Topic
Climate Change
Cat losses Number 1 threat to insurers’ solvency
December 5, 2005 by Canadian UnderwriterA.M. Best Co. says it “considers catastrophic loss, both natural and man-made, to be the Number 1 threat to the financial strength and credit quality of property and casualty insurers” in the face of increasing exposures.In a recent report, A.M.…
Insurance industry calls for gas emission reductions at Kyoto conference
December 5, 2005 by Canadian UnderwriterMembers of the insurance industry are among a group of Canadian business representatives that is calling on the federal government to embrace the new plan to reduce greenhouse gas emission beyond the current Kyoto deadline of 2008-12.Among the members of…
Peel tests new road temperature sensors (December 02, 2005)
December 2, 2005 by Canadian UnderwriterThe Region of Peel is pilot-testing a new initiative this winter, the Road Temperature Monitoring System, to help monitor winter road conditions.The system uses a series of round road markers the size of hockey pucks to advise winter control staff…
Catastrophic losses lead to higher reinsurance costs
December 2, 2005 by Canadian UnderwriterReinsurance costs will likely see an increase next year as a result of 2005’s catastrophic hurricane season. Hurricane Katrina and the other major hurricanes of 2005 will lead to an increase in reinsurance costs next year, executive vice president and…
Hurricane losses mounting, industry reports
December 1, 2005 by Canadian UnderwriterWith additional information regarding claims and losses resulting from this years three major hurricanes flowing through the pipelines, many insurers and reinsurers are updating their loss forecasts associated to Hurricanes Katrina, Wilma and Rita.Kiln P.L.C., which operates Lloyd’s of London…
AIR explains terrorism risk assessment strategies
December 1, 2005 by Canadian UnderwriterAIR Worldwide Corporation recently released a white paper ‘Terrorism Risk Assessment: Best Practices for Insurers and Reinsurers’ that reviews current methodologies that insurers and reinsurers use to aid in the assessment and management of terrorism risk. The paper reviews three…
Lloyd’s reports hurricane-related losses
November 30, 2005 by Canadian UnderwriterLosses incurred as a result of Hurricanes Katrina, Wilma and Rita have led Lloyd’s of London to predict a loss of up to 1.9 billion (US$3.27 billion) for 2005, according to the Company.This re-estimate of Lloyd’s marketwide losses represents an…
Wilma coaxes CAT losses to record levels
November 28, 2005 by Canadian UnderwriterThe total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred…
Marsh report outlines post-Katrina world
November 25, 2005 by Canadian UnderwriterHurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.“Catastrophe rate increases are ranging from 10% to more…
Endurance reports WIlma related losses
November 23, 2005 by Canadian UnderwriterEndurance Specialty Holdings Ltd. will incur a loss of $120 million before tax due to the effects of Hurricane Wilma.This represents an anticipated preliminary estimate that includes an estimated $35 million in gross losses that resulted from storm damage in…
Standard & Poor’s takes Transatlantic Re off CreditWatch
November 22, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has taken Transatlantic Reinsurance Co. and its wholly-owned subsidiaries, Putnam Reinsurance Company and Trans ReZurich, off CreditWatch with negative implications and downgraded the company’s rating from an ‘AA’ to an ‘AA-‘.Standard & Poor’s said the…
AXIS sells shares for $200 million
November 22, 2005 by Canadian UnderwriterAXIS Capital Holdings Ltd [NYSE:AXS] has sold 6.8 million of its common shares at $29.42 per share to Citigroup Corporate and Investment Banking, raising aggregate proceeds of approximately $US200 million.Citigroup bought the shares from AXIS Capital and subsequently reoffered the…