standard & Poor’s has put the Canadian operations of Allianz Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada on “creditwatch” with negative implications. The companies combined hold an “A+” financial strength rating currently.S&P says the move is the result of poor operating performance and lack of profitability over the past […]
By Canadian Underwriter | September 5, 2003
As part of further restructuring for U.K. insurance giant Royal & SunAlliance Insurance Group, the company says it remains committed to Canada, despite a decision to all but exit the U.S. market.The company’s standard personal lines and most of its commercial business in the U.S. is being taken over by Travelers. The company says it […]
By Canadian Underwriter | September 4, 2003
Proposals by the Newfoundland government to change that province’s auto insurance system are the cause of Federation Insurance Co. of Canada’s decision to stop writing personal lines in that province, the company says.In a media release, the company says it will stop writing new business in both auto and homeowners, and discontinue renewals as of […]
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