Topic
Climate Change
TRIA extension leads to losses
January 3, 2006 by Canadian UnderwriterThe Terrorism Risk Insurance Extension Act of 2005, which extends the Terrorism Risk Insurance Act of 2002 (TRIA) to the end of 2007, was recently signed into law and as a result insurers can expect higher retention levels for 2006…
Catastrophes cause $80 billion in losses
December 20, 2005 by Canadian UnderwriterDevastating catastrophes that struck this year have resulted in an estimated insurance loss of $80 billion making 2005 the costliest year ever for insurers, according to Swiss Reinsurance Co. A preliminary study that was recently sent via e-mail from Swiss…
ACE Ltd. announces 2006 financial guidelines
December 19, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) has announced some key financial guidelines for its group of companies for the full year 2006.“Property and casualty net earned premium growth is expected to average 6% to 8% for the full year,” ACE announced in…
New Bermuda reinsurers face challenges, report says
December 19, 2005 by Canadian UnderwriterThe more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.“Most business plans [of the new reinsurers in Bermuda] indicate…
TRIA extension passed, Willis comments
December 19, 2005 by Canadian UnderwriterThe Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers and the legislation is now awaiting a sign-off from President Bush.The federal terrorism backstop is in line to be renewed in two…
State Farm issues refunds in New Brunswick
December 15, 2005 by Canadian UnderwriterState Farm Insurance has announced it is issuing refunds to approximately 3,800 automobile insurance policyholders in New Brunswick as a result of an error in the application of a New Business Discount that was introduced in 2000. The average refund…
Few US insurers in financial trouble, despite record cat losses
December 13, 2005 by Canadian UnderwriterDespite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable…
What’s New: In brief (December 13, 2005)
December 13, 2005 by Canadian UnderwriterEffective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons.…
Standard & Poor’s takes Lloyd’s off CreditWatch
December 12, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for…
State Farm issues refunds in Alberta
December 12, 2005 by Canadian UnderwriterState Farm Insurance is issuing refunds to approximately 6,300 automobile insurance policyholders in Alberta as a result of an error in the application of a New Business Discount that was introduced in 2000.The average refund is approximately $74.00State Farm reported…
TSR predicts active 2006 Atlantic hurricane season
December 7, 2005 by Canadian UnderwriterThe United States and the Caribbean should brace themselves for yet another busy Atlantic hurricane season in 2006, according to Tropical Storm Risk (TSR), a forecasting consortium.TSR predicts landfalling hurricane activity in the United States and the Atlantic basin during…
Survey pegs Ontario winter tire usage at 29% (December 05, 2005)
December 5, 2005 by Canadian UnderwriterAlthough drivers in Canada are more frequently switching to the use of winter tires during the snowy months, only 29% of Ontario drivers make use of winter tires, according to a recent study by the Canadian Press and Leger Marketing.The…