Topic
Climate Change
Terrorism risk on the rise: Aon
April 20, 2005 by Canadian UnderwriterTerrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%…
Insurers say private market not ready to assume terrorism risk
April 17, 2005 by Canadian UnderwriterU.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be…
What’s new: In brief (April 17, 2005)
April 17, 2005 by Canadian UnderwriterFlorida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying…
What’s new: In brief (April 10, 2005)
April 10, 2005 by Canadian UnderwriterFinite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract…
Lloyd’s profits for 2004 hit GBP1.36 billion
April 6, 2005 by Canadian UnderwriterLloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion…
Odyssey Re says storms could take US$29 million toll on results
April 5, 2005 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase…
Gray team predicts another above-average U.S. hurricane season
April 4, 2005 by Canadian UnderwriterOn the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during…
Cat bond market grows in 2004: Guy Carpenter
April 3, 2005 by Canadian UnderwriterThe global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at…
What’s new: In brief (March 28, 2005)
March 28, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded…
What’s new: In brief (March 23, 2005)
March 23, 2005 by Canadian UnderwriterPlease note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh…
Earthquake strikes southern Japan
March 21, 2005 by Canadian UnderwriterAn earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television…
Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter
March 14, 2005 by Canadian UnderwriterIn a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event…