Canadian Underwriter

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Climate Change


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Ontario residents unprepared for another blackout: report

July 7, 2004 by Canadian Underwriter

A new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded

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New Canadian earthquake zones devised: ICLR

July 7, 2004 by Canadian Underwriter

A recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research

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Ohio storms generate US$170 million in claims

July 6, 2004 by Canadian Underwriter

With claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the

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What’s new: In brief (July 05, 2004)

July 5, 2004 by Canadian Underwriter

The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part

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What’s new: In brief (July 04, 2004)

July 4, 2004 by Canadian Underwriter

President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading

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What’s new: In brief (June 28, 2004)

June 28, 2004 by Canadian Underwriter

Fairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as

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What’s new: In brief (June 23, 2004)

June 23, 2004 by Canadian Underwriter

Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,”

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Colorado storms expected to leave US$145 price tag

June 22, 2004 by Canadian Underwriter

Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado

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TRIA extended one year

June 20, 2004 by Canadian Underwriter

Just as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed

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What’s new: In brief (June 16, 2004)

June 16, 2004 by Canadian Underwriter

A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects

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Losses from N.B. forest fires likely covered: IBC

June 15, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside

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What’s new: In brief (June 15, 2004)

June 15, 2004 by Canadian Underwriter

Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.