Topic
Climate Change
U.S. property/casualty industry records net profit in 2005
May 15, 2006 by Canadian UnderwriterThanks largely to solid investment returns and strong underwriting results, the U.S. property and casualty industry was able to absorb record-high catastrophe losses and report an overall operating profit in 2005, A.M. Best reports. The U.S. property and casualty industry’s…
RBCI gets ‘A’ rating (May 11, 2006)
May 11, 2006 by Canadian UnderwriterRoyal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s…
Flu pandemic little threat P&C insurers
May 10, 2006 by Canadian UnderwriterThe property/casualty insurance industry will only encounter a limited amount of exposure if there is an outbreak of H5N1 ‘avian’ flu, according to Standard & Poor’s Corp.The report recently released by S&P’s says a pandemic would be interpreted by P&C…
Pandemic scenerios underestimate severity
May 9, 2006 by Canadian UnderwriterIn response to increasing concerns of a flu pandemic, Risk Management Solutions (RMS) has completed a probabilistic model for assessing the risk of influenza pandemics across multiple countries. While there are currently a number of other studies illustrating effects of…
Severe 2006 hurricanes anticipated
May 8, 2006 by Canadian UnderwriterCanadian and U.S. forecasters are warning the 2006 hurricane season, beginning June 1, will once again result in major storms including around five major hurricanes with winds of 180 km/h or greater. To date, the 2005 hurricane season is the…
RenaissanceRe reports 1Q net premiums up
May 4, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for…
ICBC’s costs continue to rise in 2006 1Q
May 3, 2006 by Canadian UnderwriterICBC has reported net income of CD$85 million for 2006 1Q, compared to CD$93 million for the same period last year.“Increases in the amount ICBC is paying out to customers with injury claims have continued into the new year,” ICBC…
ING Canada seeking future acquistions
May 2, 2006 by Canadian UnderwriterFollowing its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.“With the acquisition of Allianz, ING Canada solidified its leading…
Odyssey Re reports 2006 1Q earnings
May 1, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to…
ICBC launches motorcycle awareness campaign
May 1, 2006 by Canadian UnderwriterICBC is starting a public awareness campaign in May 2006 to raise awareness of collisions involving motorcycles.According to the ICBC, in 2004, about 1,250 people were injured and 43 were killed in motorcycle-related crashes. Many fatalities are the result of…
Suncor settles business interruption claims for CD$980 million
April 26, 2006 by Canadian UnderwriterSuncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately…
Chubb 2006 1Q results “most profitable in history”
April 25, 2006 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was…