Topic
Climate Change
Property insurance rates rise due to hurricane losses
January 30, 2006 by Canadian UnderwriterA two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy…
Allstate signs new reinsurance agreements
January 30, 2006 by Canadian UnderwriterThe Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.…
CAT losses reach US$56.8 billion
January 26, 2006 by Canadian UnderwriterInsured property losses resulting from catastrophes in 2005 will deliver U.S. P&C insurers with a ‘bill’ of around US$56.8 billion, according to the property claim services unit at Insurance Services Office Inc. (PCS).This amount represents two times the recorded figure…
Canada helps increase AXA’s P&C revenue
January 26, 2006 by Canadian UnderwriterGood business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.“Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France…
Norwich Union hails U.K. asbestos decision
January 26, 2006 by Canadian UnderwriterNorwich Union, the U.K.’s largest insurer and part of Aviva P.L.C., has welcomed a U.K. Court of Appeal judgment that no longer allows compensation for pleural plaque claims arising from asbestos exposure in the workplace.It is estimated the decision may…
Ontario to develop new auto injury treatment guidelines
January 25, 2006 by Canadian UnderwriterThe Ontario government is working on the first of four new Pre-approved Framework (PAF) Guidelines for treatment of auto accident injuries under the Statutory Accident Benefits Schedule.“The new PAF Guidelines will help people who have been injured in auto accidents…
Moody’s rates Arch’s US$100-million issue
January 24, 2006 by Canadian UnderwriterMoody’s Investors Service has assigned a Baa3 rating to US$100 million of preferred shares issued by Arch Capital Group Ltd. (“Arch Capital”)(Nasdaq: ACGL). The offering constitutes a drawdown from Arch Capital’s existing $650 million universal shelf registration rated by Moody’s…
Terrorism backstop stagnant
January 24, 2006 by Canadian UnderwriterThe federal US government was recently called on by three elected representatives and Allstate Insurance, to take action on the federal terrorism insurance backstop this year and thus aid in the provision of reinsurance for catastrophes.The elected officials, Congressman Steve…
Global CAT reinsurance prices “lower”
January 23, 2006 by Canadian UnderwriterUpon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant…
January renewals show “tale of two markets”
January 20, 2006 by Canadian UnderwriterJanuary renewals in the United States and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re, who was quoted in the recent edition of A.M. BestWeek.A.M. Best notes in the…
S&P’s takes Hannover Re off CreditWatch
January 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications…
Protection against the scourge of pirates
January 17, 2006 by Canadian UnderwriterLloyd’s is offering shipowners a new type of kidnap and ransom insurance, following rising levels of piracy attacks around the globe.Specialist intermediary Seacurus and Lloyd’s broker Cooper Gay have launched CrewSEACURE, a new type of marine cover underwritten within Lloyd’s.Captain…