Topic
Climate Change
Aon Re provides insight into earthquake loss potential
April 18, 2006 by Canadian UnderwriterAon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout…
PLUS foundation offers hurricane relief grants
April 18, 2006 by Canadian UnderwriterThe Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005…
Regulation of micro-insurance required, IAIS says
April 17, 2006 by Canadian UnderwriterRegulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards…
Commonwealth Insurance adopts EQECAT platform
April 17, 2006 by Canadian UnderwriterCommonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.“To give our underwriters the most…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…
A.M. Best softens cat stress test for prepared insurers
April 11, 2006 by Canadian UnderwriterA.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in…
P&C insurers CAT risk assessments amended
April 6, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that…
Lloyd’s reports net US$180 million loss after hurricanes
April 6, 2006 by Canadian UnderwriterCiting net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of…
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
Profitability of U.S. P&C industry will decline in 2005: Fitch
March 30, 2006 by Canadian UnderwriterThe U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
Terrorism insurance requires 9 key principles
March 30, 2006 by Canadian UnderwriterThe Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance…
Should risk-sharing consider geographic exposure?
March 29, 2006 by Canadian UnderwriterIf catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…