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Silica could be next asbestos: S&P

June 14, 2004 by Canadian Underwriter

A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could

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ICLR research agenda includes blackouts, water damage and drought

June 13, 2004 by Canadian Underwriter

While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and

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Texas storms expected to cost more than US$75 million

June 8, 2004 by Canadian Underwriter

Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as

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Do not prepare for end to insurance cycles: Sinnott

June 8, 2004 by Canadian Underwriter

Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance

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Gray predicts one hurricane likely to hit U.S. coastline

June 2, 2004 by Canadian Underwriter

In his most recent Atlantic hurricane prediction for the 2004 season, Prof. William Gray of Colorado State University says there is a 71% probability of a major hurricane making landfall somewhere on the U.S. coastline this year.Gray builds on earlier

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What’s new: In brief (June 01, 2004)

June 1, 2004 by Canadian Underwriter

Rating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error

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What’s new: In brief (May 30, 2004)

May 30, 2004 by Canadian Underwriter

A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management

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What’s new: In brief (May 27, 2004)

May 27, 2004 by Canadian Underwriter

Swiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years

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What’s new: In brief (May 26, 2004)

May 26, 2004 by Canadian Underwriter

GE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in

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What’s new: In brief (May 25, 2004)

May 25, 2004 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants

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New research highlights the danger of gas hydrates

May 24, 2004 by Canadian Underwriter

Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced

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Above-average Atlantic hurricane season predicted

May 20, 2004 by Canadian Underwriter

On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six