Topic
Climate Change
What’s New: In brief (June 15, 2005)
June 15, 2005 by Canadian UnderwriterFlood registration centers recently opened to assist Albertans who have been impacted by recent flooding. Claims can be made at any registration center call 1-888-671-1111 for more information on the claims process. The $55 million disaster recovery program covers damage…
Ontario legislation to fine ‘polluters’ for accidental spills
June 13, 2005 by Canadian UnderwriterThe Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees…
What’s New: In brief (June 10, 2005)
June 10, 2005 by Canadian UnderwriterFGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as…
Alberta residents to receive financial aid on uninsurable flood damage
June 9, 2005 by Canadian UnderwriterIn response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related…
IBC releases flood precaution advisory for Alberta
June 8, 2005 by Canadian UnderwriterA recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and…
FM Global places catastrophe bond on BC fault line
June 8, 2005 by Canadian UnderwriterFactory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and…
What’s New: In Brief (June 07, 2005)
June 7, 2005 by Canadian UnderwriterOntario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers,…
What’s New: In brief (June 03, 2005)
June 3, 2005 by Canadian UnderwriterToyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by…
US personal lines sector softening, but outlook remains stable
June 2, 2005 by Canadian UnderwriterThe hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings…
Aon study shows insurers and reinsurers earnings least volatile (June 01, 2005)
June 1, 2005 by Canadian UnderwriterAon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating…
Hurricane repair costs above average at onset of 2005 hurricane season
June 1, 2005 by Canadian UnderwriterElevated labor and material costs resulting from last year’s hurricanes are likely to continue through the 2005 season, according to Risk Management Solutions (RMS). By tracking demand surge through analysis of its insurance claims data from the 2004 storms, RMS…
Benfield reports poor Q1 growth in insurance sector
May 31, 2005 by Canadian UnderwriterFirst quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers…