Topic
Climate Change
Guy Carpenter launches i-aXs platform
February 27, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist, has announced the development of a new online risk management platform, i-aXs, that is designed to reduce risk management analysis and reporting times from weeks to mere minutes.The new…
What’s New: In brief (February 27, 2006)
February 27, 2006 by Canadian UnderwriterThe Co-operators, have provided financial support to the Infant and Toddler Safety Association’s (ITSA) volunteer telephone hotline so that the Kitchener, ON-based, volunteer-run charity can, starting this month, offer expert child safety advice through their toll-free service. The Co-operators financial…
Replenishing reserves still a question mark
February 24, 2006 by Canadian UnderwriterEven though underwriting results for property and casualty companies globally have improved markedly over the past few years, the ongoing challenge of attaining ultimately adequate reserves remains, according to a recent report by Standard & Poor’s.“Insurers and reinsurers appear no…
After TRIA, what next for terrorism coverage?
February 24, 2006 by Canadian UnderwriterIn anticipation of the conclusion of TRIA’s extension in 2007, Aon Risk Services has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies…
2005 catastrophes break meteorological records
February 24, 2006 by Canadian UnderwriterAbout 400 natural catastrophes and man-made disasters in 2005 accounted for 97,000 deaths and damages totalling more than US$230 billion, according to a Swiss Re report. Insurance covered about one third, or US$83 billion, of the damages. In the previous…
PXRE reports net loss of $446.5 million
February 23, 2006 by Canadian UnderwriterPXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter…
Insurers must adjust for more extreme weather: report
February 23, 2006 by Canadian UnderwriterThe insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a…
Lloyd’s likely to feel impact of UK robbery
February 23, 2006 by Canadian UnderwriterThe multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M.…
Study aims to prepare insurers for flu pandemic
February 22, 2006 by Canadian UnderwriterThe 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…
Benfield announces Web platform for facultative reinsurance
February 22, 2006 by Canadian UnderwriterBenfield, 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…
Ontario changes liability for rented vehicle collisions
February 21, 2006 by Canadian UnderwriterThe 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…
Munich Re reinsurance rates rise 3%
February 21, 2006 by Canadian UnderwriterMunich 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…