Canadian Underwriter

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Climate Change


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Study aims to prepare insurers for flu pandemic

February 22, 2006 by Canadian Underwriter

The Society of Actuaries (SOA) is initiating research on the possible implications of an avian flu pandemic on the insurance industry. Jim Toole, fellow of the Society of Actuaries and managing director of MBA Actuaries, will guide the study. Toole

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Benfield announces Web platform for facultative reinsurance

February 22, 2006 by Canadian Underwriter

Benfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.“Facultative reinsurance is a highly customized tool that is increasingly being

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Ontario changes liability for rented vehicle collisions

February 21, 2006 by Canadian Underwriter

The Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent

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Munich Re reinsurance rates rise 3%

February 21, 2006 by Canadian Underwriter

Munich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of

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Softening in reinsurance ceased due to hurricanes

February 20, 2006 by Canadian Underwriter

A.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by

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A.M. Best assigns negative outlook to U.S. P/C market

February 17, 2006 by Canadian Underwriter

A.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued

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ICBC donates $10,000 to Hope, B.C. rescue team

February 17, 2006 by Canadian Underwriter

ICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and

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US and Bermuda reinsurers receive negative outlook

February 16, 2006 by Canadian Underwriter

A.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year.

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P&C insurance suffers underwriting loss

February 13, 2006 by Canadian Underwriter

The property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same

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Fairfax incurrs significant Q4 losses

February 10, 2006 by Canadian Underwriter

Fairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita

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Renaissance Re reports $207 million operating loss

February 8, 2006 by Canadian Underwriter

RenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results

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Construction theft increases after hurricanes

February 7, 2006 by Canadian Underwriter

Could it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in